As of Saturday, March 1, 2014 Putin has received authority from the Russian Parliament and has moved troops into the Ukrainian region of Crimea. According to reports, "Armed men described as Russian troops took control of key airports and a communications center in Crimea on Friday." Ukraine's new Prime Minister Arseniy Yatsenyuk has stated that Russia's entrance into the country is a "declaration of war" and began readying his own troops and called for NATO help.
This is despite strong opposition from the U.S., President Obama, and Secretary of State John Kerry. Obama issued strong warnings to Putin on Friday to stay out of it. Kerry has condemned the move-in, calling it an "incredible act of aggression" and saying, "You just don't in the 21st century behave in 19th century fashion by invading another country on completely trumped up pre-text."
Many members of Congress and news publications have called for a greater urgency and response to Putin's blatant disregard of Obama's warnings. The Economist has said that Putin likely doesn't take Obama's threats seriously because of the way the way the situations in Libya and Syria have panned out, and Obama's reluctance to go for military action due to the war-weary American public. Although, some people may be pleased to see the President exercising restraint.
It is unclear what the next steps will be. Many Congress people and publications are calling for more urgent action and more specific details of Obama's consequences, including sanctions and a boycott of the G8 trade summit later this year.