As he laid out in his August 2014 speech in Crimea, Putin seeks a “New Yalta” with the West in political and security terms. As he defines Moscow’s sphere of influence in this new arrangement, that sphere extends to all the space in Europe and Eurasia that once fell within the boundaries of the Russian Empire and the USSR Within these vast contours, Putin and Russia have interests that need to be taken into account, interests that override those of all others. For Putin, Russia is the only sovereign state in this neighborhood. None of the other states, in his view, have truly independent standing—they all have contingent sovereignty. The only question for Putin is which of the real sovereign powers (Russia or the United States) prevails in deciding where the borders of the New Yalta finally end up after 2014.
Source: Fiona Hill and Clifford Gaddy, Brookings