This article analyses social capital in Ukraine, using the Autonomous Republic of Crimea (ARC) as a case study. To understand how a multiethnic society like Crimea can build and strengthen social capital in the face of economic and political challenges, we focus on the relationship between global, regional and local politics; the subsequent impact on people’s work and private lives; and the actions which can be undertaken by nongovernmental organizations (NGOs), international organizations and the state in order to avoid the detrimental trends the region is currently experiencing. Regarding social capital, Ukraine provides an enigmatic example as the country has myriad civil society actors who should, theoretically, constitute the cornerstone of social capital formation and interethnic cooperation. Our findings suggest, however, that there is still a long way to go before trust and shared values become a basis for political and economic growth in Ukraine. An integral element for improving public trust in Ukraine, specifically in Crimea, can be found by examining the impact of global and regional processes on interethnic cooperation within local groups, their specific initiatives and the ways in which they have developed mechanisms for avoiding unresolved conflict.