Russia will create a nuclear fuel bank this year under the supervision of the IAEA. The fuel bank will be part of an International Uranium Enrichment Centre that was created by Russia and Kazakhstan last year and regulated by the IAEA.

The head of Russia’s Nuclear Energy Agency, Sergey Kiriyenko, announced the plan at an international nuclear conference currently taking place in Vienna.

“We are ready to get down to the implementation of the proposal this year,” Kiriyenko noted.

The project will involve developing stocks of low level enriched uranium to provide the international community with guaranteed fuel for power stations. The development of a uranium stockpile for energy purposes is expected to benefit the peaceful use of nuclear energy worldwide, while facilitating nuclear weapons non-proliferation.

Iran's nuclear programme was also discussed at the meeting. The chief UN nuclear inspector Mohammed ElBaradei has said that a six-year probe has failed to rule out the possibility that Tehran may be carrying out secret nuclear work.