Russia will launch the world’s first nuclear power system with a closed fuel cycle by 2030, President Vladimir Putin announced on Thursday. The project, set to begin in the Tomsk Region, will reuse spent nuclear fuel multiple times, significantly cutting down the need for fresh uranium supplies.
Putin made the announcement during the World Atomic Week international forum, attended by more than 20,000 delegates from over 100 countries, including leaders, ministers, business executives, scientists and senior officials from the International Atomic Energy Agency (IAEA), the World Nuclear Association and the World Association of Nuclear Operators.
Calling the project a “truly revolutionary development by Russian scientists and engineers,” Putin said that 95 per cent of spent fuel would be reused in reactors. He added, “Such a mechanism will ultimately make it possible to almost completely resolve the problem of radioactive waste accumulation. And, what’s also crucial, it will essentially eliminate the issue of uranium supply.”
Putin also extended an invitation to international scientists to collaborate on advancing nuclear technologies for peaceful use. He stressed the need for new financing models to support nuclear power projects. “I believe it is necessary to develop modern models for financing the construction of nuclear power plants and to involve international financial institutions and development banks in such projects,” he said.
He noted that nuclear power construction requires substantial resources, which means risks and benefits should be shared fairly among governments, investors and consumers. He highlighted that earlier this year, the New Development Bank created by BRICS countries confirmed its readiness to finance nuclear initiatives. Additionally, a BRICS platform on nuclear energy was established at Russia’s initiative last year to coordinate efforts among member nations.
World Atomic Week, hosted by Russia’s state nuclear energy corporation Rosatom, also marks the 80th anniversary of the country’s nuclear industry. Among the leaders in attendance were Belarusian President Alexander Lukashenko, Acting President of Myanmar Min Aung Hlaing, Armenian Prime Minister Nikol Pashinyan, Ethiopian Prime Minister Abiy Ahmed Ali, and IAEA Director General Rafael Grossi, alongside representatives from Egypt, Iran, Niger and Uzbekistan.
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