PROSPECTS OF THE EURASIAN ECONOMIC UNION AND OPPORTUNITIES FOR EXPANSION 

Volodin Viktor Mikhaylovich, Doctor of economic sciences, professor, sub-department of management and economic security, dean of the faculty of economics and management, Penza State University (40 Krasnaya street, Penza, Russia), ieu@pnzgu.ru
Kaftulina Yuliya Anatol'evna, Candidate of economic sciences, associate professor, sub-department of economics and international relations, Penza State University (40 Krasnaya street, Penza, Russia), ulya_01@list.ru
Rusakova Yuliya Igorevna, Student, Penza State University (40 Krasnaya street, Penza, Russia), lafik-15@mail.ru

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Background. The modern world requires deep economic integration. If Russia is to maintain long-term cooperation with the former Soviet republics, it is necessary to prove that the project of the Eurasian Economic Union is a completely new type of integration of the post-Soviet countries, which is based on the inviolability of their political sovereignty, territorial integrity, unity of language, equality of partners, eliminating the pressure and domination of Moscow. In this regard, the study of the mutual benefit of establishment and functioning of the Eurasian Economic Union (EEU) for its member countries is relevant. The purpose of the article is to identify the prospects of functioning of the Eurasian Economic Union and the opportunities for its expansion.
Materials and methods. Implementation of the research tasks was achieved on the basis of the analysis of the Treaty between the Russian Federation and the Republic of Belarus dated 08.12.1999 “On creation of the Union State”, the articles of the Treaty on the Eurasian Economic Commission, the main outcomes of investment cooperation between Russia and China, the Eurasian integration projects in perception of the post-Soviet countries and China, as well as statistical data on the EEU functioning.
Results. The authors pointed out and characterized the major trends (positive and negative) of implementation of the Eurasian integration project; the prospects continuous existence of the EEU associated with the increase of a number of participants.
Conclusions. The EEU will begin its activities in the aggravated geopolitical challenges and threats in connection with the crisis around Ukraine. The Eurasian Economic Union is a very promising project. A major factor in promotion of economic integration in future may be the introduction of a single currency, the improvement of the banking sector. However, the most favourable prospects for continuous existence of the EEU are associated with the increase of a number of participants. Some post-Soviet States (Ukraine, Moldova, etc.) oppose this integration project and has already taken its course on cooperation with the EU. However, in the longer term perspective the majority of Central Asian countries are likely to enter the EEU.

Eurasian Economic Union, integration project, Customs Union, Eurasian Economic Commission, common economic space of Russia, Belarus, Kazakhstan.

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