There is really no military option against Russia. So, the United States and EU are starting a new round of sanctions. Washington loves sanctions as a lever. However, the Europeans are reluctant to use such a blunt weapon.

The fact is that EU trade with Russia is several times larger than U.S.-Russia trade and Europe depends heavily on Russian energy. More importantly, major European economies appear to be on the verge of a new recession.

Ukraine and eastern separatists supported by Russia reached a cease-fire agreement last week. Ukraine President Poroshenko and Prime Minister Yatsenyuk, hand-picked by the Americans, don't seem to be on the same page, with the latter following a much tougher line.

For Russia, its long-term goal seems to be one of maintaining influence over Ukraine's domestic affairs, especially those in the east, and blocking any future attempt to join NATO.

Personally, I believe Russian troops intervened in Ukraine under orders to beat back a government offensive and turn the tide of the war in favor of the separatists. As Ukraine is an important buffer between Russia and NATO, President Putin's strategy seems to be to convince Kiev it must negotiate with the separatists, not fight them.

Yatsenyuk had actually made approaches to start the process for Ukraine to join NATO. For now, NATO seems cool to the idea as it is too risky, and it is drawing a policy line between members and non-members.

For Ukrainian people at large, they are sick and tired of a war that has already caused 2,600 dead and is hurting the faltering economy.

A negotiated peace seems to be the only viable outcome.

The author is a columnist with China.org.cn. For more information please visit: http://www.h5a3.com/opinion/zhaojinglun.htm

Opinion articles reflect the views of their authors, not necessarily those of China.org.cn.