For now it means Russia is not accepting the legitimacy of the current government of the Ukranine. It is officially labelling the situation one of a "coup d'état". (Others, more to the west, might call it a "revolution", but the effects of the two can be deceptively similar though a coup d'état tends to be a better controlled, premeditated affair, which might be why the Russian govt prefers it, while a revolution is by its nature unpredictable.) The EU has recognised the newly appointed Ukranian government, and Medvedev have gone on record officially calling the EU move "a mistake". Speculation about what Russia might do next is rife. Low odds on withholding the credit it extended to Yanukovich. Also low odds on Russia turning up the gas prices the Ukraine will have to pay from now on. High odds on Russia actually making a move on in particular the Crimea. Even higher odds on Russia actually trying anything serious with any other part of Ukranian territory, Crimea aside. Might be a good idea for the new crowd in Kiev to perhaps start some process of "max devo" for the Crimea, to perhaps prune back a bit of the Russian rhetoric over it? Unfortunately Ukranians politics also seem to have a bad tradition of the current victor harrassing the momentarily defeated.