Specifically, Russia will contribute US$7.5 billion to the fund, Kazakhstan will contribute $1 billion, and Kyrgyzstan, Tajikistan, and Armenia will contribute US$1 million each, Kudrin said, adding that Belarus was expected to determine the size of its contribution by the end of Wednesday.

The fund is expected to start operating within three months when all necessary documents have been ratified, Kudrin said. The fund will provide mutual aid to EurAsEC member nations in order to alleviate the impact of the economic crisis.

At present, the EurAsEC comprises Belarus, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan. Armenia, Moldova, and Ukraine have observer status. The community was set up in 2001.