Nuclear Fuel Bank Proposal

Russian Federation LEU Reserve

IAEA Board of Governors Meeting November 26-27, 2009

Request by the Russian Federation regarding its initiative to establish a reserve of LEU for the supply of LEU to the IAEA or its Member States

Mr. Chairman,

The Director General assembled an Expert Group on Multilateral Approaches to the Nuclear Fuel Cycle in mid-2004.  Many reports, proposals, and discussions both formal and informal over the ensuing five years brought us to the decision the Board made today.  My delegation was among the sponsors of the resolution on the Request by the Russian Federation regarding its Initiative to Establish a Reserve of Low Enriched Uranium (LEU) for the Supply of LEU to the IAEA for its Member States.  U.S. support for this specific proposal is intended to advance dialogue in this Board and this Agency on means for reinforcing the market in nuclear fuel services through various concepts involving fuel reserves, export licensing, multinational enrichment facilities, improved information sharing, and such other concepts as may be put forward.  We hope and expect to continue this dialogue.

Thank you.