The window for effective diplomacy to stop Putin from going further still remains, but it hangs by a thread, with brutally punishing sanctions on the verge of being implemented. If this occurs, there will be no further diplomacy with Russia in the near term on nuclear weapons issues, questions about NATO’s force posture in eastern Europe will rise, and other diplomatic activities where we partner with Russia, such as Iran, will suffer.

That said, the Biden Administration has united our allies to an extent not seen in decades, with the Biden Administration restoring America’s credibility in Europe, particularly after VP Harris’ speech in Munich. Russia is now discredited and isolated. The global competition with Russia and other autocratic regimes, led by America’s democracy, is underway.

Here’s my take for CNBC’s Squawk Box: