Russia and the International Atomic Energy Agency (IAEA) set up the world's first nuclear fuel reserve Monday to ensure uninterrupted supplies for the world's power reactors, DPA reported.
The idea for a fuel bank was initiated by the IAEA in order to give countries an alternative to developing their own uranium enrichment technology, like Iran has done.
"With our effort, we made the world a little better," said Sergei Kirienko, the head of Russia's nuclear corporation ROSATOM in Vienna, after signing the agreement with IAEA Director General Yukiya Amano.
The fuel bank is intended as an insurance mechanism for countries whose foreign supply of nuclear fuel is interrupted.
In such a case, the IAEA would provide the nuclear material, which is to be made and stored at Angarsk in Siberia.
Russia would have 30 per cent of the target of one reactor load ready by the end of the year, Kirienko said.
Countries with advanced nuclear programmes and the IAEA have tried to stem the spread of uranium enrichment technology, which can be used not only for making reactor fuel, but also nuclear bomb material.