The present study deals with Eurasian Economic Community (EurAsEC), a relatively new entity that appeared in the post-Soviet region, which tries to join the neighboring countries into a strong and structured union. The paper presents the integration steps that have been taken so far and examines the economic challenges faced as well as the geostrategic aspects. A comparison with the benchmark of the surrounding area, the European Union, is also undertaken in order to investigate both the similarities and differences among them and show if they could co-exist in the years to come. The main purpose of this study is to examine the reasons for the union’s formation, shed light on its economic prospects and highlight the newly established geostrategic conditions in such a crucial territory of the world.