The article analyzes the European Neighbourhood Policy of the European Union and its Eastern Dimension using the method associated with risk analysis. The European Union is recognized primarily as an actor of international economic relations oriented towards maximizing profits and minimiz ing losses on the international market. It is assumed that creation of the multilateral regional cooperation for the area of Eastern Europe, where Russia remains an important and risky player, was based on the mechanisms of risk management. It is not treat ed as a single act but a process that requires continuous verification or confirmation of the adopted methods, based on the results of this management and new challenges posed by the international environment. In addition, armed conflict between Ukraine (i ncluded in the European Neighbourhood Policy) and Russia in 2014 confirmed the presence of a high level of risk in the area, highly influenced the European Union ’ s decisions on economic relations with Russia, and has brought significant losses for the Euro pean market, in response to which further strategies of risk management must be created.