But earlier this week, he instructed Russia's parliament to repeal a law allowing Moscow to order a military intervention in Ukraine and expressed support for a ceasefire between the newly-installed Kiev government and pro-Russian rebels in the country's east.
Western leaders – including Secretary of State John Kerry – have stressed that words must be translated to actions.
"It is critical for Russia to show in the next hours, literally, that they're moving to help disarm the separatists, to encourage them to disarm, to call on them to lay down their weapons and to begin to become part of a legitimate process," Kerry told reporters in Paris on Thursday.
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Kerry noted that possible sanctions against Russia will be discussed later in the day by European Union leaders in Belgium."We all agree that they need to be ready. But our preference is not to have to be in a sanctions mode," he added.
It would be wrong to take Putin's recent comments as a response to sanctions, according to Nixey.
"He has a goal, he has an ambition, and an election in Ukraine or some fairly weak sanctions are not making him say, 'Actually, you guys were right, you win,'" Nixey said. "It's just a cover for what he wants, which is for Ukraine to be east of an East-West dividing line. He might still use tanks if it's all going wrong."
Moscow's reasoning behind any escalation was publicly stated as ensuring the protection of Russian citizens in Ukraine, though ensuring that Kiev remains neutral and doesn't join NATO heavily figured into Putin's previously hostile approach.
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"Putin's endgame is the maintenance of influence in the former Soviet Union and the establishment and security of his leadership at home, which play into each other," said Matthew Clements, who heads the Europe and CIS country analysis team at IHS. "It plays very popularly domestically to project a strong image of Russia internationally."
While Putin's recent remarks and moves confirm that Russia does not wish to become militarily involved in Ukraine, Clements said that the country's importance to Moscow as a key buffer to what it views as NATO's encroachment remains the same.
"The endgame is making sure that Ukraine remains neutral and isn't a member of NATO and that Russia still has significant influence in the country," said Clements. "It's clear from Russia's perspective now that its goal can probably be met without having military intervention."
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That reflects Russia's understanding that using military force in eastern Ukraine would be politically damaging, invoke much more serious sanctions and involve Russian forces in a costly and protracted campaign, according to Nixey.
"The threat of military intervention was something that served the purpose at the time," Clements said, adding that continued instability in eastern Ukraine has only helped Putin's case. "What would be better from a Russian perspective now would be to say we're pushing for a peaceful option."