Many state the obvious when saying that Israel is being careful with regards to Ukraine for fear that confronting Russia in Ukraine will lead to a confrontation with Putin's forces in Syria. But that might not be the worst that the Russians could do.
Russia does not want Israel to aid Ukraine in its war. If, for instance, Israel were to give Ukraine defense weapons it has developed against missiles and drones, this could be a game changer in the war.
Up until now, Russia worked with Israel in Syria, supposedly in order to make sure Israeli attacks against Iran and Hezbollah do not harm by mistake Russian positions. In return, Israel has remained "neutral" in the war in Ukraine to a large extent.
That cooperation may near an end. Israel is not afraid of a military conflict with Putin in Syria. Such a conflict would greatly harm Russian war effort in Ukraine. Israel is not afraid of Russia's diplomatic power - it has and will continue to be anti-Israeli.
So - what is Israel afraid of?
Last year, there was a "legal" fight about the Jewish agency in Russia. The Jewish Agency keeps close touch with the hundreds of thousands of Jews in Russia. As you may remember, Putin was threatening to shut down the offices of the Jewish Agency for Israel.
Last January, Moscow's exiled chief rabbi urged Jewish people in Russia to leave the country while they can, as the war in Ukraine continues.
Pinchas Goldschmidt says antisemitism, fueled in part by the government, is rising in Russia, and that the country's Jewish community could soon find it difficult to leave.
Putin, it is said, hinted that if Israel helps the Ukrainians, he could not stop the anger that this would ignite against the Jews in Russia.
This may be the reason that Israel is keeping neutral in Ukraine.