Where the Cold War crises took place in the context of a bilateral international system represented by the Western and Soviet entities, the recent Ukrainian crisis is played out on an international stage where the US remains the world’s unipolar power. This paper discusses the major differences between these contexts with the aim of better understanding the possible outcomes and ramifications of the crisis. Such an understanding seems vital, for if the Ukrainian crisis continues without reaching a political or diplomatic solution, the cost will be higher for Russia and EU countries than it will be for the United States. The paper shows how European countries will pay a higher price for the crisis, compared with others in the region with different foreign policy priorities due to the EU’s current political and economic interests that tie it to Russia.