On 3 February 2015 the President of the Russian Federation signed a federal law No. 1 “On Ratification of the Agreement on the Termination of Activities of the Eurasian Economic Community”. The law entered into force the following day.
The Eurasian Economic Union (EEU or EAEU) was formed instead. It is an international organization of regional economic integration having its own legal standing. The EEU was established by the Treaty on the Eurasian Economic Union on 29 May 2014 by the leaders of Belarus, Kazakhstan and Russia, and came into force on 1 January 2015. The next day, on 2 January 2015, Armenia officially became part of the Union. Although Kyrgyzstan's accession treaty is pending until May 2015, it will still participate in the EEU from the day of its establishment as an acceding state.
The EEU ensures the free movement of goods, services and labour, as well as provides a coherent and unified policy in the sectors of the economy.