What effective measures would you have us take?
Hmm, I’ll take that question seriously.
Peace through strength, deescalation through deterrence. Putin has to genuinely think that his economy and his inner circle is going to be in real danger if he thinks he can just invade a country and get away with it.
A few things that might have been effective:
1) As soon as Ukraine was aware that Russian troops were in Crimea, immediately promise economic support for Ukraine until the Crimean/coup crisis was over. Then push for Ukrainian troops to flood into Crimea as well, accompanied with whatever journalists they could rummage up, with strict orders not to shoot (as the Russians did) and to surround the invaders and maintain supply lines to military bases and key infrastructure.
2)Immediately block all those we know to be connected to Putin’s thievery from entering the country. Block their capital and assets from leaving the country, but not within. Push for EU to do the same. Publicly push for a bill in Congress that would freeze their assets should Putin make any further moves in Crimea. Publicly push for another bill that would block key Russian companies from doing business with us should he annex Crimea. And also push for EU to diversify from Russian dependency. That should send their stock market plunging even more than it actually did (-13% in one day.)
3)Send state officials to make overtures to key friendly OPEC nations for them to rapidly increase production of oil in the case that Russia continues to think they can invade sovereign territories (and fund ‘bloodthirsty dictators’ *cough*) without consequences. Offer them contingent guarantees on Syria, and military aid. (both issues that are important to them) Ask for a report from Congress about the viability of releasing parts of the Strategic Reserve for national security purposes.
4)Reassure our NATO allies in Eastern Europe that they will be protected. Ask Turkey for permission to send warships through the Dardanelles without the intent to use. Make preparations to return to more expensive routes of supplying our remaining troops in Afghanistan should Russia shut down the northern distribution network.
5)Should Russia respond with real retaliatory sanctions and/or selling of US/Ukraine bonds, ask Congress to retaliate accordingly. (unlikely, as their economy is much more brittle than even today’s America, and both options would hurt both of us, but themselves much more.)