UKEF backs £210m Ukraine nuclear fuel deal

UK Export Finance is backing a £210m financing package to support nuclear fuel supplies to Ukraine, reinforcing the role of export credit agencies in energy security and conflict-linked trade finance.

The guarantee will support a loan enabling Urenco, the UK-headquartered uranium enrichment company, to supply enriched uranium to Energoatom, Ukraine’s national nuclear power producer. The fuel is expected to support Ukraine’s nuclear plants for the next two years.

The deal was announced by the UK Prime Minister at the G7 and comes as Ukraine continues to face attacks on energy infrastructure. UKEF said the latest package brings total UK support for Ukraine’s energy security to more than £490m.

Energoatom generates more than 60% of Ukraine’s electricity, making nuclear fuel supply a critical issue for the country’s resilience. The transaction also has a UK export angle, with more than a third of the uranium content coming from Urenco’s processing plant in the North West of England.

Urenco chief executive Boris Schucht said the company was “proud to play its part” in helping Ukraine maintain access to reliable energy.

For export finance markets, the deal highlights how ECAs are increasingly being used to support strategic supply chains, critical infrastructure and geopolitical resilience. It also underlines the overlap between trade finance, energy security and public-sector risk support.

As governments reassess exposure to conflict, sanctions and energy disruption, ECA-backed finance is likely to remain an important tool for keeping strategically important trade flows open.