This article is devoted to the development trend of a single economic space in the territory from Lisbon to Vladivostok, as well as to the problems and prospects of cooperation between the Russian Federation and the European Union as an integration entity. The work examines the formation of this concept and the historical and cultural relationship between Europe and Russia. The necessity and possibility of further stabilization of Russian-European economic cooperation was also considered. However, the real foreign policy actions of Russia and the European Union do not reflect the decisive attitude of both sides. The article points out and emphasizes the presence of significant contradictions between Russia and the European Union in understanding the principles on which Greater Europe should be formed.