The last two or three years have become a time of an unprecedented rise of interest to Eurasia. The Russian initiative to create Greater Eurasia, which is seen as the main conceptual framework for promoting various cooperation projects in the region, is often criticized for the lack of concrete content. Given the growing number of regional initiatives including from China and India Russia needs not only to formulate an attractive idea, but also to show its relevance and efficiency. Despite the absence of objective historical conditions for its implementation the concept of 'Greater Eurasia' can become a rational practical embodiment of a wide range of development and security priorities for many countries in the region. The problem of the study is the absence of objective prerequisites for the creation of Greater Eurasia while there is a wide range of subjective reasons. The article examines the preconditions for the emergence of Greater Eurasia as well as various ways of this concept's perception and political interpretation. For historical reasons projects for the consolidation of Eurasia have largely remained on paper, but the current regional and global trends create relevant conditions for their implementation. The study analyzes the content of Eurasian integration and possible formats of cooperation within it. Particular emphasis is made on security issues, economic interaction, and the development of institutions in the Eurasian space. The authors stress the need for reform of the OSCE in order to bring its activities closer to the current geopolitical conditions. The prospects for the development of the SCO and its role in Greater Eurasia are also under consideration. Special attention is paid to relations with potential participants of Greater Eurasia project (including European countries) and non-regional actors. Eurasian integration is also analyzed from the European integration perspective. According to authors' estimations, in EAUE there is a need for greater attention to the issue of state sovereignty (similar to the European experience of country representatives and expert groups) and strengthening the institutional capacity of organization.