Full speech here.
Video of speech here.

This is the except in which Russia and the Ukraine are mentioned:

(…)  Russia’s actions in Ukraine challenge this post-war order. Here are the facts. After the people of Ukraine mobilized popular protests and calls for reform, their corrupt President fled. Against the will of the government in Kiev, Crimea was annexed. Russia poured arms into Eastern Ukraine, fueling violent separatists and a conflict that has killed thousands. When a civilian airliner was shot down from areas that these proxies controlled, they refused to allow access to the crash for days. When Ukraine started to reassert control over its territory, Russia gave up the pretense of merely supporting the separatists, and moved troops across the border.

This is a vision of the world in which might makes right – a world in which one nation’s borders can be redrawn by another, and civilized people are not allowed to recover the remains of their loved ones because of the truth that might be revealed. America stands for something different. We believe that right makes might – that bigger nations should not be able to bully smaller ones; that people should be able to choose their own future.

These are simple truths, but they must be defended. America and our allies will support the people of Ukraine as they develop their democracy and economy. We will reinforce our NATO allies, and uphold our commitment to collective defense. We will impose a cost on Russia for aggression, and counter falsehoods with the truth. We call upon others to join us on the right side of history – for while small gains can be won at the barrel of a gun, they will ultimately be turned back if enough voices support the freedom of nations and peoples to make their own decisions.

Moreover, a different path is available – the path of diplomacy and peace and the ideals this institution is designed to uphold. The recent cease-fire agreement in Ukraine offers an opening to achieve that objective. If Russia takes that path – a path that for stretches of the post-Cold War period resulted in prosperity for the Russian people – then we will lift our sanctions and welcome Russia’s role in addressing common challenges. That’s what the United States and Russia have been able to do in past years – from reducing our nuclear stockpiles to meet our obligations under the Nuclear Non-Proliferation Treaty, to cooperating to remove and destroy Syria’s declared chemical weapons. And that’s the kind of cooperation we are prepared to pursue again—if Russia changes course. (…)

Basically, this is the same line as Poroshenko (which is really unsurprising since they used pretty much the same speechwriters).  The message to Russia is simple:”surrender or we will mobilize the entire planet against you”.

Foreign Minister Lavrov commented: “As for the U.S. President’s speech, we earned the second place among the threats to international peace and stability: number one is the Ebola virus, number two is the so-called Russian aggression in Europe and ISIL and other terrorists who are now taking hold of the Middle East and primarily of the countries, which have evidenced U.S. interventions, are ranked as number three.”

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The Saker