Vladimir Putin remains unbowed, warning that Russia must prepare itself for longer sanctions and sustained low commodity prices.

Putin recognizes that Europe is economically and politically split, and he is trying to exploit that to break up the EU sanctions regime against Russia.

Vladimir Putin made a small conciliatory gesture earlier this week on Ukraine, primarily aimed at stalling further EU sanctions against Russia. It appears to have worked: further European sanctions appear unlikely. President Obama, however, must not be fooled.