The paper analyses peculiarities and transformations of the modern law in the context of globalization. The author emphasizes, that globalization today has a significant impact on every sphere of a society and state life. It is now impossible to develop in a closed society because the national issues are often closely connected with the regional and global challenges. The author pays particular attention to the legal interaction between the States members of the Eurasian Economic Union, which was established a year ago. The goal of the establishing of the Eurasian Economic Union is to guarantee the freedom of movement of goods and services, investments and labor resources, to ensure that the well-being of the citizens of the Member States continues to grow and to strengthen their national economies. The presentation take into consideration the correlation between economic integration and law as the regulating factor in these relations. Globalization as an influencing factor on the international relations has established new approaches towards sovereignty and its concepts. However in the author’s opinion the claims about the loss of sovereignty of states in these conditions are the mistaken ones. State sovereignty remains a foundation of the constitutional system in modern states. So sovereign equality and territorial integrity, as well as respect for the political systems of the Member States are provided as one of the principles of the Union functioning. The author draws some provisions of the Founding Treaty providing for the Rule of Law in the activities of the Eurasian Economic Union.