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from Mark Leonard:

The revolution in Putin’s head

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When Ukrainians took to the streets to protest their government in late November, they hoped to launch a revolution. What they didn’t realize when they toppled President Viktor Yanukovich in February is that a larger revolution would be in Vladimir Putin’s head.

While the president of Ukraine has been replaced, most of the people running the country are part of the permanent political class. The chances of a major break with the past are small. In Moscow, in contrast, the ideological, geopolitical and economic rule book is being rewritten.

Former Kremlin operatives, serving officials, diplomats and dissidents that I recently spoke to in Moscow all agreed that Putin, who is a pragmatic leader, has been reborn as a true revolutionary who will challenge the West in the following ways.

1) Putin confronts Western utilitarianism with a newfound ideological fervour. In the 24 hours before Yanukovich’s fall, Putin was contemplating two options, according to a political operative. One was setting the Ukrainian president up as a “legitimate government in exile” in the eastern town of Kharkiv. The other was annexing Crimea.

from Nicholas Wapshott:

Putin learning what U.S. didn’t

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After America’s ignominious defeat and hurried departure from Vietnam in 1973 -- when the world’s richest and mightiest nation was humbled by the stolid determination of ill-equipped, ideologically inspired peasants -- it was generally assumed the United States would not wage war again until the lessons of the Viet Cong victory were taken to heart.

When Soviet forces hastily retreated with a bloody nose from their nine-year occupation of Afghanistan in 1989, similar lessons were suggested about the impossibility of militarily holding a country with a universally hostile population.

from The Great Debate:

No drama in Obama’s Ukraine policy

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Many are asking: How can we stop Russian President Vladimir Putin from moving into Ukraine and seizing a large chunk of its territory in the east? The actions of forces that resemble the Russian special operations troops who created the conditions for annexation of Crimea suggest that other parts of Ukraine may also be in the Russian strongman's sights.

The fact is, however, we cannot stop Putin. Or, to be more precise, we should not try to stop him physically. Doing so would require military threats or troop deployments to Ukraine. The stakes do not warrant such a step. It is not worth risking World War Three over this.

from Breakingviews:

Sanctions on Russia will cost less than inaction

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By Pierre Briançon

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Vladimir Putin has set the stage well for the first international talks on Ukraine. Armed pro-Russian separatists have seized buildings in several eastern Ukrainian cities. Their uniforms and weapons suggest they are equipped by the Russian army, if not part of it. The rebels’ success has shown that the government in Kiev is not in control of the country – not even of its own security forces.

from The Great Debate:

Odessa: Ukrainian port that inspired big dreams

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Tensions have been rising in many corners of Ukraine as the threat of a Russian intervention looms. Ukraine’s Black Sea port of Odessa is one such corner of dispute between Moscow and Kiev, where macro-battles have been transformed into a seemingly endless chain of micro-conflicts.

Supporters of both countries have taken to marching through the streets, ominously threatening each other. The Ukrainian government is trying to wrest control of the local oil refinery -- one of the country’s most important -- away from a Russian bank. Tension is visible in the smallest aspects of life.

from Nicholas Wapshott:

The EU-U.S. love-hate relationship

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The elaborate gavotte between the American and European economies continues.

While the Federal Reserve has begun to wind down its controversial quantitative easing (QE) program, the European Central Bank (ECB) the federal reserve of the eurozone, has announced it is considering a QE program of its own.

It is a belated acknowledgement, if not an outright admission, from Mario Draghi, president of the ECB, that five years of the European Union’s austerity policy has failed to lift the eurozone nations out of the economic mire. The ECB has presided over a wholly unnecessary triple-dip recession in the eurozone and sparked a bitter rift between the German-dominated European Union bureaucracy and the Mediterranean nations that must endure the rigors imposed from Brussels. All to little avail.

from MacroScope:

A question of gas

Vladimir Putin will meet senior Russian government officials to discuss Russia's economic ties with Ukraine, including on energy after state-controlled natural gas producer Gazprom said Kiev missed a deadline to pay a $2.2 billion bill.

In previous years, gas disputes between Moscow and Kiev have hurt supplies to Europe. The Ukraine government has said it would take Russia to an arbitration court if Moscow failed to roll back gas price hikes.

from Breakingviews:

Russia would pay steep price for Ukraine invasion

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By Pierre Briançon

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Vladimir Putin wants to destabilise Ukraine, but he may balk at the economic price Russia would pay for a full-blown invasion. The seizure of government buildings in several eastern Ukrainian cities has rekindled fears of military intervention in the mostly Russian-speaking parts of the country. A major consideration before sending in troops would be the price paid by Russia’s economy. Putin can expect to be severely punished by both markets and Western governments.

from Nicholas Wapshott:

Crimea: Too small to matter

Crimea is permanently lost to Russia.

That is implicit in President Barack Obama’s remarks about where the Ukraine crisis heads next; the terms of the Paris talks between Secretary of State John Kerry and the Russian Foreign Minister Sergey Lavrov, and the West’s rejection of military action to hurl back the occupying Russian forces.

That Crimea is gone forever is also the view of former Defense Secretary Robert Gates, who declared, “I do not believe that Crimea will slip out of Russia’s hand.”

from Compass:

Putin’s action is no surprise

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Surprise is the least forgivable sin of statecraft. Yet nothing has so characterized the Ukraine crisis as the West's continuing surprise at Russia's behavior.

The past 30 days have provided almost daily reminders of the deep disconnect between Western expectations of what statecraft would -- and ought to -- look like in the 21st century, and the reality of how the Kremlin seeks to assert its interests in the world.

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