In this article, we argue that Russia’s annexation of Crimea from Ukraine generates far-reaching consequences for both regional and global security. On the one hand, Russia appears as a revisionist state, which is challenging the existing world order, incompatible with an Anschluss. On the other hand, Russia’s capabilities of projecting power are limited mostly to its neighbourhood. Russia’s neighbours will be destabilized most, while the European security architecture will undergo large-scale transformations. At the same time, Russian revisionism is also threatening normative and conceptual foundations of the global security arrangements. Principles of state sovereignty, non-use of force, as well as non-proliferation regime are damaged – and that will surely produce long-term consequences on the global scale.