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Russia’s Growth as a Regional Power in the Context of the Eurasian Economic Union

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  • Popescu Raluca Maria

    (Bucharest University of Economic Studies, Bucharest, Romania)

Abstract

We are currently witnessing the emergence of new poles of power, practically from the bi-polar model of the post-World War 2 world, the Russian Federation has made in the last years made great efforts to introduce a multi-polar model, in other words it is seeking to affirm itself again on the world stage and gain leadership as a pole of power for the eastern Europe. There is a direct correlation between the status of „regional leader” and the economic power of the country who wants to achieve this status. Taking into account a set of indicators such as: share in the world GDP, trade and investment flows, the European Union, USA and China are at the moment the biggest poles of economic power in the world. Russia aspires to expand its influence and within the context of the Eurasian Economic Union seeks to reach the status of regional economic power. The main research questions of the article is if Russia can achieve through the Eurasian Economic Union and strategic partnership with China, the status of regional power and be a serios contender to the European Union. The article follows a qualitative methodology and examines the possible implications of the European Union- Eurasian economic Union competition at a regional level and Russia’s perspectives to achieve, as the leading force of the Union, a greater influence from an economic and geo-political perspective. The final section analyses the impact that the growth of the Chinese economy has had on the European Union as well as the Eurasian Economic Union. In this context, Russia has moved its attention towards Asia, particularly towards China, with whom all evidence points, is trying to form an alliance against the West, and is trying to capitalize on the ongoing trade war that is enfolding between the USA and China. The article concludes that Russia needs China, as the world’s second largest economy and important regional power more than China needs Russia and their current relationship is based more on their personal need to undermine other powers than any true common visions.

Suggested Citation

  • Popescu Raluca Maria, 2020. "Russia’s Growth as a Regional Power in the Context of the Eurasian Economic Union," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 14(1), pages 746-754, July.
    • Handle: RePEc:vrs:poicbe:v:14:y:2020:i:1:p:746-754:n:71
    DOI: 10.2478/picbe-2020-0071
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    References listed on IDEAS

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    1. David Cadier, 2014. "Eastern Partnership vs Eurasian Union? The EU–Russia Competition in the Shared Neighbourhood and the Ukraine Crisis," Global Policy, London School of Economics and Political Science, vol. 5, pages 76-85, October.
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