Few if any of Russia's former Soviet neighbours can escape the impact of its crisis, deepened by oil prices plunging to almost six-year lows, and the pain may encourage some to think more independently
Expert says Armenia's membership in Eurasian Economic Union will make it more dependent on Russia
Signed agreement opens up new possibilities for Kyrgyzstan and Armenia, starting from 1st January 2015.
Armenia will not pay duty on natural gas, oil and diamond products imported from Russia.
Kazakhstan's Foreign Minister Yerlan Idrisov said the Eurasian Economic Union was not formed out of a Soviet nostalgia.
While some investors have been quick to pull-out of Russia, others are increasing their shares.
The treaty forging the Eurasian Economic Union will come into force on Jan. 1, once it has passed the formality of being approved by the three former Soviet republics' parliaments.
With a market of more than 170 million people, the customs and trading bloc is intended by Putin to challenge the economic might of the European Union, the United States and China.
As well as founding member Russia, Kazakhstan and Belarus are also members, with Armenia set to apply.
Kyrgyz Prime Minister Joomart Otorbaev suggested that Kyrgyzstan would be applying to join the bloc during a visit to Moscow on April 30.
The Customs Union, led by Russia, already has Belarus and Kazakhstan as official members. Armenia looks set to also sgn up while Kyrgyzstan has also shown interest.
Belarus and Kazakhstan are already members alongside Russia, with Armenia expected to join the bloc soon.