The paper seeks to answer these questions engaging the interrelated concepts of regionalism and foreign policy multivectorism. Multivectorism is a type of policy that reflects the impact of liberal ideas in international relations with their emphasis on economic interdependence, cooperation and the power of international institutions and norms in mitigating conflict. Yet, mutlivectorism can get misplaced. Its more successful variety emphasizes engaging with more than one pole of power simultaneously. Alternatively, a country can vascillate between several power centres without committing itself to either one. This is what Ukraine tried to accomplish, and this is, arguably, what led to the current crisis. The paper will offer tentative suggestions as to the ways out of the current conundrum in the Ukrainian-Russian and Russian-European relations.