Russia’s unprecedented intervention in the United States election came amid more than United States-Russia tension and Donald J. Trump’s praise of Vladimir V. Putin, the Russian president. It also coincided with a growing belief, in Moscow, that Russia faced an imminent threat in Hillary Clinton’s candidacy.

Mrs. Clinton is viewed in Moscow as innately hostile to Russia. Widely held conspiracy theories portray her as seeking to foment unrest that will return Russia to the chaos and depression of the 1990s. Even many government technocrats view her with suspicion that at times verges on paranoia.

She referred to these views at an event on Thursday, telling donors that Mr. Putin’s “personal beef” with her had driven Russia’s intervention in the American election.

Mark Galeotti, a Russia expert at the Institute of International Relations, based in Prague, said the Kremlin was consumed by something more urgent than petty revenge: self-preservation.