Enriched Uranium Product, or EUP, is uranium that has undergone the enrichment process, and contains a much higher concentration of U235 than natural uranium, and can be used as nuclear fuel. The EUP is delivered to the fuel rod fabricator, and recorded as SWU credits to be delivered as fabricated uranium rods to the nuclear plant.

In the Western uranium business, enrichment is generally considered a service. Utilities deliver natural uranium hexafluoride (UF¬6) to be enriched. Enriched uranium is returned to the customer. EUP is about 4-5% fissile U¬235 by volume, much higher than the 0.7% present in natural uranium, and thus is ready to be processed into fuel rods by fuel rod fabricators. This uranium is referred to as low-enriched uranium, or LEU. It is not weapons grade, but is enriched enough to be used as nuclear fuel. The EUP is delivered to a fabricator, where it is made into small pellets to be used in reactor cores. Generally, fabrication is a service, although some Russian companies offer direct procurement of EUP and provide fabrication services as well.