President Obama and European leaders are ratcheting up their rhetoric against Russia. Too bad Vladimir Putin is a man of action who hasn't seen anything worth stopping his assault on Ukraine.

In the two weeks since Russia invaded Crimea, the U.S. has put a handful of unnamed officials in Moscow on a visa-ban list. The Europeans suspended talks on trade and visa liberalization. That's about it. Both put off sanctions to give Russia time to "slow down and take the off ramp" in Crimea, in the favorite Western evasion....