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Russia is the EU’s third biggest trade partner, with Russian supplies of oil and gas making up a large percentage of Russia’s exports to Europe. The Ongoing cooperation is based on 4 specific policy areas. These “common spaces”, cover economic issues & the environment; Freedom, Security & Justice; External Security; and Research & Education, including cultural aspects.

The EU has in place a programme of financial cooperation that has evolved over time to support the achievement of common objectives.

The EU and Russia co-operate on dealing with a number of challenges, both at international level, as well as in our common neighbourhood. These include climate change, drug and human trafficking, organised crime, counter-terrorism, non-proliferation, the Middle East Peace Process, and Iran.

The EU and Russia concluded a Partnership and Co-operation Agreement in 1994.

Negotiations on a New EU-Russia Agreement were launched at the Khanty-Mansyisk Summit in June 2008. The New Agreement should update and replace the existing Partnership and Cooperation Agreement. It should provide a comprehensive framework for EU-Russia relations, and include substantive, legally binding commitments in all areas of the partnership, including political dialogue, JLS issues, economic cooperation, research, education and culture, as well as solid provisions on trade, investment and energy. The negotiations were started in July 2008, and by the end of 2010, 12 full negotiating rounds will have taken place.

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