AKIPRESS.COM - Excess stockpiles of low enriched uranium of Iran can be stored in the international nuclear bank that is currently being set up on the territory of Kazakhstan, Tengrinews reports citing Deputy Foreign Minister of Russia Sergei Ryabko.

The agreement on Iran's nuclear activities was finally reached in Vienna in mid-July. Iran agreed to reduce the number of uranium stockpiles and centrifuges in return for lifting of Western embargo that had crippled its economy for years.

Moreover, under the 109-page agreement, Iran is subject to a thorough inspection of the International Atomic Energy Agency that will be checking Iran's compliance with the terms of the agreement. In case any violations are detected, the sanctions would be brought back again.

Under the agreement, Iran's current stockpile of low enriched uranium will be reduced by 98 percent. And according to Russian Deputy Foreign Minister Sergei Ryabko, the excess uranium, which Iran is not allowed to keep, might be delivered to Kazakhstan to store it at the Ulba Metallurgy Plant that will host the international nuclear bank.

"The decision was made to deliver the excess uranium, which is around eight metric tons, to Russia in return for natural uranium," Ryabkov said, RIA-Novosti reported.