Russia strengthened its ties with the former Soviet Republics of Kazakhstan and Belarus on Thursday by forming the Eurasian Economic Union in Astana, Kazakhstan. 

Russia formed the union in the hopes of offsetting the powerful economies of the European Union and the United States as Russia's relationship with the West continues to weaken due to its actions in Ukraine. 

The codes of the union, which is scheduled to kickoff Jan. 1, 2015, will give citizens of all three states equal employment and education opportunities, The Washington Post reports. The deal will also include collaborations in the energy, technology, transportation and agricultural sectors.  

"A new geo-economic reality of the 21st century is being born today," said Kazakhstan's president, Nursultan Nazarbayev. He said the deal, which had been considered for 20 years, was "a hard-won achievement."

"It's your success, if not to say triumph," Putin told Nazarbayev. 

Some political analysts dismissed the pact, saying it will not have a strong influence. 

"I don't believe that the Eurasian union is [going to be] able to open the door for modernization," said Alexey Malashenko, an analyst at the Carnegie Endowment's Moscow Center. "That's a big deal, because without modernization and real economic reforms, what does it mean, this union?"

The prospect of a Eurasian Union became increasingly favorable to the Kremlin as Russia's relationship with the United States deteriorated to Cold War levels after Russia annexed Crimea in March. 

The West has sanctioned Russian lawmakers who were linked to the annexation, and are threatening to impose more sanctions. 

Former Secretary of State Hillary Rodham Clinton accused Putin of trying to reconfigure the former Soviet Union, which collapsed in 1991. However, Putin has denied trying to annex other former Soviet countries, although the Kremlin has supported the secession of pro-Russia regions in east Ukraine. 

Putin also said Thursday that other countries are aiming to join the union, including Armenia. 

However, some countries are reluctant to join the Eurasian union due to the sanctions leveled on Russia. 

Many Russians see the union as a chance to revive their ailing economy, furthering the idea of a Russian comeback. 

Putin has called the breakup of the Soviet bloc as the "greatest tragedy in Russian history." Many Russians agree with his sentiment, and support Putin's efforts to reassert Russian economic and political power.