This column by Paul Gregory in Forbes pretty much sums it up.  I question a few things like what approval of Keystone Pipeline has to do with it.  Guess you could call that paragraph an "earmark"? (Americans will understand the term).

The Letter That Obama Should Write To Putin On Ukraine--But Won't

President Obama’s failed reset and his weak response to Putin’s War Against Ukraine stuck him with a reputation of indecisiveness and naïveté, reinforced by cumulating foreign policy failures. Obama, unlike Angela Merkel, members of Congress of both parties, and, lately, Hillary Clinton, still appears to be late to understand Putin’s global threat and his goal to destroy NATO. With one intense bill-of-particulars against Putin, Obama coukd outline his plan to stop Putin’s expansionism before it is too late. Such a move could save the last two years of Obama’s presidency. Here is what Obama should say...