One cannot stir manure without raising a stink.
We have plenty of oil, sand and lunatics right here at home - let Russia deal with that mess.
Our foreign policy should be "leave us alone or Hiroshima and Nagasaki will look like a weenie roast by comparison".
My approach would be to secretly arm all players (and tell McCain to keep his trap shut about it) and withdraw whatever forces we have in the area to inside Iraq...that includes stopping whatever coalition airstrikes we have lined up.
But more seriously, we have to take a wait and see approach. As the weeks drag by, Russia is going to have their hands full. Especially if the reports of Iran backed fighters flooding the area under Russian direction are to be believed. Plus, keep an eye on Turkey. Saudi Arabia is already planning on flooding the "militants" (pick any group you like) with high end weaponry... of course, this will mean the flood of migrants fleeing the area will increase into Europe, but at some point the EU will have to get serious and step to the plate about what to do.
The world has had the luxury of the United States carrying the load in the region for far to long, it is time for new leaders to emerge. Sadly, if the United States led by liberals continue the tepid inaction, we will have to live within the new dynamic.