There is nothing now that Putin seems to want that Obama can give him. Or, to put it differently, the things Putin wants Obama has already given him: a de facto veto on American policies, from Syria to missile defenses, and quiescence on Russia's authoritarian descent. The Obama administration has compromised a core U.S. interest -- the ability to take action unilaterally or with like-minded allies -- in return for Russian cooperation on second-order issues like Iran sanctions (which should be just one element of an Iran policy). Realists would never make that trade. In classic liberal fashion, Obama is constraining American power by rules and norms to which all states could be subjected.
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