Abstract
EU - Russian economic integration and the growing institutionalisation of bilateral relations is, partially, the way out of global recession. Due to political obstacles the pace of economic integration is rather slow.
Unable to overcome the 'lowest common denominator' attitude towards each other, the EU and Russia are gridlocked by existing agreements. In times of global economic recession a new cooperation agreement is crucial for intensifying trade, which positively affects national welfare in both the EU and Russia.
Probably the most significant factor promoting further deepening of economic integration is the position of business community for which further institutionalisation of the relationship is vital. There is no consensus on either the timeliness or the shape of a future agreement.
However, research should continue to identify the potential of new forms of economic relations.