Dutch national news channel NOS had a historian and journalist called Hubert Smeets on. I'm Dutch, and will paraphrase what he said:
Interviewer: "What can the west do, what can the NATO do? It's said that military action is not going to happen, why?"
Smeets: "Very little. The consequences would be very large. This night, in his speech, Putin insinuated how Russia is a global nuclear superpower, and he said that the unthinkable could become thinkable. So that's off the table. All we can do is take economic and political measures; sanctioning, even if we don't know what the effect of these sanctions will be. And turning him into a political pariah, even China said Putin should not pull through on this evasion."
Interviewer: "What can the west do, what can the NATO do? It's said that military action is not going to happen, why?"
Smeets: "Very little. The consequences would be very large. This night, in his speech, Putin insinuated how Russia is a global nuclear superpower, and he said that the unthinkable could become thinkable. So that's off the table. All we can do is take economic and political measures; sanctioning, even if we don't know what the effect of these sanctions will be. And turning him into a political pariah, even China said Putin should not pull through on this evasion."
https://www.youtube.com/watch?v=Hm7JiO4tY_Y&t=1036s