Article 1
1.
For the purposes of giving immediate and practical implementation to some elements of the EU Strategy against the Proliferation of Weapons of Mass Destruction, the Union shall contribute to the establishment and the secure management of a Low-Enriched Uranium (LEU) Bank placed under the control of the International Atomic Energy Agency (‘IAEA’, or ‘the Agency’) in order to reduce the growing proliferation risks caused by the spread of sensitive nuclear fuel cycle technologies. The Union shall undertake activities to support the IAEA LEU Bank, in the form of a LEU reserve with the following objectives:
(a)
to enable countries to enjoy their rights under Article IV of the NPT while avoiding proliferation risks; and
(b)
to serve as a mechanism of last resort to support the commercial market without distorting it, in the event that an IAEA member state's supply of LEU is disrupted and cannot be restored by commercial means and that such IAEA Member State fulfils the eligibility criteria.
2.
In order to achieve the objectives referred in paragraph 1, the Union shall contribute to the establishment and the secure management of the LEU Bank, under the control of the IAEA, by financing security-related activities, including physical protection, transport, safe guarding, and contributions to the secure management of the LEU Bank. The project shall be carried out for the benefit of all countries which have decided to resort to nuclear energy for peaceful uses.
A detailed description of the project is set out in the Annex.
Article 2
1.
The High Representative of the Union for Foreign Affairs and Security Policy (HR) shall be responsible for the implementation of this Decision.
2.
The technical implementation of the project referred to in Article 1(2) shall be carried out by the IAEA. It shall perform this task under the control of the HR. For this purpose, the HR shall enter into the necessary arrangements with the IAEA.
Article 3
1.
The financial reference amount for the implementation of the activities referred to in Article 1(2) shall be EUR 4 362 200.
2.
The expenditure financed by the amount stipulated in paragraph 1 shall be managed in accordance with the procedures and rules applicable to the Union budget.
3.
The Commission shall supervise the proper management of the expenditure referred to in paragraph 1. For this purpose, it shall conclude a financing agreement with the IAEA. The agreement shall stipulate that the IAEA is to ensure visibility of the Union contribution, appropriate to its size.
4.
The Commission shall endeavour to conclude the financing agreement referred to in paragraph 3 as soon as possible after the entry into force of this Decision. It shall inform the Council of any difficulties in that process and of the date of conclusion of the financing agreement.
Article 4
1.
The HR shall report to the Council on the implementation of this Decision on the basis of regular reports prepared by the IAEA. Those IAEA reports shall form the basis for the evaluation carried out by the Council.
2.
The Commission shall provide information on the financial aspects of the implementation of the project referred to in Article 1(2).
Article 5
This Decision shall enter into force on the date of its adoption.
It shall expire 60 months after the date of the conclusion of the financing agreement referred to in Article 3(3). However, it shall expire 6 months after its entry into force if no financing agreement has been concluded by that time.
Article 6
This Decision shall be published in the Official Journal of the European Union.
Done at Brussels, 15 November 2016.
For the Council
The President
I. Korčok