Europe remains chronically divided over sanctions on Russia, and Putin once again ignored an offramp for ending the crisis.

Angela Merkel is considering opening trade talks with Putin—partly in response to rising criticism at home, as well as growing discontent in the broader European coalition, over her being too tough on the Russians.

Using sanctions to ban Russia from using the SWIFT international money transfer system would hurt Russia, but it carries real risks for the U.S. and the West as well. Though the costs of overusing the sanctions lever may be longterm, it would be foolish to overlook them.