The Russia Problem

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Yet Russia's economy is vulnerable to sanctions if the West would get serious. Standard & Poor's last week downgraded Russian debt to near-junk status, as capital flight picks up. A recession seems likely this year after slow growth in 2013. Sanctions against the Putin circle have their uses, but sanctions on the entire Russian financial system would have far more impact. Mr. Putin is riding a wave of nationalist popularity with his Crimea conquest, but that will erode if Russians conclude that his adventures are making them poorer.

The West also needs to move faster on making Europe less dependent on Russia for energy. Mr. Obama could send a global signal if he ordered his Energy Department to approve every U.S. liquefied natural gas export proposal. Not every project would be built, but approval would let capital find the best prospects. Yet the U.S. President, like the Germans, is hostage to his domestic renewable-energy lobby that hates fossil fuels. The West's climate-change obsessions have increased Mr. Putin's strategic leverage.

Above all Europe and the U.S. need to move quickly to revive NATO's forces and credibility. U.S. officials are sounding the right notes on NATO's Article 5 that commits all treaty members to respond to an attack on any member. But they need to reinforce that message with more than token deployments in Poland and the Baltic states.

While Ukraine is not a NATO member, the U.S. should also send lethal aid to Kiev as a way of making Mr. Putin think twice about the costs of an invasion. Mr. Obama is worried that this will be too provocative, but what is really provocative to this Kremlin is weakness.