Abstract. This article discusses key developments in Belarus’s economy and foreign policy in the context of its relations with Russia and Western countries. Particular attention is given to the most contentious issues in Russian-Belarusian cooperation – namely, the creation of unified markets for gas, oil, and electricity. Despite the signing of an agreement proclaiming market-based principles of cooperation, the common electricity market has yet to become operational, pending the adoption of unified market rules. Minsk and Moscow traditionally view this issue from diverging perspectives, rooted not only in economics but also in fundamental political differences. Against the backdrop of these tensions and the upcoming negotiations on gas supply terms, a renewed swing of the pendulum in Russian-Belarusian relations appears likely. In light of Belarus’s unprecedented dependence on Moscow, Minsk has begun to take assertive steps toward normalizing relations with Washington in an effort to reduce Russian influence. According to Belarus’s Permanent Representative to the United Nations, V. Rybakov, contacts with the United States were maintained throughout the crisis period.