The European Neighbourhood Policy (ENP) is the main instrument of the European Union in building its relations with the Eastern and Southern neighbours. The reason for the formulation of the ENP was the biggest enlargement of the EU and the desire to create a ‘ring of friends’ to ensure security and stability in the region. The turn of the year 2010 was a key moment for the cooperation between the European Union and the neighbouring countries. It was the beginning of the crises in North Africa which led to the Arab Spring, as well as leadership changes in Ukraine, an Eastern neighbour with the most advanced level of cooperation with EU structures. The changes of the political situation in the closest neighbourhood of the EU has become a challenge for the ENP. On the one hand, the events shaping the dynamic situation in North Africa took place at a time when the EU countries were occupied with the effects of the economic crises in Europe; and on the other hand, the regression of democracy in the Eastern neighbours has remained the biggest obstacle in enhancing bilateral cooperation. Therefore, it became necessary to revise the European Neighbourhood Policy. The author of the article is trying to answer the question how the European Neighbourhood Policy has been used to deal with the new political reality in the closest neighbourhood of the European Union. Due to the diversity of the neighbouring countries, the analysis has been done separately for the Eastern and Southern neighbours of the EU.