Yet even with the military option off the table, the U.S. still has quite a few diplomatic and economic tools at its disposal….

The U.S. and its allies also must keep in mind that most, if not all, of these measures are aimed not only at Putin but at the elites around him and at the Russian public at large. Dominant though he is, Putin is not Stalin or Brezhnev. Russia is not the Soviet Union, the Iron Curtain is gone – the internet exists and public opinion matters….

[T]he risks [imposed by potential sanctions] would involve Russia’s membership in the G-8, the safety of financial and other assets of the Russian elite which are located outside of Russia, as well as the ability of the members of this elite and their families to visit, live or study in the U.S. and the EU. In addition, Moscow’s behavior could trigger new export controls, which given its dependence on Western technology, particularly in the oil and gas sector as well as in the food industry, could have a very negative impact on the Russian economy.​