I think Germany made a strategic mistake in becoming too reliant on Russian gas - which at present is still flowing, as is oil to the United States. I think the logic behind it was that the more interdependence countries have in trading the harder it becomes for military conflicts to arise, as if they do both sides suffer from it. Long term though Russia needs the income from its gas and other natural resources.Germany can sanction Russia as it is a member of a huge trading block which has multiple arrangements to import gas from different countries
I have just watched most of a discussion on this, with a couple of east European researchers maintaining that as far as the Minsk agreement is concerned the Russians kept to their part of the bargain, but the Ukrainians did virtually nothing with regard to the Russian populations of the eastern Ukraine - autonomy etc. This was despite massive German pressure to do so, Germany after the US being the biggest investor in the Ukraine. This was no defence of Putin but rather to keep some semblance of balance in the discussions of this in the West, something too often lacking.
As far as Putin's speech goes it was short on facts and long on propaganda for home consumption.