Federation Council approves Eurasian Economic Union Treaty

The upper chamber of the Russian parliament unanimously approved the Eurasian Economic Union (EEU) Treaty at the first meeting of its autumn session on Wednesday. The treaty was signed by the presidents of Russia, Belarus and Kazakhstan in Astana on May 29, 2014.

The upper chamber of the Russian parliament unanimously approved the Eurasian Economic Union (EEU) Treaty at the first meeting of its autumn session on Wednesday. The treaty was signed by the presidents of Russia, Belarus and Kazakhstan in Astana on May 29, 2014.

The State Duma ratified the document on September 26.

The document identifies the agreement of Russia, Belarus and Kazakhstan to set up the Eurasian Economic Union, which will provide free movement of goods, services, capital and labor force and promote a coordinated, harmonized or united policy in key economic sectors, says the explanatory memorandum.

The document envisages the shift to a single customs tariff.

The Union will have a ruble budget formed with contributions of EEU member countries. The size of contributions will be set by the Supreme Council consisting of the chiefs of state.

The enforcement of the treaty will require additional budget expenditures, which will be included in the budget of next year and the upcoming three-year period.

Read more: Unlocking Eurasian integration potential will take time>>>

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