Russia and Ukraine plan to reconsider the parameters of an agreement on supplies of uranium raw materials from Ukraine to Russia after 2017, the commercial director for the International Uranium Enrichment Center (IUEC) in Irkutsk Region, Gleb Yefremov told Interfax.

He said that both the volume of shipments and price might be revised due to the changing market situation. "First of all, our agreement has a price formula that cites certain market quotes. The situation was different in 2012. The market situation has changed radically since the signing of the agreement," Yefremov said.

In order to start negotiations on shipments after 2017, the countries must complete the extension of the basic 10-year agreement on the creation of the IUEC, which expires in 2017, he said. The agreement with Ukraine signed in 2012 will be in effect until then.

Ukraine enriches its uranium concentrate at the IUEC, of which it is a member. The country annually ships about 80 tonnes of uranium concentrate under the project. The IUEC imported uranium oxide concentrate in the form of triuranium octoxide (an intermediary product in natural uranium processing) from Ukraine for the first time in September 2012. The material is used to produce fuel that is sufficient to refuel about half of the core of a reactor with capacity of 1,000 MW.

Ukraine has the right to 60,000 SWUs (separative work units, a standard measure for the cost of uranium enrichment services) per year, and it uses them completely, Yefremov added.