Tbh im largely hoping that we see more of a cold war standoff.
I think the financial stuff will compromise our ability to do more. And thats really what Putin is taking a gamble on.
I don't know that there is reward enough for Russia to invade an EU country (even one outside NATO).
I don't think we will have military level cyber attacks unless Putin feels he has no choice. I think the point is military level cyber attacks are the new nukes to an extent - and its the potential threat of them thats more important than actually using them to their full capacity.
We know that smaller attacks which may or may not be state sanctioned have been going on against the uk for a while.
Its like spying. Both sides know its going on, but dont kick off about it.
What does Putin ultimately want? Is it to expand into Europe? I'm not convinced it is. Is it more because he wants to distract from domestic issues, to create a legacy of Russian power under his control, he wants more influence internationally?
He doesn't need to necessarily move west nor launch a military level cyber attack to achieve that.
Is he an expansionist opportunist or is he a reckless megalomaniac? Thats the big question.
Is he more likely merely to push boundaries, he thinks he can get away with? And how far will the west allow it to continue? A gradual 'mission creep' strategy by Putin is much harder for the West to combat because of western public opinion. Putin has been charged with exacerbating refugee issues in the past to help weaken and destabilise western governments before. So thatd something else I would look out for. Particularly in terms of propaganda.
I think may thoughts would be to actually look further east in terms of how China interrupt this and how they eye up Taiwan which is rumoured to face a full invasion in similar fashion within the next couple of years (china's response to the invasion and the wording they use is interesting).
BUT i do think there is a real risk of a Franz Ferdinand type moment which could trigger a chain of events which could lead to defensive pacts being triggered in quick succession and thing exploding very quickly.
And in that sense thats why we should be taking the threat of cyber attacks much more seriously.