Russia Completes Ratification Of Eurasian Economic Union, As Putin Signs Law

Russia completes ratification of Eurasian Economic Union, as Putin signs law

Russia completes ratification of Eurasian Economic Union, as Putin signs law (RT, Oct 3, 2014):

Russian President Vladimir Putin has signed a law ratifying a historic treaty, committing Russia to an economic union with Belarus and Kazakhstan. The Eurasian Economic Union will come into effect in January 2015.

Putin’s signature in the document puts the final dot in Russia’s ratification of the union which will be in place on January 1, 2015, as the other union states are expected to complete ratification in the next few days.

The economic union is the next step of integration within the Customs Union between the three countries. The agreement had previously been ratified by the Russian State Duma and the Federal Council of Russia.

READ MORE: Russia, Kazakhstan, Belarus sign ‘epoch’Eurasian Economic Union

It will help cut trade barriers and be the largest common market in the ex-Soviet sphere, comprising over 170 million people. The troika of countries will cooperate in energy, industry, agriculture, and transport. The ruble will become the de facto currency of the organization, although each country will still keep their local currency.

Financial integration is a major part of the agreement, while Russian, which is very widely spoken in both Belarus and Kazakhstan, will be the working language of the union. The headquarters of the union will be in Moscow, with the courts in Minsk, and Almaty will be the home of the financial regulatory body.

Citizens of Russia, Belarus, and Kazakhstan will have the right to work freely throughout the member states without the need for a work permit. Over the last three years trade within the Customs Union has increased by $23 billion, or by nearly 50 percent. At the end of 2013, it stood at $66.2 billion.

Belarus and Kazakhstan are in third place in foreign trade with the Russian Federation, after the EU and China.

2 thoughts on “Russia Completes Ratification Of Eurasian Economic Union, As Putin Signs Law

  1. While the US president tries to cover up his crimes force feeding his prisoners at Gitmo because they want release through death, their life being so hellacious, Putin continues to rebuild Russia.
    No loss of focus for this guy.
    Sure wish we had one like him instead of the corrupt, lying scumbags we have.

  2. Putin keeps his eye focused on rebuilding Russia while Obama scrambles to find a friendly judge to help him cover up his crimes at Gitmo. I sure hope Obama fails, it is time Americans saw what a creep posing as a man he truly is…………..what a bitter disappointment to millions around the world.
    He violated every promise made to every group around the world. The only people he served were the greedy guts, and the US is damn near out of money. Soon, the greedy guts will go elsewhere to get profits…….the US is finished, and Obama was instrumental in making that happen. By the time Americans realize it, it will be over. It is very hard for paupers to fight to get their money back.

Leave a Comment