( CNN ) -- The upheaval in Ukraine has spiraled into an increasingly tense dispute between Russia and the West . The United States and many European countries are demanding that Moscow scale back its deployment of troops in Ukraine 's southern region of Crimea . But Russian President Vladimir Putin so far appears unfazed by the pressure . By Russia 's account , its soldiers are protecting the human rights of worried , vulnerable Russian speakers . But in the U.S. view , Russia is violating international law . Caught in the middle is Ukraine 's shaky new government . With armed men are locked in an uneasy standoff in Crimea , the consequences could be deadly . And their effects may ripple out far beyond Ukraine 's corner of Eastern Europe . What is Russia trying to achieve ? Some commentators have suggested that Putin has overplayed his hand by sending troops into Crimea , creating a situation that will hurt both Ukraine and Russia . But others say it 's a calculated move based on the assessment that the West will fail to come up with a strong , unified response . `` Putin 's broader plan is to recreate some kind of 'Soviet Union lite , ' a ring of countries under Moscow 's control , with the goal of boosting Russia 's geopolitical standing , '' Ulrich Speck , a visiting scholar at the Carnegie Europe think tank in Brussels , writes in an opinion article for CNN . If Putin gets what he wants in Ukraine , Speck says it augurs badly for other neighboring countries with Russian populations . He points to Moscow 's `` de facto-annexation '' of the Georgian regions of Abkhazia and South Ossetia after the war between Russia and Georgia in 2008 . `` Beyond Ukraine , this conflict is also a defining moment for future Russian foreign policy , '' Speck says . `` If Moscow succeeds in Ukraine , it will come to the conclusion that it can act like an empire . '' On the ground in Crimea : Relaxed but eerie . What options are available to the U.S. and the West ? Washington is preparing potential sanctions that could freeze the overseas assets of Russian individuals and companies and impose travel bans on some Russian officials . But for many of the measures to really bite , Obama needs to get key European allies on board , some of whom appear reluctant to take too hard a line on Russia . The United States has already halted trade and investment talks and military-to-military engagements with Russia . Questions remain over how broad the sanctions will be , and whether the United States can persuade its European allies to implement them . `` Inside the EU there is no unity about the proper reaction , '' says Speck . One option for defusing the crisis , mentioned by U.S. Vice President Joe Biden , would be the deployment of international monitors in the Crimea to provide the protection to Russian citizens that Moscow says its troops are providing . But Russia is n't showing any signs it intends to pull back its soldiers for the time being . What can Obama do about Russia 's invasion of Crimea ? Why does n't the United States respond militarily ? Nobody in Washington appears eager for a military confrontation with America 's nuclear-armed former Cold War opponent . `` The last thing anybody wants is a military option in this kind of situation , '' said Secretary of State John Kerry . U.S. officials say they are trying to find a way to deescalate the situation in Ukraine rather than provoke a wider conflagration . But the situation would become a more complicated if Russia moves troops beyond Crimea into other parts of Ukraine , risking an all-out war with Kiev . Some people are suggesting measures that include a military element but do n't go as far as direct confrontation . Republican Sen. Lindsey Graham of South Carolina called for the revival of plans for a NATO missile defense shield in Poland that Russia had strongly opposed . What is Russia 's interest in Ukraine ? What are the wider effects of the crisis ? The standoff has had a significant effect in global markets , pushing up the price of oil . Russia is a key exporter of oil and natural gas . But experts say the world 's need for Russian energy supplies -- and Russia 's need for the revenue generated -- should ensure the taps stay open throughout the crisis . Concerns over Moscow 's involvement in Ukraine has hurt Russia 's currency , the ruble , as well as its stock markets . The share prices of international companies that are heavily invested in Russia have also suffered . Ukraine , meanwhile , is one of the world 's top exporters of corn and wheat , whose prices could rise on concern those exports could come to a halt . What is Ukraine saying ? Ukraine 's Interim Prime Minister Arseniy Yatsenyuk , who has accused Moscow of declaring war , vowed that his government would not give up Crimea . `` Nobody will give Crimea away , '' he said . `` There are no grounds for the use of force against civilians and Ukrainians , and for the entry of the Russian military contingent , '' Former Ukrainian Prime Minister Yulia Tymoshenko said that if diplomacy fails to persuade Moscow to withdraw its forces from the Ukrainian region of Crimea , the world should apply the `` strongest means '' on Russia . Asked by CNN 's Christiane Amanpour if she was calling for the West to use military force against Russia , Tymoshenko avoided giving a direct answer , saying she `` can not solve this issue . '' Russia says that ousted Ukrainian President Viktor Yanukovych , whom Moscow still recognizes as the country 's legitimate leader , requested that Russia send in military forces . What is the atmosphere like in Crimea ? Reporters on the ground say the standoff is a strange one . Russian soldiers wearing no military insignia have taken up positions around the region . They have blockaded Ukrainian troops in their bases . But for the time being , the situation remains surprisingly calm . It has been `` a very low-key kind of invasion , '' CNN correspondent Diana Magnay reported Monday from Simferopol , the Crimean capital . But Russian forces `` have complete operational control of the Crimean peninsula , '' a senior U.S. administration official told CNN . It appears that there is a `` war of information '' in the region `` between those who watch Russian state TV and those who are getting their news from the West , none of them listening to the calls from Kiev for unity in this country , '' Magnay reported .
The presence of Russian troops in Ukraine 's Crimea has ratcheted up tensions . U.S. President Barack Obama appears to have limited options to pressure Russia . A military response is n't considered to be a realistic possibility . The crisis is roiling global markets , pushing up the price of oil and hurting the ruble .