The project aimed at analysing the effects of participation in the Eurasian Economic Union (EAEU) on the economies of five member-states: Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. Although the economic significance of Europe for Russia by far outweighs that of Eurasia, the importance of Eurasia has been reconceptualised in Russian official rhetoric in post-2014 geopolitical and economic situation. Contrarywise, having gained economic vigour and adopted a multi-vector stance in foreign policy, Kazakhstan has activated the pursuance of geographic diversification. Similarly, has been evolving the attitude towards the Eurasian integration of other EAEU member-states, with Russia, nevertheless, remaining their primary economic partner. Since the EAEU is a young integration, a solid quantitative exercise is difficult. Therefore, based upon the review of relevant theoretical and empirical accounts on economic integration, the study examined the effects of the EAEU on the integrated economies, analysing them upon an original set of metrics in several realms: intra-EAEU trade, investment, labour mobility and economic and institutional convergence. Depending on the direction of the identified impacts, the impacts were provisionally coined the "benefits” and the “costs” of membership.