AMONTH ago, Russian President Vladi­mir Putin appeared to be successfully executing his campaign to destabilize Ukraine. While Russian-backed insurgents consolidated a breakaway republic, weak and divided Western governments ignored their own deadlines for imposing sanctions. Now, suddenly, Mr. Putin faces twin reversals: relatively tough sanctions from the United States and European Union on Russian banks and oil companies, and a string of military defeats that have pushed back his proxy forces.

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