Russia will launch by 2023 the world’s first nuclear power system with a closed fuel cycle, which will reuse spent fuel several times and drastically reduce the need for uranium supplies, President Vladimir Putin announced on Thursday.

Putin made the announcement at the World Atomic Week international forum here, which gathered several world leaders including International Atomic Energy Agency (IAEA) Director General Rafael Grossi.

“As early as 2030, we plan to launch the world’s first nuclear energy system with a closed fuel cycle in Russia, in the Tomsk Region,” Putin said.

In his televised speech at the forum, the Russian leader called it a "truly revolutionary development by Russian scientists and engineers".

He said that virtually the entire volume — 95 per cent — of spent fuel will be reused in reactors multiple times.

"Such a mechanism will ultimately make it possible to almost completely resolve the problem of radioactive waste accumulation. And, what’s also crucial, it will essentially eliminate the issue of uranium supply,” he said.

Putin invited international scientists to collaborate in developing technologies to usher in a new era of peaceful nuclear energy.

He also called for developing new models for financing the construction of nuclear power plants. 

“I believe it is necessary to develop modern models for financing the construction of nuclear power plants and to involve international financial institutions and development banks in such projects,” he said.

Putin said that constructing nuclear power plants requires significant resources, which means risks and benefits must be balanced between the main participants in such projects, namely, states, investors, and consumers.

“I would like to add in this regard that earlier this year the New Development Bank created by BRICS countries confirmed its readiness to finance nuclear projects. Whereas at the end of last year, at Russia’s initiative, a mechanism for coordinating the efforts of BRICS countries was created, a platform on nuclear energy,” he said.

The World Atomic Week is a major international forum hosted by Russia’s state nuclear energy corporation Rosatom to mark the 80th anniversary of the country’s nuclear industry.