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During the Cold War, U.S. secretaries of state and Soviet foreign ministers routinely negotiated the outcome of crises and the fate of countries. It has been a long time since such talks have occurred, but last week a feeling of deja vu overcame me. Americans and Russians negotiated over everyone's head to find a way to defuse the crisis in Ukraine and, in the course of that, shape its fate.

During the talks, U.S. President Barack Obama made it clear that Washington has no intention of expanding NATO into either Ukraine or Georgia. The Russians have stated that they have no intention of any further military operations in Ukraine. Conversations between Russian Foreign Minister Sergei Lavrov and U.S. Secretary of State John Kerry have been extensive and ongoing. For different reasons, neither side wants the crisis to continue, and each has a different read on the situation.

The Russian Perspective

The Russians are convinced that the uprising in Kiev was fomented by Western intelligence services supporting nongovernmental organizations and that without this, the demonstrations would have died out and the government would have survived. This is not a new narrative on the Russians' part. They also claimed that the Orange Revolution had the same roots. The West denies this. What is important is that the Russians believe this. That means that they believe that Western intelligence has the ability to destabilize Ukraine and potentially other countries in the Russian sphere of influence, or even Russia itself. This makes the Russians wary of U.S. power.

The Russians also are not convinced that they have to do anything. Apart from their theory on Western intelligence, they know that the Ukrainians are fractious and that mounting an uprising is very different than governing. The Russians have raised the price of natural gas by 80 percent for Ukraine, and the International Monetary Fund's bailout of Ukrainian sovereign debt carries with it substantial social and economic pain. As this pain sets in this summer, and the romantic recollection of the uprising fades, the Russians expect a backlash against the West and also will use their own influence, overt and covert, to shape the Ukrainian government. Seizing eastern Ukraine would cut against this strategy. The Russians want the pro-Russian regions voting in Ukrainian elections, sending a strong opposition to Kiev. Slicing off all or part of eastern Ukraine would be irrational.

Other options for the Russians are not inviting. There has been talk of action in Moldova from Transdniestria. But while it is possible for Russian forces there to act in Moldova, supplies for the region run through Ukraine. In the event of a conflict, the Russians must assume that the Ukrainians would deny access. The Russians could possibly force their way in, but then a measured action in Moldova would result in an invasion of Ukraine -- and put the Russians back where they started.

Action in the Baltics is possible; the Kremlin could encourage Russian minorities to go into the streets. But the Baltics are in NATO, and the response would be unpredictable. The Russians want to hold their sphere of influence in Ukraine without breaking commercial and political ties with Europe, particularly with Germany. Russian troops moving into the Baltics would challenge Russia's relationship with Europe.

Negotiations to relieve the crisis make sense for the Russians because of the risks involved in potential actions and because they think they can recover their influence in Ukraine after the economic crunch hits and they begin doling out cash to ease the pain.

The U.S. Perspective

The United States sees the Russians as having two levers. Militarily, the Russians are stronger than the Americans in their region. The United States had no practical military options in Crimea, just as they had none in Georgia in 2008. The United States would take months to build up forces in the event of a major conflict in Eurasia. Preparation for Desert Storm took six months, and the invasion of Iraq in 2003 took similar preparation. With such a time frame the Russians would have achieved their aims and the only option the Americans would have would be an impossible one: mounting an invasion of Russian-held territory. The Americans do not want the Russians to exercise military options, because it would reveal the U.S. inability to mount a timely response. It would also reveal weaknesses in NATO.

The Americans also do not want to test the Germans since they don't know which way Berlin will move. In a sense, the Germans began the crisis by confronting the Ukrainians' refusal to proceed with an EU process and by supporting one of the leaders of the uprising both before and after the protests. But since then, the Germans have fallen increasingly quiet and the person they supported, Vitali Klitschko, has dropped out of the race for the Ukrainian presidency. The Germans have pulled back.

The Germans do not want a little Cold War to break out. Constant conflict to their east would exacerbate the European Union's instability and could force Germany into more assertive actions that it really does not want to undertake. Berlin is very busy trying to stabilize the European Union and hold together Southern and Central Europe in the face of massive economic dislocation and the emergence of an increasingly visible radical right. It does not need a duel with Russia. The Germans also receive a third of their energy from Russia. This is of mutual benefit, but the Germans are not certain that Russia will see the mutual benefits during a crisis. It is a risk the Germans cannot afford to take.