Today Prime Minister Julia Gillard and Russian President Dmitry Medvedev witnessed the official entry into force of the Agreement between Australia and Russia on Cooperation in the Use of Nuclear Energy for Peaceful Purposes.
The Agreement allows for the supply of Australian uranium to Russia for use in its civil nuclear power industry, updating the existing nuclear agreement between our countries. That agreement, concluded in 1990, permitted Australian uranium to be processed in Russia on behalf of third countries but did not allow it to be used for power generation within Russia.
This brings Australia's bilateral nuclear relationship with Russia into line with the agreements we have in place with other countries, including the US, China, Japan and the Republic of Korea.
The Agreement will help Russia to meet its expanding energy needs as it seeks to reduce its greenhouse emissions by diversifying its energy sources and shifting away from a reliance on fossil fuels. It will increase export opportunities and create jobs for Australia's uranium suppliers and consolidates Australia's position as a reliable provider of energy resources.
Importantly, the Agreement meets all of Australia's long-standing nuclear safeguards requirements by ensuring appropriate safeguards, controls and accounting arrangements apply. Nuclear material transferred to Russia under the Agreement will be used solely for peaceful, non-military purposes. Australian uranium can only be used, processed or stored in facilities subject to Russia's safeguards agreement with the IAEA.
As well as allowing the sale of Australian uranium for use in Russia's civil nuclear industry, the Agreement provides a framework for cooperation between our countries on peaceful uses of nuclear technology and collaboration on nuclear safeguards and security.
The treaty can be accessed on the Department of Foreign Affairs and Trade website at: http://www.dfat.gov.au/geo/russia/treaties/aus_ru_safeguards_agreement….