Putin's objective in Ukraine appears to be destabilization of the new government that emerged from the Euromaidan movement that toppled Yanukovich. The ultimate motivation for this is to consolidate his own power at home and to prevent a similar democratic revolution in Russia. In each step of the Ukrainian conflict, he has weighed the benefits of each move, from the point of view of this strategic objective, against the costs. The current invasion is motivated by the need to prevent a military defeat of the separatists and to keep the conflict in Eastern Ukraine alive. The costs of this latest move have so far not been very large for Mr. Putin. The reaction of the West has proved to be weak, exactly as he expected.