The International Atomic Energy Agency's 35-nation governing board on Friday endorsed a proposal to establish an internationally monitored nuclear fuel enrichment center in Russia.

The fuel bank, overseen by the U.N. nuclear watchdog, would enable countries to purchase nuclear power plant fuel on an apolitical basis as an alternative to developing fuel production capabilities that could also generate nuclear-weapon material. The head of the Vienna-based organization would determine which nations could access the fuel supply.

"The initiative is fully funded by the Russian Federation," outgoing IAEA chief Mohamed ElBaradei said in a statement before the vote. "It would guarantee the supply of [low-enriched uranium] through the agency for eligible member states, in accordance with predetermined criteria to be approved by the board. It would complement the proposed agency LEU bank, if and when approved, by making more material available to the IAEA."

"I remain convinced that some such mechanism ... is essential as more and more countries introduce nuclear energy. Our ultimate goal, however, should be the full multinationalization of the sensitive parts of the fuel cycle -- uranium enrichment and spent fuel reprocessing -- as we, hopefully, move towards a world free from nuclear weapons," he said.

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