The article investigates the impact of the 2022 European security crisis on global hegemony. The author conceptualizes international hegemony as a legitimate rule based on the provision of club and public goods, and on coercion. The more benefits a hegemon's allies get from such international order and the more they fear coercion, the more they are willing to contribute to the hegemonic project. In recent years, the academic literature has increasingly documented the United States' decline as a hegemonic power. In trying to consolidate power and optimize costs, the hegemon has shattered international regimes it helped create, thereby losing much of its international legitimacy. A comparative analysis of the European reaction to the 2014 and 2022 Ukraine crises shows how the perceived "Russian threat" to security has instantly boosted the legitimacy of NATO and the U.S. as the main security provider. As a result, the U.S. no longer faces opposition from its allies to its attempts to dismantle existing international regimes and halt the production of public goods. The threat-RUSSIA IN GLOBAL AFFAIRS 132 European Security Crisis and U.S. Hegemony: Reversing the Decline? induced consolidation effect is not perpetual, and the current crisis entails some long-term negative consequences for future hegemony. However, the U.S. has acquired a chance to use its preponderant capabilities and loyal allies to safeguard its hegemony over the period of international reordering.