The Russian currency has tumbled in the world money markets. A combination of circumstances contributed. Russian President Vladimir Putin’s actions in the Ukraine led to sanctions by Europe and the U.S. In addition, it’s not a happy time for oil producers like Russia, as oil prices have reached historic lows.

Due to what is called “crony capitalism,” Russia missed opportunities to evolve into a responsible actor on the world stage when the Soviet Union collapsed in the early 1990’s. Too much money has gone to Kremlin business favorites, and corruption has harmed ordinary Russians. At the same time, the West overplayed its triumph.

The desire for respect and security gave Putin the chance to play on the historic Russian fear of domination by outside powers. Unlike the United States, Russia historically has suffered from invasion, including Mongols in the thirteenth century, Napoleon in the nineteenth, and Germany in the twentieth.

Alexander J. Motyl, in a recent article in Foreign Affairs, says we should take a page from U.S. Cold War diplomat George Kennan. Contain Putin by sanctions and economic means so that he does not overpower the countries around him.

At the same time, recognize that Russia has legitimate fears due to its past history. Wait until the opportunity to establish friendlier relations. Never humiliate. Hubris does not make for partnership.