Such sharp rhetoric from the West could push Mr. Putin to be even more aggressive. That’s because he does not believe that the West would ever treat Russia like Iran and implement robust sanctions that would cut off vast areas of Russia’s economy from the West. As Mr. Putin recently explained, in a globalized world “it’s possible to damage each other — but this would be mutual damage.”

“Isolating Russia” as if it were Iran or North Korea isn’t a threat America can feasibly make good on. Just because Mr. Putin is acting like the leader of a rogue state, his country cannot be considered as such. Russia boasts the world’s eighth-largest economy. Given the exposure of American corporations to Russia, there would be serious pushback from the private sector if Mr. Obama tried to relegate Russia to rogue-state status. The Obama administration needs to preach what it will ultimately practice. Otherwise Washington’s credibility will erode further as it walks back its words.