Vladimir Putin happily allowed the Kiev authorities to shoot a few pro-Russian demonstrators while keeping his military forces on ice across the border. I predicted (and am sticking to my story) that Russia will not seize more territory in Eastern Ukraine–not for the time being, in any case. Russia will stand back and watch Ukraine implode, the way Egypt did during the two years following the overthrow of Hosni Mubarak. Before the Maidan coup, Putin was willing to sit on $15 billion in arrears to Gazprom and put up $18 billion in new money. Now he wants $35 billion in...