It looks like Putin is upping the ante over the situation in Ukraine. He has just initiated "training exercises" for a substantial military force near the border of Russia and northeast Ukraine.
Ukraine crisis: Russia begins new military exercises
Russia has begun military exercises, involving more than 8,000 troops, close to the border with Ukraine.
The defence ministry in Moscow confirmed that artillery such as rocket launchers and anti-tank weapons would also be involved in the exercises.
They come at a time of high tension ahead of Crimea's referendum on Sunday on whether to join Russia.
Russia confirmed that military exercises had begun in the regions of Rostov, Belgorod and Kursk, which are close to the border of Ukraine, and would continue until the end of March.
"The main aim... is a multi-faceted check of the units' cohesiveness followed by the performance of battle training assignments in unfamiliar terrain and untested firing ranges," the defence ministry said.
Belarus is also getting in on the action.
In a sign the tension may be spreading, Belarus - a Russian ally - has asked Moscow to deploy extra fighter jets and military transport aircraft after Nato boosted its forces in the neighbouring Baltic countries.
This sounds like a cover for something that Russia was going to do anyway.
It is of course difficult to know exactly what Putin's intentions are here. Could he be seriously be contemplating an invasion of parts of Ukraine in addition to Crimea? If he is, then the eastern section of the country is where he would be most likely to find support and cooperation from some members of the local populace.
Perhaps he is hoping to intimidate the west into backing off on the threats of economic sanctions. Yesterday Angela Merkel who is a key player in all of this made a speech to the German parliament in which she took the strongest position in opposition to Putin that she has yet. The situation does not appear to be moving in a positive direction.