Inauguration of the First Uranium Bank by the IAEA in Kazakhstan

On Tuesday, September 7, the International Atomic Energy Agency (IAEA) inaugurated its first nuclear fuel bank in a city in eastern Kazakhstan. Reuters reported that the purpose of establishing this enriched uranium bank is to dissuade countries from domestic enrichment of nuclear fuel. The contract for the establishment of the world's first nuclear fuel bank in Kazakhstan was signed in September 2015 by the Director General of the IAEA and the Prime Minister of Kazakhstan. At that time, reports indicated that part of Iran's low-enriched uranium would likely be stored in this bank. Yukiya Amano, the Director General of the IAEA, also mentioned during the contract signing ceremony in Astana, the capital of Kazakhstan, that a portion of Iran's low-enriched uranium would 'likely' be kept in this bank in the future. Mr. Amano referred to the Joint Comprehensive Plan of Action (JCPOA), the comprehensive nuclear agreement between Iran and the six members of the P5+1, which was officially unveiled in July 2015. Russia established a similar bank in 2010, but Kazakhstan's low-enriched uranium bank is the first to be exclusively owned and operated by the IAEA, while also being subject to the laws of Kazakhstan. The LEU Bank, which was established at a cost of $150 million in the city of Oskemen in eastern Kazakhstan, is capable of storing up to 90 tons of nuclear fuel, 'enough to power a large city for three years.' Member countries of the IAEA can purchase the uranium they need for their power plants from this bank. Yukiya Amano issued a statement on the occasion of the bank's inauguration one day before receiving the symbolic key from the President of Kazakhstan. In this statement, Mr. Amano announced that the purpose of establishing this bank is to provide fuel for nuclear reactors at times when they are unable to purchase this fuel from other producing countries. The IAEA also announced in a statement that it would 'soon' begin purchasing uranium and transfer it to the bank next year. In this context, the 'transfer of 9 tons' of Iran's enriched uranium to Russia is expected in the coming days.