Russian President Vladimir Putin said he has signed a law on the ratification of the Eurasian Economic Union treaty.
"Today I have signed a federal law on the ratification of the Treaty on the Eurasian Economic Union. It's a significant stage in our joint work on integration with our closest partners and allies," Putin said before meeting with government officials.
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.
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