The goal of this article is to reflect on the geopolitical factors affecting the stability and instability of the contemporary Ukrainian state – which is the result of disintegration of the Soviet Union. The article analyzes the state and national construction of Ukraine since the collapse of the Soviet Union to the present, the influence of Russia and widely-understood the West (i.e. The United States, The European Union and The North Atlantic Pact) on this construction. The author presented the views of the main Russian and American geopoliticians on the issue of Ukraine. The basic point of reference is the current situation in Ukraine in the context of the rivalry for this country among most important, and the most interested, geopolitical players. The article also contains a cautious forecast for the future of Ukraine.