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Significance

Fears of imminent conflict sparked by Moscow's allegation that Ukraine sent covert forces into Crimea have receded, but the crisis demonstrates the strength of Russian-Ukrainian mistrust and the risk of rapid escalation. The threat of a Russian invasion was enough to rattle Western governments even if Moscow never intended to follow it through.

Impacts

Lack of progress on a Ukrainian settlement could prompt Moscow to engineer an escalation in fighting in the Donbas region.

The aim of increasing the level of warfare would be to force a revision of the Minsk 2.0 peace agreement on terms favourable to Russia.

Moscow will mix military threats with persuasion to weaken EU resolve on sanctions.

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