Formation of the Eurasian Economic Union: the risks and chances in the period of turbulence

Abstract

Various aspects of functioning of the Euroasian economic union (EAES) on the basis of the Customs Union (CU) and the Common Economic Space (CES) as a part of Russia, Kazakhstan and Belarus are considered. In this regard the historical role of the Commonwealth of Independent
States (CIS) and its integration associations are analyzed. Criteria of the EEU formation and the ways of creating similar mechanisms of economic regulation, the carrying out of coordinated tax, monetary, financial, trade and customs policies providing the free movement of goods, services, capital and labour are justified. Special attention is paid to the analysis of benefits, challenges, contradictions and losses in the EEU, notably those that are associated with the Ukrainian crisis.