How Should We Interpret The European Agreement About Ukraine?

There are many views about the recent agreement.  This article contrasts the view published by Bloomberg and a view published by The Economist.  Bloomberg hopes the agreement may provide Obama with a rationale for resisting the hawks in Washington who would like the US to provide weapons to Ukraine.  The Bloomberg view contrasted with opinions in The Washington Post and The Wall Street journal which are sympathetic with those of the hawks.  The article gives more weight to the article in The Economist because it is similar to a method of dealing with nasty states that precipitated the first world war.  Economic sanctions are the weapon of choice.