Establishment and maintenance is to be funded by the Russian Federation, including the relevant costs of storage, safety, security and safeguards. LEU from the reserve, which is supplied to a Member State by the IAEA, would be provided at the prevailing market spot price, and the resulting proceeds would be used to replenish the reserve
– By Sasha Henriques, IAEA Division of Public Information –
IAEA Director General Yukiya Amano and the Director General of the Russian Federation´s State Atomic Energy Corporation (ROSATOM), Sergey Kirienko, have signed an agreement to establish a reserve of low enriched uranium (LEU) for supply to the IAEA for its Member States to be located at the International Uranium Enrichment Centre in Angarsk, Russia.
The LEU reserve of 120 tonnes is valued at roughly USD $250 million.
Its establishment and maintenance is to be funded by the Russian Federation, including the relevant costs of storage, safety, security and safeguards. LEU from the reserve, which is supplied to a Member State by the IAEA, would be provided at the prevailing market spot price, and the resulting proceeds would be used to replenish the reserve.
The LEU reserve is being established to provide Member States protection against possible supply disruptions unrelated to technical or commercial considerations.
The IAEA Board of Governors on 27 November 2009 approved the proposal by the Russian Federation, and authorized the Director General to sign and implement the agreement to establish a reserve of LEU for supply to the IAEA for its Member States.
The State Atomic Energy Corporation "Rosatom" (short name Rosatom) runs all nuclear assets of the Russian Federation, both civil and weapons. Along with commercial activities which move forward nuclear power and nuclear fuel cycle facilities, it acts as a governmental agent, primarily in the field of national security (nuclear deterrence), nuclear and radiation safety, basic and applied science. Besides, it has the authority to fulfill on behalf of the Russian Federation the international commitments undertaken by the nation with regard to the peaceful use of atomic energy and non-proliferation.
ROSATOM was established on December 18, 2007, following the adoption of the Federal Law On the State Atomic Energy Corporation "Rosatom", which took effect from December 5, 2007.
The Russian Government has set three major goals for ROSATOM: ensure sustainable development of the Nuclear Weapons Complex; increase nuclear contribution in electricity generation (to 25%-30% by 2030) with continued safety improvement; and strengthen the country’s position on the global market of nuclear technology, by expanding traditional markets and winning new ones.