Putin sets sights on Eurasian economic union


FT
August 17, 2011

Twenty years after the Soviet Union collapsed, Vladimir Putin, the Russian prime minister, may not, as is sometimes alleged, be trying to recreate it. But he is pursuing a different project – to build a “quasi-European Union” out of former Soviet states.

A customs union he launched a year ago between Russia, Belarus and Kazakhstan has already removed tariffs and customs controls along the three states’ internal borders.

Come January this is due to expand into a “common economic space”, ensuring free movement of goods, services and capital across a single market of 165m people – 60 per cent of the former Soviet population.

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At a Moscow summit this month, prime ministers of the three states set an even more ambitious target – turning the grouping into a “Eurasian economic union” by 2013. There is even talk, down the line, of a common currency.

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