Eurasian Economic Union Member Countries Research Articles

РОССИЙСКАЯ ФЕДЕРАЦИЯ КАК ЦЕНТР НАУЧНО-ТЕХНИЧЕСКОЙ КООПЕРАЦИИ СТРАН-ЧЛЕНОВ ЕАЭС: АНАЛИЗ ПУБЛИКАЦИОННОЙ АКТИВНОСТИ И ПЕРСПЕКТИВЫ РАЗВИТИЯ

The study examines the representation of scientific research outcomes from member countries of the Eurasian Economic Union (EAEU) within the Russian scientific database eLIBRARY.RU in the field of economics and economic sciences. Methods of scientometric and bibliometric analysis were employed to analyze metadata from over 12 publications available in the scientific databases eLIBRARY.RU, Scopus, and Crossref. Recommendations have been formulated for the overall development of the Russian Federation and, specifically, for the eLIBRARY.RU platform as a center for scientific and technical cooperation among EAEU member countries. The results show that among the authors registered on the platform from the EAEU countries (other than the Russian Federation), the share of authors-economists from Belarus is higher than from Kyrgyzstan, Kazakhstan and Armenia, however, it is generally small. The authors from Kazakhstan, Kyrgyzstan and Armenia have a similar distribution of average values in terms of published materials, however, unlike Belarus, there are almost no registered economic authors with a significant number of publications in these countries. A significant absence of previously published works, archival data and an extremely small number of indexed economic scientific peer-reviewed publications from the EAEU member states were also revealed on the platform. None of the journals of Russia’s EAEU counterpart countries presented on the eLIBRARY.RU, is not included in the list of the Higher Attestation Commission, the core of the RSCI, Web of Science or Scopus. In addition, it was determined that in the EAEU countries there is a wide range of thematic areas of economic and interdisciplinary research covering education, digital technologies, agriculture and other areas. Among them there are general thematic areas that unite science in the EAEU countries, including globalization, digital transformation, agriculture, sustainable development, innovation, education and others. Based on the results obtained, the team of authors formed recommendations for the development of the Russian Federation as a whole, and the eLIBRARY. RU, in particular, as a center for scientific and technical cooperation of the EAEU member states.

Transport Week 2022

The journal publishes a selection of materials based on the news reports of the press centre of the Ministry of Transport of the Russian Federation and dedicated to the events held during 16th Transport of Russia International Forum and Exhibition.The Forum, which opened on November 15, 2022, during its first day hosted the Session of the Committee of the State Council of the Russian Federation, the panel discussion «Container Flow during the Era of Global Shocks. Current Trajectories for Market Development», the roundtable discussion «Life-Cycle-Long Maintenance of Motor Transport» and the industrial conference «Efficiency of State Support for Air Transport During Unprecedented Sanctions Pressure».On the second day of the Forum, the participants discussed the role of science in providing technological stability of transport, water transport and assessment of compliance in the new conditions, the formula for cooperation in transport engineering, new digital tools, information services and technologies, transport safety and security and digital management ecosystems. Besides, were held the Session of the Council of Heads of Transport Authorities of the Eurasian Economic Union Member Countries and the presentation of the RZD Transport Accelerator.The final day was devoted to international cooperation. It was opened by the plenary discussion «International Transport Cooperation in 2022. New Directions, Trends, Results», which focused on the actions of countries on the issues of building transport communications under sanctions, the law enforcement, and the coordination of work aimed at creating more competitive transport products within the EAEU. Then, the session «Sunrise on the East: Significance of Trade with Asian Countries for the Russian Economics and the Ability of Transport to Support the Trade» demonstrated the achieved results in rerouting of external trade communications to the East.The business program was concluded with the plenary discussion. In the opinion of a Deputy Minister of Transport of the Russian Federation, Valentin Ivanov, «activity of the Forum was organised in a very productive manner. Many issues were discussed and many meeting points and solutions were found».Winners of the «Formula of Movement» premium were awarded. The premium is designed to promote development of transport infrastructure, improve the quality of transport services, as well as stimulate government and commercial structures to solve significant problems in the transport sector. Only implemented projects or services that have received practical application in the field of transport were eligible to participate.The topic of «Transport Week» is also highlighted on the second cover and on the pages of the central insert of the issue.

ASSESSMENT OF THE EURASIAN ECONOMIC UNION SCIENTIFIC-TECHNOLOGICAL INTEGRATION CAPACITY: STRATEGIC PRIORITIES AND DEVELOPMENT DIRECTIONS

Purpose of the research – assessment of Eurasian Economic Union (EAEU) institutional scientifi ctechnological integration capacity by identifying and comparing strategic priorities and directions of scientifi ctechnological development of the member-countries.Methodology. The study was conducted on the basis of an institutional approach. The main research methods included comparison, quantitative and qualitative content analysis of strategic documents on scientifi ctechnological development of the member-countries. The respective strategies of Russia, Belarus, Kazakhstan,Kyrgyzstan and Armenia served as input data. The Voyant tools software was used for text processing.Originality / value of the research. The EAEU member-countries' national economies have been actively integrating in the post-Soviet space, however the issues of scientifi c-technological integration are not suffi ciently considered. This study is aimed to fi ll this study gap. The study results can serve as substantiation for key directions of developing scenarios, recommendations and mechanisms to improve the effi ciency of scientifi c-technological integration in order to form a single scientifi c-technological space in the EAEU.Findings. It was revealed that scientifi c-technological cooperation was an independent vector of EAEU integration, directions in the fi eld of scientifi c-technological development, which opens up opportunities for active scientifi c-technological cooperation. The institutional capacity of EAEU scientifi c and technological integration is quite high.

EURASIAN ECONOMIC UNION SUSTAINABLE DEVELOPMENT VECTOR: RETROSPECTIVE AND OUTLOOK

The continuous transformation of the global market poses challenges for national economies, requiring the formation and strengthening of integration processes. To analyze the development of socio-economic relations within the Eurasian Economic Union (EAEU), the authors conducted a retrospective analysis, statistical and structural analysis of key indicators, and assessed prospects for further cooperation. The study confirmed the hypothesis of insufficient competitiveness of national economies, weak foreign trade relations, and an inconsistent regulatory environment that limits export opportunities. The authors recommend shifting the focus of cooperation towards mutual support, ensuring socio-economic and demographic security, and maintaining living standards. The article identifies the main problems of interaction between EAEU member countries and suggests directions for expanding integration ties to increase the effectiveness of cooperation. The authors propose transitioning to a new level of socio-economic development for the EAEU.

ПОЛИТИКА ДИВЕРСИФИКАЦИИ СТРУКТУРЫ ЗОЛОТОВАЛЮТНЫХ РЕЗЕРВОВ РОССИИ

The article is devoted to the issues of diversification of the structure of Russia's gold and foreign exchange reserves. Like most foreign countries, Russia pursues the policy of increasing international reserves in order to strengthen national positions in the global financial market and ensure the protection of the national economy from external shocks. The main sources of formation of international reserves, factors influencing their dynamics are analyzed. It is noted that the dominant position in the structure of Russia's international reserves is occupied by assets in foreign currency, which make up the most liquid part of them. It is emphasized that the reduction in investments in foreign currency is explained by the diversification of reserves in favor of the increase in the share of monetary gold with a significant reduction in the share of the US dollar due to sanctions pressure exerted on Russia by the United States. It is proved that Russia pursues the policy of de-dollarization in the context of the US dollar retaining a key role in global reserves and trade settlements. The expediency of acquiring foreign currencies of states that did not join the restrictive measures against Russia, in particular the Chinese yuan, is substantiated. Pursuing a policy of de-dollarization of the Russian economy means a transition to settlements primarily in Russian rubles with the countries of the Eurasian Economic Union (EAEU). It is concluded that the volume of mutual trade and settlements in Russian rubles and in the national currencies of other EAEU member countries will grow, despite increased pressure from Western countries.

The Chronology of Economic Instabilities of the EAEU Countries

As economic history has shown, economic instabilities that originate in one country can be transmitted through various mechanisms and affect not only individual countries but also integration associations and their integration processes and economic developments. Moreover, if in the initial period this impact is noticeable only for the economic prospects of the trading partners, later it gains a global character and affects other partner countries after a certain time lag. Considering recent economic developments, the same pattern is applied in the case of the Eurasian Economic Union (EAEU). Being former members of the USSR, EAEU member countries have faced systemic crises since their independence until these days. This article summarizes the chronology of the economic crises that took place in the EAEU member states, elaborates, clarifies, and classifies their characteristics. Based on this, the author aims to explore the differences and similarities of the economic development cycles of the EAEU countries.

Dynamic Interrelationships Between EAEU Foreign Trade and Macroeconomic Indicators: An Empirical Analysis

International trade contributes to the development of Eurasian Economic Union (EAEU) as a regional integration alliance and, as stated by classical economists, plays a decisive role in the economic growth of any country (region). Most studies of EAEU international trade flow analysis focus on the trade component. The present paper attempts to display the connection between EAEU trade and macroeconomic indicators. The applied technical methods of statistical analysis have enabled the researchers to evaluate SARIMA models for export and import, and forecast EAEU 2020 trade dynamics based on these models. Then keeping in mind, the idea that the basis of the constructed model is the assumption that the series will maintain its trend, the actual value was simply subtracted from the forecast value to measure the 2020 shock effect. Due to the fundamental methods of statistical analysis the EAEU member countries’ trade and macroeconomic indicators elasticity ratios have been calculated, which are likely to measure the impact rate and become new empirical knowledge in assessing the interaction of trade turnover and the economic growth of the countries.

ФОРМЫ ПРИГРАНИЧНОГО СОТРУДНИЧЕСТВА В КОНТЕКСТЕ РАЗВИТИЯ ИНТЕГРАЦИОННЫХ ПРОЦЕССОВ ЕВРАЗИЙСКОГО ЭКОНОМИЧЕСКОГО СОЮЗА

The mechanism of cross-­border cooperation (CBC) impact on the development of integration processes is revealed. The possibilities of using the CBC forms on the external borders of the Eurasian Economic Union (EAEU) are analyzed via the experience of European and Chinese CBC models. It has been proven that effective CBC contributes to the expansion of integration processes, increases the efficiency of cross-­border resources use, creates prerequisites for the neutralization of border conflicts, and increases the economic security of the regional economic integration. Promising aspects of the CBC mechanism’s improvement on the EAEU external borders are identified, which are: harmonization of the EAEU member countries’ views relating to this mechanism; the creation of a single platform for consolidating legal and analytical information; exchanging experience in implementing CBC programs. Promising directions for the CBC forms’ development at the EAEU external borders are identified.

The Eurasian Economic Union as a factor of ensuring food security of Russia

Subject. The article considers activities of the Russian Federation and the Russian agro-industrial complex within the framework of the Eurasian Economic Union (EAEU) in the interests of ensuring Russia's food security under sanctions. Objectives. The aims are to analyze the activities of the agro-industrial complex of the EAEU member States to ensure collective food security and economic integration of the EAEU, to define the EAEU contribution to Russia's food security in conditions of increasingly tightening regime of foreign trade restrictions. Methods. The study draws on methods of analysis and synthesis, grouping and comparison, abstraction, generalization, and analogy. Trends in the main parameters of the activities of the agro-industrial complex of the EAEU member States were examined based on statistical data analysis, using the methods of mathematical modeling and systems analysis. Results. The paper presents some results of the analysis of activities of the agro-industrial complex of the EAEU member States to ensure collective food security of the Eurasian Economic Union and its economic integration, defines the role and contribution of the EAEU to Russia's food security under the regime of foreign trade restrictions. Conclusions. At present, Russia maintains a high level of availability of agricultural products to its population and raw agricultural resources to the domestic food and processing industry provides stable supplies of agricultural products and raw materials to a number of EAEU member countries. There are significant reserves to increase interstate trade in agricultural products and raw agricultural resources within the EAEU market.

International Trade in the Post-Soviet Space: Trends, Threats, and Prospects for the Internal Trade within the Eurasian Economic Union

This paper discusses the dynamics of foreign trade in the post-Soviet space within the Eurasian Economic Union (EAEU) during the period from 2015 to 2021. Additionally, the paper analyzes export indicators in foreign and mutual trade of the EAEU member countries and diversification of the commodity structure as well as its dynamics based on the commodity concentration index for each member country. Our paper identifies the strengths and weaknesses of the EAEU, analyzes the opportunities and threats of development, and focuses on the trends and prospects. The main strengths include the institutional and legal structure of the EAEU single market, the historical, cultural, and economic proximity of the EAEU member countries, the transit potential of the territory, the high level of domestic trade, and the increasing share of ruble transactions in the trade turnover. The most significant weaknesses are the low efficiency of the institutional structure, the gap in the socio-economic level of development of the participating countries, unstable geopolitical situations in some member countries, the low level of recognition of the EAEU in the world market, economic and political conflicts of interests of the member countries, and the dependence on Western technologies in some key industries. Strategically important opportunities can be found in the creation and implementation of a long-term development strategy, diversification of trade with the Middle East and Asian countries, expansion in terms of the territorial composition, development of the institutional and legal structure as well as cooperation ties, as well as the cooperation in the field of technological innovation and financial security. Among the most significant threats were identified the outpacing growth in the share of EAEU members’ trade with China, the expansion of economic and political contradictions between the EAEU member countries, and the strengthening of the positions of alternative currencies in foreign trade.

Ensuring the economic security of the EAEU in the age of digital transformation

The economic security of the state is not only the most important component of the national security system, but also the main component of the mechanism for the development of the country’s economy. The issue of determining the economic security of the Eurasian Economic Union (EAEU) in the context of digital transformation is extremely relevant today. The article considers the essence of the economic security of the EAEU, substantiates the relevance and signifcance of the context of the ongoing digital transformation, its impact on the sustainability and development of the economy of the integration association. The object of the study is economic security in the era of universal digitalisation, the subject of the study is ensuring the economic security of the EAEU in the era of digital transformation. In the context of the problem posed, the threat is the disunity of regulation of digital transformation, the lack of a clear regulatory framework, as well as a critical gap in the development and implementation of technologies in the territories of the EAEU member states. Based on the analysis of the EAEU Digital Agenda until 2025, the authors identifed the main drivers for the growth of the economic security of the Union in the context of digitalization. The researchers assessed the current threats to the EAEU economy related to the introduction of digital technologies. The article gives recommendations on updating approaches and tools to ensure economic security in the context of digital transformation. A prerequisite should be the systematic and organized efforts of all EAEU member countries. The conducted research is based on the application of a system of general scientifc and particular scientifc methods: systematization, analysis, formalization, logical method, synthesis, etc.

Some aspects of the EAEU digital trade in the foreign policy of the Republic of Kazakhstan

The paper presents the main factors of the development of digital integration in the field of trade and economic relations in the foreign policy of Kazakhstan within the framework of the Eurasian E conomic Union (EAEU). The authors discuss the importance of developing international relations with partner countries and key documents for establishing relations. Paper highlights the reasons for the low dynamics of processes for building ways of developing digital trade in the EAEU. The authors provide a review of the regulatory framework for the development of digital trading platforms, as well as an analysis of current trends in the framework of this issue. An important aspect of the study was the problem of digitalization in the field of regulation of conditions for the EAEU member countries as players in the digital trading ecosystem; analysis of transnational interactions between participants in the integration process. The paper discusses the promising directions of development of trade and economic relations in the digital economy, identifies the key problems that are important for their further solution to improve the effectiveness of r elations between Kazakhstan and the participants of the integration union.

Conjugation of the Eurasian economic union and the belt road initiative: the role and place of Kazakhstan

Relevance. In mass media, the Silk Road Economic Belt and the Eurasian economic integration are considered as the driving forces behind Eurasia’s development. Nevertheless, the processes of Eurasian integration have been impeded by the COVID-19 pandemic. In addition, 2020-22 have been marked by political turmoil in the Eurasian Economic Union (EAEU) member states. Modelled on the European Union, the Eurasian Union increasingly resembles the former Soviet Union, which is a matter of concern for the member states. On the other hand, the growing democratic sentiments in the post-Soviet countries and the competition between Russia and China for influence in Eurasia make the cooperation of the EAEU and the Belt Road Initiative (BRI) more problematic. Research objective. The study examines the opportunities and challenges associated with the possible integration of the Eurasian Economic Union (EAEU) and the Belt Road Initiative. Methods and Data. In this paper, we used an exploratory research design relying on collecting secondary and primary qualitative data. Methodologically, the study is based on the approaches of positive and nominative economics. The qualitative research in the form of in-depth interviews helped us gain insight into the economic problems of the EAEU member states. We also analyzed the dynamics of each member country’s GDP and compared it with that of China for the period from 2012 to present. Results. The compatibility of national and transnational interests in the EAEU programs is one of the main issues that have to be addressed. There have been specified areas of the EAEU’s development, many of which reveal the Russian Federation’s dominating role in managing the Union. According to the experts we have interviewed, to implement its programs, the EAEU needs significant centralization of power. On the other hand, the unresolved social, economic, and political issues can become a significant obstacle to the integration. Conclusion. Despite the widespread belief that the BRI would bring significant welfare and trade benefits to its participants, the EAEU member countries and China first need to focus on implementing political reforms, which the social and economic agenda hinges upon.

Ensuring Legal Protection of the Results of Intellectual Activity and the Commercialization of Rights to Them in the EAEU

The paper is devoted to the legislative and organizational instruments employed to ensure protection of the results of intellectual activity and the commercialization of rights to them in the member countries of the Eurasian Economic Union (EAEU), in particular in Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, Uzbekistan (Observer in the EAEU). The authors have examined the regulatory and legal framework in the field of intellectual property of the EAEU countries, the experience of national patent offices, problematic issues of the modern development of the intellectual property (IP) market, commercialization of the results of intellectual activity (RIA). The role of the intellectual property market institutions in the management of rights to RIA was identified using a Russian venture company as a case study. The legislation analysis has revealed differences in approaches and depth of elaboration of the IP market institutionalization, heterogeneity of innovative and technical potential and legislation in the field of innovation. In addition, the analysis has determined the tasks of the EAEU member countries in the field of intellectual property protection and the need for further integration of the EAEU countries to form an effective IP market. The paper draws attention to the possibility of integrating the EAEU member states in the field of IP, which is important in the context of the progressive socio-economic development of countries. At the level of national economies, it is advisable to form IP ecosystems with due regard to the harmonization of the EAEU countries legislation in the field of protection of rights to RIA, as well as to create conditions for an effective institutional environment, that is flexible and adaptive in relation to all EAEU countries interested in cooperation. Constructing an interstate system of legal, financial, organizational mechanisms for the commercialization of rights to IP objects, using IP objects and the dissemination of best practices, for example, the experience of the Russian Venture Company as a development institut, constitute integral conditions for the effective functioning of the common IP market of the EAEU countries is the ion.

ASSESSMENT OF THE PROSPECT FOR THE USE OF RENEWABLE ENERGY SOURCES IN THE WORLD AND KAZAKHSTAN

The world energy industry today is at a new stage of development, which is characterized by the strengthening of integration processes, the development of new
 technologies in the field of extraction and production of energy resources. The energy sector of Kazakhstan was designed with the understanding that it was part of the energy sector of the Soviet Union. Today Kazakhstan follows international development trends in the field of energy. To make a reliable forecast of the Kazakhstani energy sector, it is necessary to look at the global processes in the development of the world energy industry. There are several organizations that have this information. These are the International Energy Agency (IEA), the UN, the World Bank, large-scale international companies, etc. In forecasting energy consumption in Kazakhstan, as part of the Eurasian Economic Union (EAEU), it is important to look at the forecasts for the EAEU member countries. This article provides basic information on forecasting the growth of electricity consumption in the world and in Kazakhstan, based on various sources. It also provides a comparative analysis of the use of various sources of electrical energy. A detailed analysis of the energy sector of Kazakhstan and the prospects for the use of renewable energy in Kazakhstan are considered.

Fighting for Eurasia

Russia and non-regional States have recently shown fresh interest in the countries of the former Soviet Union. The rivalry between Russia and the United States for the post-Soviet territory, beginning after the collapse of the USSR, has broken new ground. Russia considers the post-Soviet space as an area of vital interests. Economic and political relations with its neighbors, the internal political situation in the former Soviet Republics have a direct impact on the development of Russia. These determinants can explain the renewed interest in Eurasian integration and an integration project — the Eurasian Economic Union (EAEU). However, the USA hardly welcomes such aspirations of Russia and the support for the integration project on the part of some post-Soviet countries. The American side has no interest in the newly emerging regional centers of influence in the post-Soviet space, regarding this as a threat to its interests. Countering the development of Eurasian integration and strengthening the EAEU influence is the focus of US policy in this regard. The EAEU member countries are consistently taking steps to develop integration despite obstacles from the West. The long-term objectives, defined in various documents by the countries, should put them on a new path of economic cooperation. Eurasian integration faces a number of difficulties along with the successes, achieved since the creation of the EAEU. The world economy problems, in addition to internal ones, exert a considerable influence. They intensified after the outbreak of the coronavirus pandemic, which negatively affected the development of the EAEU countries. The internal political problems faced by the EAEU countries adversely affect integration. The internal political crisis in Belarus, beginning in the later 2020, the conflict between Armenia and Azerbaijan in Nagorno-Karabakh, worsened internal political struggle in Armenia and Kyrgyzstan are the factors that influenced the work of the EAEU last year and early 2021. Nevertheless, economic difficulties and political events in specific countries, the pursuit of non-regional states to influence the elites of the former Soviet states have not altered the foreign policy priorities of the EAEU member states.

Analysis on Trade Competitiveness and Trade Complementarity between Uzbekistan and the Member States of Eurasian Economic Union

Based on the 2010-2019 United Nations commodity trade data, this paper has calculated the regional revealed comparative advantage index, export similarity index, trade complementarity index and intra-industry trade index of trade between Uzbekistan and the member states of the Eurasian Economic Union. This paper analyses the competitiveness and complementarity of trade between Uzbekistan and the member states of the Eurasian Economic Union. Uzbekistan and the Eurasian Economic Union member countries have a high degree of similarity in the export of commodities. There is a certain degree of competitiveness in commodities exported to the same market. However, there are differences in the structure of commodity trade among member states. Uzbekistan’s trade complementarity with the member states of the Eurasian Economic Union is distributed in food and live animals (SITC0), mineral fuels, lubricants and related materials (SITC3), manufactured goods classified chiefly by material (SITC6), commodities and transactions not classified elsewhere in the SITC (SITC9). Uzbekistan has strong trade complementarity with Armenia, Belarus and Kyrgyzstan, but weak trade complementarity with Russia and Kazakhstan.

Issues of tax integration of the member states of the Eurasian Economic Union

The article discusses changes in the national legislation of the states of the Eurasian Economic Union (EAEU): the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic and the Russian Federation. The nature and conditions of the harmonization process are analyzed taking into account legislative changes. The most important indirect taxes (value added tax, excise taxes) in the EAEU member countries are compared.In addition, the state of their tax systems is compared, features, their further unification and restructuring are determined, and their ratio is compared with the provisions of the EAEU Treaty. Despite many years of efforts to harmonize taxes, issues remain that need an interstate settlement. Currently, taxation approaches in the EAEU countries are significantly different, which complicates the integration processes within the framework of the association. Speaking of tax harmonization in the EAEU, it is worth noting significant progress in the harmonization of approaches to indirect taxation. The competitiveness of the participating countries in the world market and the growth of the welfare of the population depend on this. When selling goods between the member states of the Eurasian Economic Union, there is no customs control, customs duties and fees are not levied. The procedure for levying indirect taxes (VAT and excise taxes) for the supply of goods (performing work, rendering services) between the EAEU member states is governed by the provisions of the Treaty on the Eurasian Economic Union, signed in Astana on May 29, 2014 and the provisions of the Protocol on the procedure for levying indirect taxes and the mechanism of control over their payment when exporting and importing goods, performing work, and rendering services, which is Appendix No. 18 to the EAEU Agreement.

ANALYSIS AND PROSPECTS FOR THE DEVELOPMENT OF REGIONAL ENERGY INTEGRATION OF THE EURASIAN ECONOMIC UNION COUNTRIES

In the presented paper, it is proved that a new objective trend appears in the current conditions of Eurasian region development. It will strengthen mutual cooperation between the countries of Eurasia and it will enrich regionalization process in the context of world energy markets restructuring, intensification of competition, deglobalization tendencies and other challenges of the world economy. At the same time, fuel and energy complex (FEC) is becoming the main driving force for the countries of Eurasian region and their further development. The concept of regional energy integration of the Eurasian Economic Union (EAEU) countries is offered in the paper. It's based on the strategic advantages of economic integration in relation to the fuel and energy complex. Energy potential analysis of the EAEU member countries is performed. The issues of common energy markets formation in the region are considered. The main problems and a number of uncoordinated tasks between the countries participating in integrational process in this area are highlighted in terms of common gas, oil and oil products market formation, although it is noted that development and approval stage of the Programs for such formation is mostly completed. It is expected that these markets will be fully formed by 2025. It was emphasized that energy integration is one of the most important areas for the EAEU countries development, which is expected to bring significant economic benefits in the long-term period.Keywords: regional energy integration, common energy markets, energy potential, the Eurasian Economic Union (the EAEU).JEL Classifications: F02, F63, O13DOI: https://doi.org/10.32479/ijeep.9806

Equity Crowdfunding in the Eurasian Economic Union (EAEU)

The aim of this article is to provide a comprehensive research and analysis about fundraising through equity crowdfunding or crowdinvesting compared to venture capital and other forms of equity financing in the Eurasian Economic Union member countries. The relevance of the research is conditioned with the fact that equity crowdfunding is one of the fastest growing capital raising platforms and has become a popular financing option for start-ups and early-stage companies. Analyzing generally accepted methods for evaluating early-stage companies, the authors propose to use the venture capital method combined with scenario analysis for determining the value of companies in order to raise funds on equity crowdfunding platforms. The statistical data of the EAEU countries were researched on macroeconomic development, stock markets, fintech, etc. This market is expected to grow year by year, but results show that for now it is still underdeveloped in the Eurasian Economic Union member states. The conclusion is that several regulatory and institutional reforms can enable the growth of equity crowdfunding, thereby diversifying potential sources of equity financing for start-ups and early-stage companies. The suggested approach can be applied by regulators.