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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Finance

    Posted By Global Banking and Finance Review

    Posted on February 14, 2025

    Featured image for article about Finance

    KYIV (Reuters) - The Chornobyl Nuclear Power Plant, where Ukraine accused Russia of striking a radiation containment structure on Friday, is a defunct facility in Ukraine which was the site of the world's worst civil nuclear catastrophe in April 1986.

    Below are some facts about the plant and the accident:

    The explosion at reactor four on April 26, 1986 was the result of human error by the Soviet engineers operating the plant.

    Facility operators, in violation of safety regulations, had switched off important control systems at the Ukrainian plant's reactor number four and allowed it to reach unstable, low-power conditions, according to a United Nations report. 

    A power surge led to a series of blasts, at 1:24 a.m. (2324 GMT), which blew off the reactor's heavy steel and concrete lid and sent a cloud of radioactive dust billowing across northern and western Europe, reaching as far as the eastern United States.

    DEATHS AND DAMAGE

    One of the plant's reactors, number four, exploded emitting vast quantities of radiation.

    The disaster contaminated an area of 150,000 square kilometres in Ukraine, Belarus and Russia, according to the International Atomic Energy Agency (IAEA). A 30-km (19-mile) exclusion zone is in place round the site.

    The Chernobyl Forum, a group of eight U.N. agencies, and the governments of Ukraine, Belarus and Russia, have estimated the death toll at several thousand as a result of the explosion. U.N. agencies have said some 4,000 people will die in total because of radiation exposure.

    Environmental group Greenpeace puts the eventual death toll far higher than official estimates, with up to 93,000 extra cancer deaths worldwide.

    CONTAINMENT

    In the months after the 1986 disaster, the Soviet Union built a structure around the exploded reactor to contain radiation from the vast quantities of uranium still inside.

    However, in subsequent years international concerns began to grow that the original structure was not fit for purpose.

    U.S. engineering company Bechtel said on its website there were many gaps, and most of the sarcophagus was not secured to the underlying structure, leaving the enclosure vulnerable to leaking rainwater, settling, and earthquakes.

    Money was raised from 45 countries and donor organisations to build the New Safe Confinement structure, a vast steel and concrete arch, over the top of the old Soviet one. 

    Engineers shut down the last functioning reactor at Chornobyl, number three, in December 2000.

    The structure was officially completed and handed over to the Ukrainian government in 2019, with the ceremony being attended by President Volodymyr Zelenskiy.

    (Reporting by Max Hunder; Editing by Sharon Singleton)

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