The developments in Ukraine have evoked memories of Cold War rivalries.  It is difficult at present to predict whether the developments will actually lead to a new Cold War or the fiery tensions will cool down with the passage of time. The flaring up of tensions in Ukraine’s east, the sanctions and the intransigent positions of the conflicting parties do not portend that everything will be settled down in a peaceful manner. In this context, some issues must be kept in mind while analyzing the developments in the Ukraine, including the separation of Crimea, and their possible implications for the evolving world order.