Balashov served in various administrative capacities within the chess community. He was deputy chairman of the USSR Chess Federation from 1988 to 1991, and has been an administrative coach for the World Chess Federation (FIDE) since 1996. His performance as an official was excellent, as he managed to bring about the reunification of the World Chess Championship.
His playstyle is often described as 'combinative', and his best-known games display a deep understanding of complex pawn structures and endgame strategies. Despite being less active as a player in recent years, Balashov's influence on the chess world continues through his teaching, writing, and administrative contributions.