Sevastopol is vital to Russian power-projection in the Black Sea, the Mediterranean, and beyond.
(The frigate, Admiral Makarov, became the flagship of the Black Sea Fleet upon the sinking of the cruiser Moskva).
Moreover, Ukraine's access to Western anti-ship missiles has already made the Black Sea inhospitable for Russian ships.
Russia's hold on the Black Sea slipsRussian President Vladimir Putin at a military parade in Sevastopol on May 9, 2014.
In the longer-term, Russia's centuries-long grip on the Black Sea may well be slipping away, with potentially huge implications for Russia's role on the international stage.