The Soviet Union is gradually being rebuilt as Vladimir Putin eyes a return to the Kremlin. The man who declared the collapse of the Communist state to be the “greatest geopolitical catastrophe of the century” appears determined to forge a new empire.

The latest evidence emerged in a suggestion by Igor Shuvalov, First Deputy Prime Minister in Mr Putin’s Government, that Russia may abolish the rouble and create a common currency with Kazakhstan and Belarus.

The three states have already established a customs union and plan to form a single economic market by 2012. Mr Shuvalov said that he would not rule a currency union as “the next logical step”, adding that it would be modelled on the euro.

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