IAEA governors approve first nuclear fuel bank plan

VIENNA (Reuters) – International Atomic Energy Agency governors on Friday approved a Russian plan for a multilateral uranium fuel bank, seen as a way to stem the spread of nuclear arms.

Backed by the United States, the plan would allow uranium producer Russia to set up an IAEA-supervised bank to provide low-enriched uranium to countries for their civilian nuclear programmes if they can show a perfect non-proliferation record.

The scheme was approved by a 23-8 margin with three abstentions and one nation absent from the vote by the 35-member policy-making body of the U.N. nuclear watchdog.

Opposing the initiative were some developing countries who were concerned it could limit their right to establish their own atomic energy programmes.

They said the proposals lacked vital details, such has how fuel would be produced from the low-enriched uranium (LEU), and they warned against going ahead with a plan before there was consensus on the IAEA board.

Reuters