The article looks at how the Eurasian Economic Union (EAEU) came to be, its fundamental ideas, and how its institutions operate. Even though the EAEU has made some progress compared to previous post-Soviet integration efforts, questions remain about whether it will achieve its objectives, and what its prospects are. By examining the main political, legal, and economic characteristics of the EAEU, the EAEU's inherent flaws and how they limit its outcomes are made clear. Despite its proclaimed goal of being primarily an economic integration project, the EAEU has failed to deliver on its promises because it is founded more on geopolitical rather than economic commitments. Internal weaknesses, such as Russian interests in the region, economic challenges within member states, economic and political strength disparities, and general mutual distrust exacerbated by the war in Ukraine, further hinder the EAEU's potential. External challenges, such as the European Union's and China's role in Russia's "near abroad" and extended Western sanctions, impede the EAEU's integration progress. The article also examines certain benefits and the constraints of Serbia's cooperation with the Eurasian Economic Union. By doing this, Serbia's policy to keep moving toward European integration while keeping strong economic and political ties with Russia, an essential member of the Eurasian Economic Union, is considered.