Basically, Putin inherited a nation in disarray and has put Russia towards superpower status. The West are broke and relatively weak at the moment, and are demonising him in the media (Syria, Pussy Riot, gay rights at Sochi etc.), because a strong Russia is a strong rival. Ukraine is the latest example.

Putin has played his hand in Crimea and Ukraine with the intention of preventing the installation of NATO missile defence systems in Ukraine. The dominant Russian ethnolinguistic nature of Crimea and the referendum ensures that Putin is seen to have acted legitimately in the eyes of much of the international community, despite is isolation that the Western media talk of. Crucially, China have not condemned the annexation of Crimea, and this strengthens any territorial claims China might make in the future within its own sphere of influence (South China Sea). I'm interested to see the extent of the sanctions and how the BRIC nations react. Will more nations start defying the US?