Eurasian Economic Union (EAEU) of Russia, Belarus and Kazakhstan is an emerging union that is gaining more actuality and relevance in the post-Soviet territory with joining of additional countries as Armenia and Kyrgyz Republic. While it was seen as another not effective project of post-Soviet Union, it appeared to be a new-style project bringing tangible gain to its members and becoming a center of attention in the neighborhood and a viable alternative to the EU (Dragneva and Wolczuk, 2015). While some Central Asian countries as Kazakhstan and Kyrgyz Republic have been analyzing their costs and benefits by joining the EAEU, Caucasian countries (Armenia, Azerbaijan and Georgia) have been planning to join the EU. Armenia is a small landlocked former Soviet Union country with population of around 3 million people. With an estimated per-capita GDP of US$ 3,619, Armenia is a lower middle-income country. After the dissolution of the Soviet Union, Armenia experienced a difficult tra