Eurasian Economic Union becomes operational

Eurasian Economic Union became operational as of 1 January 2015. Belarus is the first country to assume Presidency in the organization.

The participants of the Supreme Eurasian Economic Council meeting on December 23 in Moscow signed a large package of documents aimed at the development of integration and improvement of the activities of the Union. In particular, they defined the list of services with regard to which a common EEU market is established on 1 January 2015.

A common pharmaceutical market and the market of medical devices is to be launched on January 1, 2016.

The common electricity market will start functioning in 2019, a common market for oil and gas - in 2025. By this time a common financial market is to be set up, too.