The Impact of Sanctions on the Eurasian Economic Union Members
Journal: Uluslararası Avrasya ekonomileri konferansı
Year: 2018

The customs union created in 2010 between Russia, Kazakhstan and Belarus has moved to a further integration phase after five years. Two new members, Kyrgyzstan and Armenia, participated in this integration. But due to the political events in Ukraine and the joining of the Crimea to Russia, the US and the West have adopted economic sanctions against Russia from 2014. Moreover, oil and natural gas prices, a significant source of national income for Russia and some other countries, fell sharply dur