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Presidents of Russia, Belarus and Kazakhstan sign documents setting up Eurasian Economic Union

 
30.05.2014
The presidents of Russia, Belarus and Kazakhstan yesterday signed documents setting up the Eurasian Economic Union (EEU), heralding a broader and deeper integration than the Unified Economic Area. The agreement will come into force from 1 January 2015.

Below is a brief summary of some of the main points of the EEU:

The agreement focuses on further liberalisation of trade, and in particular of services, spanning a market of over 170mn people.

Still, some trade restrictions (related to military equipment or such issues as the mechanics of oil shipments from Russia to Belarus) will remain in place up to 2015.

Similarly, the integration and liberalisation processes in the insurance and financial markets are to be postponed until 2022; the setup of a financial mega-regulator is expected to be complete by 2015.

Banks are to be able to open branches across the EEU; customers and clients will have equal opportunities in terms of loan and deposit terms.

Reduction of administrative barriers, in part through unified and mutually recognised licensing requirements and technical standards.

Further liberalisation of labour markets, including the free movement of labour.

Macroeconomic, financial and monetary policies are to be deeply coordinated – yet there is no mention of a single currency yet.

EEU member countries, under extraordinary conditions, could impose currency controls for up to one year.

The EEU is to be able to impose unified trade restrictions and import bans at the start of investigations.
Daria Isakova, Vladimir Kolychev
VTB Capital analyst

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