Partnership and Cooperation Agreement is a document regulate the European Union external relations with third countries. Obligatory document between the European Union and Russia from 1999 (1997) expired in 2007 and haven’t been replaced by a new agreement up till now. Negotiate a new treaty which regulates the base relations should be in interest of both sides, according to a strategic partnership. Unfortunately, negotiations for a long time are in impasse. Both of subjects can’t reach a consensus as to scope and content of the document and on matters relating to energy dialogue, European security, policy towards the Commonwealth of Independent States (CIS ) and keep human rights. Conversation were breaking off very often because of the attitude and actions of Russia against individual EU Member States and countries of the (CIS). In the meantime, in the EU proposed to create together with the United States of America, Transatlantic Trade and Investment Partnership introducing free trade area through liberalization of both internal markets. This project obtained a big interest in the EU and then began negotiations which despite of many impediments will have a good prognosis for the future. To conclude, the article aims is to present scope of the new Partnership and Cooperation Agreement between the EU and Russia, indicate the causes and areas of negotiation impasse and to refer to the state of negotiations Transatlantic Trade and Investment Partnership.