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Eurasian Economic Union to have its financial regulator in 2025

March 26, 2014, 12:42 UTC+3 MOSCOW

Eurasian Economic Union should replace Eurasian Economic Community (EurAsEC)

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Igor Shuvalov (right)

Igor Shuvalov (right)

© ITAR-TASS/Anton Novoderezhkin

MOSCOW, March 26. /ITAR-TASS/. A supranational financial regulator will appear on the territory of the Eurasian Economic Union in 2025, Russian Deputy Prime Minister Igor Shuvalov says .

“The banking and financial sector will act with exemptions until 2025,” he told a session at the upper house of Russian parliament on Wednesday. “We hope that a supranational financial and banking regulator will start working in 2025.

The common goal of Russia, Belarus and Kazakhstan is to move on to a higher level of cooperation, which should be facilitated by the new union. The Eurasian Economic Union should be the next stage of integration in Eurasia. It should replace the Eurasian Economic Community (EurAsEC).

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