The article analyses the Commonwealth of Independent States (Cis) during the period of 1991-2008. The study aims to address the following question: How can the experience of the Cis contribute to the literature on regional cooperation in general and multi-level governance in particular? The theoretical generalization helps to make some theoretical advances and to contribute to the literature on regionalism and on the studies dedicated to the Cis. The article adopts deductive approach, that is, it focuses on the experience of the Cis and then attempts to conceptualize it. Conceptualising the benefits and deficits of the Cis, identifying favourable and unfavourable factors at work, it will help to contribute to the studies on regional cooperation world-wide. As a secondary purpose, the study attempts to identify some of the explanatory factors for the development of Eurasian regionalism. Finally, given that by now the most successful example of regional integration has been the European Union (Eu), the eventual comparative reference to the Eu is almost inevitable while analysing regionalism elsewhere in the world.