Russia wants NATO out of Ukrainian hands and assurances that Ukraine will never join the Alliance. Ukraine wants defense against an untrustworthy, encroaching bully who makes claims to Ukrainian land based on historical and ethnic grounds and has already taken key territory (e.g. Crimea).
Effectively, Russia thinks NATO is getting "too close" and feels threatened.
Talks between Russian and NATO broke down today, but I personally don't feel like an invasion is likely at this given moment. I think there will be a few more rounds of discussion before that happens as no one wants to "blink" but they both know someone has to blink (or they both blink at the same time). But I could be wrong.
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