I think he's right about the Ukraine business being a nothing burger, despite the hysteria from Western govts. If "the markets" are a barometer for the power players, then yeah, they are not surprised or dismayed at all about Russia kicking the asshats out of Ukraine and installing a new and better govt. Certainly, Western powers are making hay with it in every which way, except the one that normal people might expect them to: do something that shows they actually care about what Russia is doing in Ukraine. Clearly, they don't.
And yeah, sanctions aren't what people think they are: they are imposed ONLY in ways that will result in a net benefit for the sanctioner, if possible. If not possible, then they're pretty much sanctions in name only. Normal people think sanctions are all about 'doing the right thing' and 'scolding the bad man', because that's what govts. tell them, but normal people are naive.
In this case, I think the sanctions against Russia will fall mostly into the "in name only" category, because Russia is systemically central to the world economy. No one seems ready to pull the plug yet.
That said, I think he goes a bit far in suggesting that Putin is doing what he's doing in the knowledge that he is giving a gift to the Fed. Russia is *primarily* doing what it is doing for the reasons it says it is doing it.