The Ukrainian conflict – as all post-Soviet conflicts – has three interrelated dimensions – global, regional and local – with deep implications for international security including the Black Sea region. The strategic interdependence between Russiaand West during the last decade became not only anaemic but antagonistic. The regional implications of that can be compared to the boomerang effect: problems at the strategic level affect the regional level and return to the originators. Generally speaking, Commonwealth of Independent States conflicts can be viewed as the product of the Soviet legacy and the patchy collapse of the USSR as well as the ill-conceived policies and mistakes of the involved parties, Russia and external actors – USA, NATO and EU.