Former U.N. Ambassador John Bolton gave us his reaction to the developments in Ukraine, as Russia reportedly denies that it has given Ukrainian forces in Crimea a 'surrender-or-else' deadline.

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Bolton emphasized that Putin sees Ukraine as "the biggest prize" in trying to reassert Russian hegemony over the former Soviet states. He said the invasion by Russian troops into Crimea shows that Putin intends to negotiate with the new government in Kiev "with his foot on Ukraine's neck."

Alisyn Camerota asked what the United States can do now in response. Bolton called on the Obama administration to implement economic sanctions, vote Russia out of the G8, and bring forth a UN Security Council resolution even though Moscow and China would veto it.

But he said in terms of meaningful actions, there's not much President Obama can do. Bolton believes what's happening now is the result of five years of failed foreign policy, accusing Obama of "misunderstanding" the Russians.

"You have to look at foreign policy from a broad, strategic viewpoint. You can't look at it day-to-day," said Bolton.

Watch his full analysis above.

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