The Senate of Kazakhstan approved the law on ratification of the Protocol amending the Treaty on the Eurasian Economic Union of May 29, 2014. These changes concern the provision of financial assistance for joint cooperation projects in industry between the EAEU member states. The document has now been sent to the President for signature.

The purpose of the law is to create a legal framework for financing such joint projects in industry. The protocol was signed in Moscow on May 25 last year.

According to the protocol, the EAEU Commission Council can make decisions on the provision of financial assistance from the union budget. The source of funding will be 10 percent of the total revenues to the budgets of the EAEU member countries from special, anti-dumping and countervailing duties for the financial year preceding the approval of the union’s budget.

The maximum amount of subsidies for one project will be 1.8 billion tenge per year, and over five years - 9.4 billion tenge. The protocol is also supplemented by rules regulating the amount of funds provided for in the union budget, the percentage and forms of financial assistance for the implementation of joint cooperation projects in industry.