This article focuses on the stages of development of the Eastern Partnership project, the European Union (EU) foreign policy strategy towards it and the role of Russia as a political competitor of the EU in the region. With the help of analyzing key documents that define the goals and objectives of the Eastern Partnership from the moment of its creation up to today, the features of the project initiative’s way of development and the degree of the EU’s involvement into political and economic processes of the Partnership states are pointed out. The research allows to clarify and evaluate the political background for the changes in the EU strategy towards the Partnership states and the principal incentives for the widening of cooperation within its framework. The main conclusion of the research is that the Eastern Partnership has grown in importance for the EU over time, especially since 2014, when the EU started to view Eastern Europe as one of the principal areas of influence and Russia as a direct competitor. The project has begun to include more and more spheres of political and economic cooperation, placing an emphasis on energy security, economic aid, and the development of civil society via European “soft power”.