There are many controversies and misunderstanding concerning the current integration processes currently taking place among some CIS countries.

Currently, active economic and financial integration with several other CIS countries is being implemented within the Customs Union of the Eurasian Economic Community. It is expected that a supranational body to regulate the integrated financial market of Russia, Kazakhstan and Belarus within the Eurasian Customs Union will be created in 2025.

The Declaration on Forming United Economic Space from 9th December 2010 and the Declaration on Eurasian Economic Integration from 18th November 2011 laid the foundation for the plans on creation of the Eurasian Economic Union that would become the next step in integration within the Eurasian space.

Several days ago, the Treaty on Creation of the Eurasian Economic Union was signed by 29th May 2014 which makes it possible for the Eurasian Economic Union to start functioning within the Customs Union from 1st January 2015. Basic principles of the Eurasian Economic Space were agreed by the Presidents of Belarus, Kazakhstan and Russia on 24th December 2013.

Creation of the EEU is the new integration stage for participating countries. Belarus, Kazakhstan and Russia will guarantee a free movement of goods, service, assets and work force, and also implement coordinated policies in such economic spheres as energy, industrial sector, agriculture and transport. The ultimate goal of such steps is to complete the formation of the biggest common market in the CIS area, with 170 million people.

Deputy Justice Minister of Kazakhstan Elvira Asimova recently stated that there would be no common currency in the Eurasian Economic Union.

Recently, Kazakhstan Deputy Prime Minister Sagintayev also denied the existence of any plans to introduce a common currency in the Customs Union space.

Despite of above-mentioned statements made by Kazakhstan public officials, many newspapers and news agencies continue to spread information on plans to introduce a common currency, supposedly named “altyn”, by 2020.

Common currency is not the only thing that Kazakhstan is opposing in the upcoming signing of the EEU that is in the making now.

At the press-briefing earlier this week, Deputy Foreign Minister of Kazakhstan Ordabaev stated that common citizenship, common border security, common visa policy were among the common areas proposed by Russia, but opposed by Kazakhstan. At the final negotiations stage, they were removed from the draft version of the Treaty Establishing the Eurasian Economic Union.

Currently, it is not clear if such if such integration steps could lead to the restoration of some sort of the USSR 2.0 in the near future.

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