Despite a cease-fire agreement last week, new attacks have continued in Ukraine. That led Ukraine to delay a promised pullback of heavy weapons from the front line Monday.
Read MoreKiev says cannot withdraw weapons as attacks persist
Meanwhile, the United States doesn't seem willing to do what it takes to put a stop to Putin, Jacobs said.
"We don't even have support among the Europeans for economic means to really squeeze Putin," he noted.
Jacobs said that's because Europe does not want to break any economic connection with the country.
"They've thrown in the towel already. They're not on our side and we're not going to do anything to irritate Western Europeans, quite frankly."
The European Union is Russia's biggest trading partner. Russian imports from the EU accounted for 123.2 billion euros ($139.6 billion) in 2012, according to the Permanent Mission of the Russian Federation to the European Union.
Read MoreSome Russian-European ties are growing closer
Last week, the EU announced a new list of sanctions against pro-Russian separatists, Russian military leaders and politicians but experts have voiced doubt about how the measures will impact Russia's economy.
—CNBC's Dina Gusovsky and the Associated Press contributed to this report.