On geo-economic and security grounds, the Black Sea region qualifies to play a much more essential role for Europe, the Middle East, and Asia than it is currently accorded. However, the recent instability in southeastern Ukraine is a trigger for further significant transformations of the region. This article examines the key political tendencies in the Black Sea region in view of the current situation revolving around Ukraine. The author outlines the basic contours of the competition among major powerbrokers in the Black Sea region, which are willing to make concessions and create new alliances in order to rebalance the distribution of power.