UK Extends £192m Loan Guarantee to Urenco for Uranium Supply to Ukraine
The UK government has announced a loan guarantee of £192 million ($244m) to Urenco, a UK-based nuclear fuel company, for the supply of uranium enrichment services to Ukraine’s national nuclear company, Energoatom. This crucial support will enable Ukraine to enhance its nuclear fuel capabilities.
The loan guarantee falls under the purview of UK Export Finance (UKEF), the UK’s export credit agency, which plays a vital role in facilitating international trade and supporting economic growth. With this agreement, the UK’s non-military financial assistance to Ukraine now stands close to £5 billion.
Grant Shapps, the UK Secretary of State for Energy Security and Net Zero, visited Ukraine to further strengthen the bilateral relationship. During his visit, he also took the opportunity to visit a children’s nursery attended by Nikita, the young son of a family that had been provided with a home under the Homes for Ukraine scheme. Mr. Shapps played a recorded message from Nikita for the children, bringing smiles to their faces.
In Kyiv, the capital city, Mr. Shapps held meetings with senior Ukrainian ministers and energy industry leaders to discuss Ukraine’s recovery and the ongoing support provided by the UK. He also visited a power station that was undergoing repairs after being damaged in Russian bombing.
Highlighting the UK’s steadfast commitment to Ukraine, Mr. Shapps condemned Russian President Vladimir Putin’s barbaric invasion. He applauded the resilience and determination demonstrated by the Ukrainian people and emphasized the need to address the energy challenges brought about by Russia’s use of energy as a weapon of war.
The loan guarantee for nuclear fuel deliveries holds immense significance as it will help Ukraine reduce its dependence on Russian supplies and enhance its energy security. By supporting Ukraine in its efforts to repel Russian attacks and rebuild the country, the UK continues to stand in solidarity with its Eastern European ally.
This development not only strengthens the bilateral ties between the UK and Ukraine but also contributes to Ukraine’s energy diversification strategy. The provision of nuclear fuel services by Urenco will play a crucial role in advancing Ukraine’s nuclear industry and empowering the nation to chart its own course in the energy landscape.
As both nations work together to overcome challenges and promote stability, the UK’s support serves as a testament to the strength of their partnership. With the loan guarantee for uranium supply, Ukraine is taking crucial steps toward bolstering its energy independence and ensuring a prosperous future for its citizens.
In conclusion, the UK government’s provision of a £192 million loan guarantee to Urenco for uranium supply to Ukraine’s national nuclear company is a significant milestone in the nations’ relationship. This support not only helps Ukraine reduce its reliance on Russian supplies but also strengthens its energy security. The UK’s commitment to standing alongside Ukraine during these challenging times demonstrates the unwavering nature of their partnership.
