To ensure sustainable and balanced economic growth from the Atlantic to the Pacific, a market needs to be regulated by compatible and consistent norms based on economic cooperation. That is why regional economic associations, in particular the European Union and the Eurasian Economic Union, need to step up their level of collaboration. However, progress is being hampered by faltering political dialogue, which remains stuck at the take-off stage. Is the new economic reality significantly affecting the relationship between Europe and Russia, or do they remain captive to the misunderstandings of the past? Is it time for the parties to start looking for mutually beneficial solutions to common problems? As a new European Commission takes the reins in Brussels and significant developments occur on the international stage (such as rising trade tensions between US and China or the winding-down of conflict in the Middle East), could this be the time for Russia and the EU to re-engage and start a new chapter marked by more dynamic cooperation? Has that time come, and who should take the lead Moscow or Brussels?