IAEA and Russia signed a fuel bank agreement

On March 29, 2010, IAEA and Rosatom signed an agreement that will create a reserve of LEU to be used in a reactor fuel reserve. The IAEA Board of Governors approved the Russian proposal to create the reserve on November 27, 2009. The reserve will be located at the International Uranium Enrichment Center in Angarsk, Russia. It appears that the reserve will be managed by the IUEC. Russia committed a total of 120 tonnes of LEU (with enrichment from 2.0% to 4.5%) to the reserve, which will be stored as UF6 under IAEA safeguards. Russia expects to place the first 40 tonnes of the uranium under safeguards by the end of 2010.