The role of Putin's Russia has been questioned time and again, in this crisis. There are several angles to this.
Read: Russian security concern
I. NATO : It is a Cold war relic born out of a desire to keep the USSR at bay. Post the disintegration of the USSR, this intergovernmental military alliance being obsolete, should have been dismantled. Instead it holds centrestage in the crisis because of its 'Open door policy' and the bullheadedness and intransigence of the Western powers led by the US.
II. Russian Security : When NATO was formed there were very few member countries. As time passed it increased its membership. There was a total of 14 in the Soviet camp but as time passed many switched over to the NATO camp. The majority of the Black Sea coastline is held by NATO allies except for Georgia on the east, which is actively seeking NATO membership, and Ukraine in the north. If Ukraine too is granted membership as was promised to it in 2008, the alliance would have extended right to the border of Russia.Russia continues to deny it is planning an invasion, but has been very clear in voicing the Kremlin's outright opposition to a further eastward expansion of NATO - something which the organization has refused to rule out.
III. Connectivity: With the annexation of Crimea, Russia has got warm water ports. The naval base at Sevastopol, on Crimea’s southwestern tip, is Russia’s only warm water naval base and its primary means of extending force through the Mediterranean. However, trying to maintain logistics to Sevastopol would be a nightmare if Ukraine goes over to the other camp. Put simply, without a naval base in Crimea Russia is finished as a global military power.
IV. Agreement with Ukraine: Since the founding of the port city of Sevastopol in 1783, it has been a major base for Russia's Black Sea Fleet. The lease agreement with Ukraine regarding Sevastopol remains valid until 2047.
V. Geopoltical clout: Europe is dependent on Russian gas as of now. The bulk of this gas, comes from Ukraine. The Western powers are afraid that Putin might weaponize energy supplies, though Russia denies this.
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