What I see it as, though, is a European Union clone without the common currency. (I think € will not last in EU either.) The reason for that is clear. WTO is not willing to admit Russia, and the process is completely out of control (or is under control but not how Russia would like it to be.) So Putin is essentially taking the ball and going home, to build his own team and to play on his own terms. With India and China in tow he just may be able to do it. If Brazil joins too then it would be the end of WTO.
Another important item here is that this new union of his will consist of young, aggressive economies. These economies produce a lot and consume a lot; there will be plenty of trade. I'm sure the intent is to make this union into something that is more important than the WTO. Countries that are left overboard are Europe and the USA/Canada; these are largely mature consumption economies, with a smattering of high technologies. These countries are also largely post-capitalist, where industry is unwelcome, investments are foolish, and social equality is all the rage. In other words, these are countries that one would do well by staying away from.
>>>Nobody there wants another USSR. What they want is another China - where the economy is capitalist but the political control is centralized and minimally influenced by the rabble. <<<
In other words, what we used to call fascism.