London, — June 16, 2026 : The United Kingdom has announced a £210 million ($282 million) financing package to support the supply of enriched uranium to Ukraine's nuclear power plants over the next two years, strengthening the country's energy security and reducing its dependence on Russian nuclear fuel.
The package, backed by the UK government's export credit agency, UK Export Finance (UKEF), will guarantee a loan that enables UK-headquartered uranium enrichment company Urenco to provide fuel to Ukraine's state-owned nuclear energy operator, Energoatom.
UK Prime Minister Keir Starmer announced the agreement ahead of a G7 summit session in Evian-les-Bains, France. The framework for the deal was formally agreed during a meeting between Starmer and Ukrainian President Volodymyr Zelenskyy at Downing Street in London the previous week.
The agreement comes as Ukraine continues to face pressure on its energy infrastructure due to the ongoing conflict with Russia. Repeated attacks on power facilities have increased the importance of maintaining stable electricity generation across the country.
Energoatom, which operates Ukraine's nuclear power plants, produces more than 50% of the country's electricity. Ensuring a reliable supply of enriched uranium is considered essential for maintaining energy production and supporting households, schools, hospitals, and other critical services, particularly during winter periods when electricity demand rises.
The latest package builds on existing cooperation between Urenco and Energoatom. Urenco has supplied enriched uranium to the Ukrainian operator since 2009. In 2023, the two companies signed a long-term fuel supply agreement extending to 2035, with an option to continue cooperation until 2043. The newly announced financing arrangement covers fuel deliveries for the immediate two-year period.
According to the UK government, the £210 million package increases total UK support for Ukraine's energy sector to more than £490 million. Previous assistance included a £192 million UKEF-backed loan guarantee and other financing measures aimed at supporting Ukraine's energy resilience.
The agreement is also expected to provide economic benefits for the United Kingdom. More than one-third of the enriched uranium required under the contract will be processed at Urenco's Capenhurst facility in Cheshire, north-west England. The plant directly employs around 650 people and supports an estimated 4,500 additional jobs throughout the regional supply chain.
Urenco Chief Executive Boris Schucht said the company remains committed to ensuring Ukraine has access to a reliable energy supply and will continue its long-term partnership with Energoatom.
UK Export Finance guarantees will facilitate the transaction through partner banks, helping secure fuel supplies while reducing financial pressure on Ukraine. The arrangement also supports broader international efforts to diversify nuclear fuel supply chains and decrease reliance on Russian nuclear services.
The nuclear fuel agreement forms part of a wider package of measures announced by the UK government during the G7 summit. Alongside the financing package, Prime Minister Starmer unveiled new sanctions targeting Russia's so-called "shadow fleet" of tankers and financial networks that are used to circumvent existing international trade restrictions.
The UK government said the combined approach of supporting Ukraine's civilian energy sector while increasing economic pressure on Russia is intended to strengthen Euro-Atlantic security and assist Ukraine in achieving long-term energy independence.
Ukrainian officials have welcomed the agreement, describing it as an important step in maintaining the country's electricity supply and improving resilience against ongoing disruptions to energy infrastructure.
The latest deal reinforces the strategic partnership between the UK and Ukraine and highlights continued international support for securing Ukraine's energy needs during the ongoing conflict.
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