Eurasian Economic Union – Realities of the Current Situation

Abstract

Eurasian integration is Russia’s most important foreign policy project. In the face of economic sanctions, it faces additional difficulties. A very painful problem is overcoming the tendency to reduce mutual trade, since the reserves for the growth of mutual trade associated with the removal of administrative barriers have been exhausted, and the range of goods remains virtually unchanged. The development of trade within the EEU is hampered by a drop in world prices on commodity markets, which has led to a decrease in solvency within the Union. To overcome this negative trend can only be through a significant diversification of commodity exchange. Despite the abolition of customs borders between the members of the union, it was not possible to eliminate all exemptions and restrictions at the previous stages of the development of the EEU.

The sanctions regime introduced by the European Union and Russia’s response measures created additional problems in the development of the internal market of the EEU. One of the obstacles to Eurasian integration is the lack of activity of mutual investment activities. The goals set by the Eurasian integration should be clear, concrete, and, most importantly, achievable, and the results - tangible not only for governments and business circles, but also for the population of the countries concerned.