MOSCOW, January 30. /TASS/. Russian President Vladimir Putin signed a law ratifying the protocol on amendments to the Agreement on the Eurasian Economic Union of May 29, 2014.

The protocol was signed in Moscow on July 28 of the last year. It eliminates gaps in legal regulation of certain spheres found during the law enforcement practice and revises certain provisions in the agreement. Furthermore, functions and powers of the Eurasian Economic Commission and the Council of Heads of authorized agencies of member-countries of the Eurasian Economic Union in the energy sphere will be expanded.

The document also covers government procurement, payments, customs administration, technical regulation, metrology and competition policy. In particular, the LIBOR interest rate will be replaced by the SOFR rate. Mechanisms of electronic documents management are detailed as regards procurements and mutual recognition of bank guarantees. Aspects of common electricity market functioning are also updated in the protocol.