The basis of EU-Russia relations is the Partnership and Cooperation Agreement (PCA), which was signed in 1994 and came into force on 1 December 1997 for an initial duration of 10 years. Discussions with Russia were launched in June 2008 on a new agreement for the EU-Russia strategic partnership, which should update and replace the existing Partnership and Cooperation Agreement.

The negotiations were started in July 2008, and by May 2010, 9 full negotiating rounds took place. The New Agreement should provide a comprehensive framework for EU-Russia relations, and include substantive, legally binding commitments in all areas of the partnership, including economic cooperation issues, as well as provisions on trade, investment and energy.