Peacekeeping operations have become a central issue in international relations since the end of the Cold War. Russian peacekeeping operations in the conflicts in the former Soviet Union have raised significant controversy in the West, but little systematic attention. This study examines the evolution of Russian policy towards these conflicts on its periphery. This work underlines the mixture of defensive and offensive stimuli driving Russian "peacekeeping" strategies, and highlights the dangers that the new Russian Federation faces in undertaking these operations.