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Feels like something that's gonna expand the collapsing blackhole of the Ruble.
It's hard to say, I think the expansion of Russia's market may help them. Many countries around the world want to create free trade areas with Eurasian Union.
Russia does not have the economic muscle to create or hold together an economic union of any sort. It is too reliant on energy export, and its infrastructure and R&D are outdated and flimsy; there's little hope for revitalization anywhere. What Russia is surviving on is its energy resources and the very solid technical base left over from its Soviet days (but even that is steadily withering away).
The SCO is the only viable Eurasian alliance at this point, and it's only good because China is part of it.
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