There’s a flurry of commentary this morning arguing that new economic sanctions introduced by the EU, European states individually and perhaps soon the United States in response to yesterday’s events are too weak and show NATO and the EU are somehow going soft. I’d suggest some skepticism with these arguments and a bit more patience. History doesn’t have many one and done moments. Thinking every moment is Munich and Neville Chamberlain mostly makes people dumb. The U.S./EU/NATO powers here need to find a balance between having a response to yesterday’s events while yet keeping some deterrent in reserve for further escalation.

I oppose Russian President Vladimir Putin’s decision to dismember Ukraine, and I support placing sanctions on Russia. But I am leery of the political process by which the United States and Russia reached this turn of the road, which could signal the beginning of a Cold War II. The process is sadly reminiscent of how the United States had previously come to a point in its foreign policy where it had no favorable options.

A number of dangerous, disquieting and scary things happened today in the unfolding Ukraine Crisis. Russia is a revisionist, nuclear power. In today’s lengthy and bellicose speech, Vladimir Putin barely mentioned NATO. He focused on his long-attested belief that Ukraine is not a real country and is only separated from Moscow by historical accident and perfidy. Beyond wanting to bring Ukraine to heel he made broad and menacing statements that brought the whole post-Cold War settlement into question.

Scary stuff.

Here are a few possibilities to consider as Russian troops roll into eastern Ukraine.

Russia has shown in various ways in recent weeks that it fears the repercussions of a full scale invasion of Ukraine. Over the last couple weeks, Russia has been hung up on a binary choice: invade or begin a humiliating climbdown. This may be a way to create a third option: occupy and de facto annex the regions that have been under de facto Russian control for eight years, celebrate a great nationalist victory and wrap this crisis up. Declare victory and go home without the huge gamble of full scale invasion.

In case you’re just catching up, yesterday there were reports that French President Macron may have brokered a Biden-Putin summit that would deescalate the crisis. That didn’t happen. Today President Putin of Russia gave a long speech in which he insisted that Ukraine is not a real country and is merely a phony state created by the decisions of the Bolsheviks a century ago. It’s a speech that will be studied closely as it openly and aggressively touted the revanchist, neo-Imperial vision which Putin has long been said to harbor but has never stated quite so openly. He then recognized the “independence” of the two separatist puppet states Russia set up in eastern Ukraine during the 2014-2015 crisis. The leaders of these puppet states then immediately requested Russian “peacekeepers” to come into their purported territory. It was a request Putin — surprise, surprise — rapidly acceded to.

So over the course of the day Russia has executed an invasion and what amounts to a de facto annexation of Ukrainian territory but without — so far — firing a shot.