"Nuclear fuel production in the UK is set to be bolstered by up to £75 million [$90 million] in UK government funding in a bid to support development of alternatives to Russian fuel supply and strengthen UK energy security," the statement read.
According to the government, the fund will aim at creating additional fuel production capabilities and developing advanced technologies in this field, including conversion for freshly mined and reprocessed uranium. Conversion of recycled uranium is currently not available outside Russia, the government added.
The UK also plans to allocate part of the funding to stimulate "resilient nuclear fuel market," supporting new jobs and attracting qualified specialists in the area of nuclear energy.