The article explores the potential economic impacts of a free trade agreement between the Customs Union (Russia, Belarus, Kazakhstan) and the European Union. Using a CGE model, the researchers analyzed how removing import tariffs could affect both economies as a whole and specific industries. The results suggest that Russia stands to benefit more than the EU from the agreement, with the Customs Union as a whole experiencing a net positive gain. However, the distribution of these benefits and costs among the member countries is uneven.