I think there's going to be a new round of sanctions coming from the EU in the coming weeks. The DNR and LNR were declared terrorist organizations today by the Verkhovna Rada, which was mostly so the EU can do the same.
NATO won't be eager to intervene, because the risk of a multi-national conflict spiralling out of control against a nuclear power is not something that anyone wants. Sadly, it may be history repeating itself - with too little done too late before more countries are attacked in a similar fashion before it boils over.
I guess we'll have to see - but this can most definitely turn into a huge conflict.
Something needs to be done though, no? I mean, sanctions are only as effective as the changes they effect. It doesn't seem like Russia is planning on changing anything though.
The situation historically reminds me of Germany's first forays abroad before the breakout of the second world war. And the response from current NATO countries seems to be similar. No one wants to stir up a tiger that may inevitably end up biting them in the a**.