Russia says nuclear fuel bank to go online

A United Nations sponsored global nuclear fuel bank hosted by Moscow is expected to carry 40 tons of low-enriched uranium (LEU) by the end of the year, a top Russian official has said.

The head of Russia’s nuclear corporation Rosatom, Sergei Kiriyenko, said on Monday many countries had already registered their interest in the project, which is strongly backed by the United States.

“Many countries were interested how long it will take until there is real stock,” Kiriyenko said after signing a deal to set up the bank at the UN nuclear watchdog’s headquarters in Vienna. “I can tell you now that it will become a reality very soon.”

“I’m hopeful that by this summer we will start all the necessary mechanisms under the IAEA [International Atomic Energy Agency] safeguards,” he said.

“By the end of the year we will have 30 percent of the stock — that is about 40 tons of LEU, at the facility in Angarsk.”

He said 120 tons of the nuclear material would provide fuel for two complete loads of a nuclear power reactor with a capacity of 1,000 megawatts, Ria Novosti reported.

The UN nuclear body has already approved the plan to set up a bank to provide LEU to those IAEA members that can show a perfect non-proliferation record, Reuters reported.

The IAEA says the fuel bank is expected to have a market value of about $250 million.