He is not trying to persuade Obama of anything. Instead, he is openly laughing to his face knowing that Obama will do nothing to stop him. If anything, Putin is thoroughly disappointed that this battle of diplomacy with the United States did not provide a satisfying challenge for him. Normally, he would have advanced with a few armored columns to secure Kiev and Donetsk like his Soviet predecessors did in Hungary and Czechoslovakia. But Putin now realizes he doesn't have to. Ukraine will be annexed just as Austria was annexed in 1938. And the only shots being fired will be those of Obama teeing off on the golf course.
They're laughing together. Obama has had more "flexibility" since his reelection.