In a significant move to foster Ukraine’s energy autonomy and reduce its dependence on Russia, UK Energy Secretary Grant Shapps has undertaken a visit to Ukraine to announce a fresh round of financial support. The United Kingdom will extend a £192 million loan guarantee to Energoatom, Ukraine’s national nuclear company, through the UK’s export credit agency, UK Export Finance.
In this collaboration, UK-based Urenco will play a pivotal role by supplying Energoatom with essential uranium enrichment services required for nuclear fuel production. With nuclear power contributing to over half of Ukraine’s electricity generation, this partnership is poised to fortify the nation’s energy security.
The primary goal of this initiative is to curtail Ukraine’s reliance on Russia for nuclear services and nuclear fuel, a move that aligns with the UK government’s broader aim of reducing dependence on Russia and enhancing regional stability.
The Department for Energy Security and Net Zero underscores that this new financial assistance will elevate the UK’s non-military contributions to Ukraine to nearly £5 billion.
During his visit to Ukraine, Secretary Shapps engaged with senior Ukrainian officials and key players in the energy sector. He also visited a power station undergoing repair after sustaining damage from Russian bombing. Notably, he paid a visit to a children’s nursery attended by Nikita, a child from a family welcomed under the UK’s Homes for Ukraine scheme, where he conveyed a heartfelt message from the young boy.
In response to the developments, Shapps expressed the unwavering support of the UK for Ukraine, particularly in the face of Russia’s invasive actions. He emphasized the UK’s solidarity with Ukraine as it resists Russian incursions and endeavors to rebuild the nation.
Shapps also acknowledged the strategic role energy has played in the geopolitical landscape and how this move by the UK is intended to provide Ukraine with a means to counteract energy-based coercion. By supporting nuclear fuel supply, the UK aims to bolster Ukraine’s energy security, help wean it off Russian energy supplies, and fortify its resilience against external pressures.
