Even as the crisis in Ukraine continues to defy easy resolution, President Obama and his national security team are looking beyond the immediate conflict to forge a new long-term approach to Russia that applies an updated version of the Cold War strategy of containment. Just as the United States resolved in the aftermath of World War II to counter the Soviet Union and its global ambitions, Mr. Obama is focused on isolating President Vladimir V. Putin’s Russia by cutting off its economic and political ties to the outside world, limiting its expansionist ambitions in its own neighborhood and effectively making...