The Eurasian Economic Community (EAEC) will be replaced by the Eurasian Economic Union on Jan. 1, Russian Presidential Aide Yuri Ushakov announced during a summit of EAEC members in Minsk on Friday. 

The EAEC includes Russia, Belarus, Kazakhstan, Kyrgyzstan and Tajikistan. It was formed on Oct. 10, 2010, and currently has more than 200 agreements for multilateral trade and economic cooperation.

On May 29, the presidents of Russia, Kazakhstan and Belarus agreed to end their participation in the EAEC and form the Eurasian Economic Union. Kyrgyzstan and Aremenia have expressed interest in joining the union. 

The Minsk summit includes discussion of the consequences of Ukraine's association with the European Union. 

“The Russian Federation, Kazakhstan and Belarus share the view that the (new union) agreement will influence negatively the trade and economic relations with Ukraine,” Ushakov said.