Does that really represent an "implosion of US power and influence"? Has there ever been a time when the US could simply compel Europe to accept US-dictated policies that the Europeans do not believe are in accordance with their interests? What Putin is exploiting is less an implosion of US power than a simple divergence of perceived US and European interests. That's actually not working out very well for Putin, as decision to introduce graduated sanctions in graduated steps does seem to be bringing the Europeans on board to some extent. How far they will be willing to go is of course another question, but reaching for too much too soon would have almost certainly left the US with no support at all.
As Outlaw has pointed out, this is not going Putin's way. His proxies are failing, and he's stuck with a choice between walking away and betraying them or going with a direct intervention with potentially catastrophic consequences for his own economy and for the support he receives from the oligarchs. The oligarchs may be afraid to openly challenge him, but that doesn't mean they can't make their disapproval felt. I don't see how assertive US action is needed at this point.
That would depend largely on whether or not there was an opportunity for decisive action that was likely to accomplish anything positive. If decisive action is poorly thought through it can do more harm than good. I watch China all the time, being in the neighborhood, and I don't see much of an opening for decisive US action that would also be productive.
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