Prediction is always a fraught business, but it seems plausible that Russian forces would seize Ukraine’s eastern regions, as well as the southern port city of Odessa, and encircle Kyiv. The Russian goal would be regime change, perhaps via constitutional reform, and a settlement that would secure Russian influence over Ukraine. From a position of leverage, Russia would try to attain a U.S. commitment to give it a free hand in this part of eastern Europe. With Belarus firmly in Russia’s orbit, Moscow is eyeing using force to change Ukraine’s strategic orientation in an effort to create its own cordon against Western influence. An expanded invasion of Ukraine may not herald a prolonged occupation, but Russia appears prepared for that contingency. Russian force posture can enable a range of choices, but it is difficult to see how Moscow accomplishes any lasting political gains without having to resort to maximalist options.

This crisis is not about NATO or Ukraine, but about NATO and Ukraine. Russia wants Washington to agree to a revised European order in which Russia has a veto over security arrangements and in decisions over security outcomes. By closing NATO’s open door, and halting defense cooperation with non-members, Washington would be acknowledging that Moscow’s security considerations supersede the right of its neighbors to choose their strategic orientation, and that security in Europe must be negotiated with Moscow.

Yet Russian demands for legally binding guarantees raise questions. On the one hand, Putin has railed against successive rounds of NATO expansion, encroaching military infrastructure, military exercises, and defense cooperation with countries like Ukraine. But he has also said that he does not believe in U.S. security assurances, and according to him Washington easily withdraws from treaties with or without explanation. So, why pursue such agreements with urgency when he believes that Washington may just bin them one day anyway?