The paper addresses how small states shape and conduct their foreign policy while caught between rival interests of global powers in a regional context, using Armenia as a case study. By assessing the evolution of the interplay between Armenia and the European and Eurasian Economic Unions and discussing the nature of commitments and depth of Armenia’s participation in the EAEU and the EU’s bilateral agreements and neighborhood programs, the paper investigates the extent to which Armenia’s membership in the Eurasian Economic Union affects its Eurointegration policy, providing possible explanations of Armenia’s interests vis-à-vis the European Union and the main motives for the subsequent change of its integration model