Abstract: The beginning of the twenty-first century has witnessed the emergence of balancing responses to the US hegemony, among which Russia’s foreign policies stand out as corresponding to what is understood as ‘hard balancing.’ Why is the United States being balanced against? This paper categorizes the existing theories of non-balancing into six conditions that together guarantee the absence of balancing and demonstrates that the current unipolar system can satisfy only one of them. This eases the systemic constraints and makes balancing possible. The paper then presents three cases of balancing with reference to President Putin’s foreign policy. It argues that even though in terms of relative military capabilities unipolarity still holds, the emergence of counter-hegemonic balancing is indicative of important changes in the nature of post-Cold War American domination.