Russian soldiers alleged by Vladimir Putin to not be taking direct orders from Moscow (but clearly are, and who have Moscow's support), have taken control of the Crimean Peninsula in Ukraine. They have demanded a referendum to join Russia, to which the Ukrainian government and the West have vowed to oppose it - with what little leverage there is available. It seems that our allies in western Europe are too dependent on Russia's natural gas to support sanctions "with teeth" or to offer military support of the Ukrainians. President Obama faces a Bay of Pigs-style crisis echoing the Cold War era.
We should have seen this one coming. Furthermore, the west should be economically independent of dastardly nations like Russia.