Importance Considering difficulties and tensions in foreign economic affairs due to the Ukrainian crisis and growing anti-Russian sentiment in the Western countries, Russia should especially secure the integration success in consolidating the closest neighboring countries provided that Russia, Kazakhstan and Belarus simultaneously ratify the Eurasian Economic Union Agreement (EEU), which Armenia and Kirghizia joined. Objectives The research focuses on social and economic transformations throughout the Post-Soviet countries. I also try to discover sources of the Eurasian integration and review the effectiveness of the Eurasian Economic Union. The article illustrates prospects and scenarios of expanding the EEU, its interaction with the European Union and other international alliances. Methods I rely upon official documents of the EEU founding member states on the Eurasian integration process, and those of the Eurasian Economic Commission, scientific analysis, systems approach, comparative analysis, statistical methods for data processing, expert assessment, works of national and foreign specialists, and materials on integration policy discussions at scientific conferences and in mass media. Results I reveal the historical role and significance of the Commonwealth of Independent States (CIS) and its integration associations. I analyze various aspects of the EEU, considering operations of the Customs Union (CU) and the Common Economic Space. The article discloses benefits and losses of the EEU member states and substantiates criteria for establishing the EEU. I outline paths for setting up identical mechanisms for economic regulation, consistent tax, monetary, currency, financial, trade and customs policy that would ensure free movement of goods, services, capital and human resources. I suggest considering why currently the EEU is a much less advanced integration project than it was intended, and the extent and level of conveying some sovereignty to supranational structures, including an acceptable restriction of economic sovereignty of joining States. Conclusions and Relevance I substantiate the timeliness and reasonableness of strengthening and expanding the EEU. Considering that Ukraine still has no plans to withdraw from the CIS, it is necessary to make a compromise. The global instability makes us to find ways for involving other CIS states into the EEU and interacting with the EU and other international integration associations.
Keywords: Eurasian Economic Union, EEU, Customs Union, CU, Common Economic Space, CES, Commonwealth of Independent States, CIS, integration, Ukrainian crisis, European Union (EU)
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