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Ukrainian soldiers conduct a training session on the Desna military shooting range, northeast of Kiev, Ukraine, on Wednesday, April 2. Ukrainian and Western officials have voiced alarm about Russia's reported military buildup on Ukraine's eastern border. Moscow has formally annexed Ukraine's southern Crimea region, sparking the biggest East-West confrontation since the end of the Cold War.
Russian soldiers prepare for diving training in front of a Tarantul-III class missile boat Tuesday, April 1, in the Crimean city of Sevastopol.
People pass by barricades near the Dnipro Hotel in Kiev on April 1.
People walk past a train loaded with Russian tanks Monday, March 31, in the Gvardeyskoe railway station near Simferopol, Crimea.
A Russian solder sits in a tank at the Ostryakovo railway station, not far from Simferopol on March 31.
Russian Prime Minister Dmitry Medvedev speaks about the economic development of Crimea during a meeting March 31 in Simferopol.
Members of the Ukrainian National Guard take part in military exercises on a shooting range near Kiev on March 31.
A woman cries Sunday, March 30, during a gathering to honor those who were killed during protests in Kiev's Independence Square.
A woman and child walk past a line of police officers during a rally in Kharkiv, Ukraine, on March 30.
Ukrainian soldiers take part in a training exercise at a military base in Donetsk, Ukraine, on Saturday, March 29.
Demonstrators protest Friday, March 28, in Kiev, displaying police vehicles they seized during earlier clashes with authorities.
recent killing of radical nationalist leader Oleksandr Muzychko, who died during a police operation to detain him. Muzychko and the Right Sector are credited with playing a lead role in the protests that toppled Ukrainian President Victor Yanukovych." border="0" height="360" id="articleGalleryPhoto0012" width="640"/>Members of the Right Sector group block the Ukrainian parliament building in Kiev on Thursday, March 27. Activists called for Interior Minister Arsen Avakov to step down after the recent killing of radical nationalist leader Oleksandr Muzychko, who died during a police operation to detain him. Muzychko and the Right Sector are credited with playing a lead role in the protests that toppled Ukrainian President Victor Yanukovych.
Ukrainian tanks are transported from their base in Perevalne, Crimea, on Wednesday, March 26. After Russian troops seized most of Ukraine's bases in Crimea, interim Ukrainian President Oleksandr Turchynov ordered the withdrawal of armed forces from the Black Sea peninsula, citing Russian threats to the lives of military staff and their families.
Ukrainian marines wave as they leave a base in Feodosia, Crimea, on Tuesday, March 25.
Russian sailors stand on the deck of the corvette ship Suzdalets in the bay of Sevastopol on March 25.
Pro-Russian militia members remove a resident as Russian troops assault the Belbek air base, outside Sevastopol, on Saturday, March 22. After its annexation of Crimea, Russian forces have consolidated their control of the region.
Soldiers in unmarked uniforms sit atop an armored personnel carrier at the gate of the Belbek air base on March 22.
A Russian sailor holds the Russian Navy's St. Andrew's flag while standing on the bow of the surrendered Ukrainian submarine Zaporozhye on March 22 in Sevastopol.
Russian President Vladimir Putin signs the final decree completing the annexation of Crimea on Friday, March 21, as Upper House Speaker Valentina Matviyenko, left, and State Duma Speaker Sergei Naryshkin watch.
A Ukrainian serviceman leaves a Ukrainian military unit that Russian soldiers took control of in Perevalne on March 21.
Ukrainian border guards run during training at a military camp in Alekseyevka, Ukraine, on March 21.
Russian soldiers patrol the area surrounding a Ukrainian military unit in Perevalne on Thursday, March 20.
Pro-Russian protesters remove the gate to the Ukrainian navy headquarters as Russian troops stand guard in Sevastopol on Wednesday, March 19.
Pro-Russian forces walk inside the Ukrainian navy headquarters in Sevastopol on March 19.
A member of pro-Russian forces takes down a Ukrainian flag at the Ukrainian navy headquarters in Sevastopol on March 19.
Alexander Vitko, chief of the Russian Black Sea Fleet, leaves the Ukrainian navy headquarters in Sevastopol after pro-Russian forces took it over on March 19.
A Russian flag waves as workers install a new sign on a parliament building in Simferopol, Crimea's capital, on March 19.
Russian military personnel surround a Ukrainian military base in Perevalne on March 19.
Nameplates on the front of the Crimean parliament building get removed Tuesday, March 18, in Simferopol.
From left, Crimean Prime Minister Sergey Aksyonov; Vladimir Konstantinov, speaker of the Crimean parliament; Russian President Vladimir Putin; and Alexei Chaly, the new de facto mayor of Sevastopol, join hands in Moscow on March 18 after signing a treaty to make Crimea part of Russia.
Demonstrators hold a Crimean flag at Lenin Square in Simferopol on March 18.
Ukrainian soldiers stand guard at a checkpoint near Strilkove, Ukraine, close to Crimea on Monday, March 17.
Former boxer and Ukrainian politician Vitali Klitschko addresses reporters in Kiev on March 17.
Ukrainian troops stand guard in front of the Ukrainian Parliament building in Kiev on March 17.
A Ukrainian man applies for the National Guard at a mobile recruitment center in Kiev on March 17.
Civilians walk past riot police in Simferopol on March 17.
A Ukrainian soldier stands on top of an armored vehicle at a military camp near the village of Michurino, Ukraine, on March 17.
Policemen stand guard outside the regional state administration building in Donetsk during a rally by pro-Russia activists March 17.
Armed soldiers stand guard outside a Ukrainian military base in Perevalne on March 17.
A man holds a Crimean flag as he stands in front of the Crimean parliament building in Simferopol on March 17.
Crimeans holding Russian flags celebrate in front of the parliament building in Simferopol on Sunday, March 16.
A Ukrainian police officer tries to shield himself from a road block thrown by pro-Russia supporters in Kharkiv on March 16.
Pro-Russia demonstrators storm the prosecutor general's office during a rally in Donetsk on March 16.
See the crisis in Ukraine before Crimea voted" border="0" height="360" id="articleGalleryPhoto0044" width="640"/>A woman leaves a voting booth in Sevastopol on March 16. See the crisis in Ukraine before Crimea voted
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- NATO general said Russian forces are ready and could strike Ukraine in days
- Leonid Volkov: For Vladimir Putin, annexing Crimea is a win-win situation
- He says Putin wants to build a financial iron curtain between Russia and the West
- Volkov: Putin is playing by his own rules, the West can't really do much to stop him
Editor's note: Leonid Volkov, a political blogger and author of "The Cloud Democracy," served as the manager for Russian opposition leader Alexei Navalny's campaign for mayor of Moscow in summer 2013. He is currently chief business development officer at Artec Group, a company based in Luxembourg that makes 3-D scanners. The opinions expressed in this commentary are solely those of the author.
(CNN) -- This week, NATO suspended all civilian and military cooperation with Russia. NATO's top general said that 40,000 Russian troops are in a high state of readiness and could strike Ukraine within a few days.
The world is watching. Will Vladimir Putin take territory from Ukraine, again?
Before Putin annexed Crimea on March 18, not too many observers thought that he was seriously going to grab a piece of Ukraine. Maybe it's just another political game for him -- all talks and nothing more.
After all, Russia is legally bound by the Budapest Memorandum of 1994, an agreement signed originally by the Russia Federation, the United States and Britain. This document is an important part of the world's nuclear non-proliferation pact. It secures sovereignty and territorial integrity of Ukraine in exchange for its non-nuclear status. At the time of the agreement, Ukraine had the world's third largest stockpile of nuclear weapons.
That's why when Russian nationalists began saying Crimea should be a part of Russia, few imagined that would become true. Putin can be iron-fisted and harsh, but he has shown respect for international treaties.
During his press conference on March 4, when Putin was asked if Russia was considering annexing Crimea, he said no. Then something changed. When the referendum was pushed forward to March 16, it was amended to include the option of Crimea becoming a part of Russia.
NATO: Land deterrence needed against Russia
Russia could invade 12 hours after order
What happened? Is Putin just out of touch with reality, as German leader Angela Merkel once said? This would be an easy explanation for Russia's takeover of Crimea.
But I suspect that Putin wants to create a new reality, one in which a breakup with the West is no longer viewed as a potential drawback, but rather, a smart and savvy move.
In Putin's new world order, existing institutions do not matter anymore: Neither the G8 nor the U.N. Security Council. What are they going to do? Suspending Russia from G8 membership isn't going to scare Putin. The United States, Britain and Canada are upset that Russia has breached the Budapest Memorandum, but so what?
Putin's approval rating has increased, his political oppositions are split, and many Russians support the return of Crimea. Russia has more territory now, and there's been no significant side effect.
Moreover, Putin wants more control over the Russian elite and their money.
Back in 2003, the wealthiest of the Russian oligarchs, Mikhail Khodorkovsky, was suddenly arrested and served over 10 years in prison -- mostly because he was aggressively sponsoring different opposition parties and planning to run for president. Putin, who himself became president of Russia partly because of heavy contributions from oligarchs in his first presidential campaign, knows that the only thing that can defeat him is huge money. So he spent the last decade turning himself into a very rich man and making sure that he owns more resources than any potential competitor.
Being an oligarch in Russia is great -- as long as you don't get involved with politics. The regulations are strict and the transactions are traceable. The oligarchs know the rules: When they want to have access to their money in Russia, they get out of Putin's way. Certainly, after 2003, no one really dared to try to compete with him. They can just look at Khodorkovsky as an example.
What worries Putin is money from abroad that would leak through the borders easily. That money is harder to keep track of. Putin has long insisted that the country's new elite should bring money back to Russia. But the Russian oligarchs have been spending their money outside of Russia -- by sending their children to Western schools, buying up homes in Manhattan, or going on shopping sprees in neighboring European countries.
The capital flight from Russia has steadily increased in the past years, reaching over $60 billion in 2013. Now, every Russian oligarch has to decide either to leave the country and lose access to its endless resources, or bring all the money back.
Crimea gave Putin exactly what he desired -- an opportunity to build a financial iron curtain between Russia and the West. And now that some of the elite are being sanctioned by the West, they're finally forced to turn their attention -- and pocketbooks -- to Russia.
Acquiring Crimea and breaking up with the West is a win-win situation for Putin.
Putin can also take a page from other bad guys who didn't obey existing rules. Maybe their successful experiences have taught Vladimir Putin that it's OK to play an enfant terrible of the world's politics. Just look at Fidel Castro, Kim Jong Un and even Bashar al-Assad -- they are all doing quite well, aren't they?
Putin is playing by his own rules. What could the modern world do against a dictator with nuclear weapons and vast approval within his own country? Not much. And about the economic sanctions: How often are they truly successful?
Only Putin knows whether he's going to take more pieces of Ukraine. The answer, "No, because Putin said he would never go beyond Crimea," is incorrect.
"Maybe yes, maybe no" is much closer to the reality. That's bad news for the world.
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