At some point the West's warnings will have to become deeds, part of the problem is they don't know which Putin they're dealing with.
Rugged Russian President Vladmir Putin visited a centre for endangered Persian leopards at Sochi National Park.
These are difficult days for Ukraine, a country edging toward its second revolution in a decade.
A Victory Day parade celebrating the Soviet victory in World War Two is being held in Donetsk, Ukraine, but Ukrainian flags are nowhere to be seen.
ITV News Europe Editor James Mates has tweeted from Donetsk, Ukraine:
A huge Victory Day parade has been held in Moscow with President Vladimir Putin praising the "iron will of the Soviet people," which saved Europe from slavery.
The military ceremony is held to mark the Soviet victory in World War Two and comes as tensions continue to rise in Ukraine with Russian nationalism high after the annexation of Crimea.
Putin may fly to the city of Sevastopol in Crimea today to take part in the planned Victory Day parade, according to Russian media.
The Kiev authorities and their Western backers are directly responsible for the bloodshed in the Ukrainian city of Odessa, where at least 38 people have been killed, Russian President Vladimir Putin's spokesman said.
– Vladimir Putin's Spokesman Dmitry Peskov
Kiev and its Western sponsors are practically provoking the bloodshed and bear direct responsibility for it.
He added that yesterday's violence made the idea of holding presidential elections in Ukraine later this month "absurd".
Vladimir Putin has said Russia could reconsider the participation of Western companies in its economy, including energy projects, if sanctions continued.
– Russian President Vladimir Putin
We would very much wish not to resort to any measures in response.
But if something like that continues, we will of course have to think about who is working in the key sectors of the Russian economy, including the energy sector, and how.
The United States on Monday announced a new round of sanctions aimed at business leaders and companies close to Putin, while the European Union followed up on Tuesday by naming 15 Russians and Ukrainians to its blacklist, moving to freeze assets and deny visas.
Once one of the most prominent European leaders, Germany's former Chancellor Gerhard Schroeder, is facing heavy criticism after photographs showing the retired leader in a warm embrace with Russian President Vladimir Putin emerged.
The German government and media distanced themselves from the ex Chancellor.
Der Spiegel, a national magazine, published the photographs along with a commentary that said: "Schroeder celebrates his birthday with Putin and makes Germany's foreign policy look absurd."
Mr Schroeder's office had no comment on the pictures, which according to the media reports were taken on Monday evening outside the Yusupov Palace in St. Petersburg where he was attending a belated celebration of his 70th birthday.
Russian President Vladimir Putin has derided the internet as a Central Intelligence Agency project and has pledged to protect Russia's interests online.
According to the Associated Press, Putin mocked the World Wide Web at a media forum in St. Petersburg, claiming that it was "originally a CIA project" and is "still developing as such".
The Kremlin has long sought greater controls over the internet as many opposition activists, who are banned from state media, use the medium to promote their views and organise protests.
President Putin says Russia will award state medals to some Russian servicemen who are involved in the Crimea operation.
Speaking to Russian television Putin said that there was nothing to prevent the normalisation of relations between Russia and the west, but that it would depend on the west.
The much-vaunted 'reset' in relations between the US and Russia was already over before the crisis in Ukraine, Vladimir Putin has said.
The Russian President said the conflict in Libya had already soured relations between the two powers but he insisted Russia would do "everything possible" to restore trust.
Russia's annexation of Crimea was partly influenced by Nato enlargement in the Black Sea region, Vladimir Putin has said.
The Russian President said the decision to beef up Nato's presence in eastern Europe had meant Russia was "forced to respond".
Vladimir Putin has expressed disbelief that areas of eastern Ukraine were ever ceded from Russia.
Mr Putin said Russian-speaking cities such as Donetsk and Kharkiv were historically part of 'Novorossiya' [New Russia] during the Tsarist era and "God knows" why they became part of Ukraine.
The area in question was transferred to Ukraine during the Soviet era.