The article considers the formation of Global Value Chains (GVCs) and quantify the participation of major countries of the European Union and Russia in GVCs. It provides an overview of the economic literature and development of theoretical frameworks and concepts. A quantitative assessment of participation in GVCs for EU countries and Russia based on available data in the World Input-Output Database (WIOD) and Trade in Value Added (TiVA) is discussed. Special attention is given to the key GVCs indicators, including the export of intermediate goods, domestic value added embodied in gross exports and the “forward” and “backward” participation indexes. The author gives his vision of a place of the EU and Russia in GVCs. It is demonstrated that the EU's participation in GVCs can be defined as optimal.