Call it whatever you want. Putin calls it the Eurasian economic union. The idea of Soviet Union has reinveted itself. Only this time the union is not forced by war and occupation but instead, economic cooperation.
It will be formed based upon the Eurasian Economic Community or EurAsEc which is active today. The first agreements came into effect already a year ago when Russia, Kazakhstan and Belarus removed tariffs and custom controls along the countries. Current members also include Kyrgyzstan and Tajikistan (Uzbekistan currently suspended). The single market currently covers around 170 million people already and is bound to grow more.
Kyrgyzstan and Tajikistan have already expressed interest in joining the new union. There has been talk of a common currency from 2013 onwards. With that move Putin will try to get countries like pro-European Ukraine and Chinese influenced Kazakhstan to integrate more thoroughly with Russian market.
It's a world of unions, not a world of single countries anymore. The process is influenced by the coming of countries like China and India which are just too big to ignore.
Some more info HERE