This cartoon by Dave Brown from The Independent is based on the 1897 painting The Relief of the Light Brigade by English artist Richard Caton Woodville Jr., which depicts the moment that the 11th Hussars reached the Russian guns following the famous Charge of the Light Brigade (see note below). In Dave Brown's version, President Obama is leading the charge against the Russian cannons (one of which has the face of Vladimir Putin), but his fellow cavalry officers (David Cameron, Angela Merkel and François Hollande) have turned around and are fleeing.
The cartoonist is highlighting the contrasting reactions to the Russian invasion of Crimea. Obama has so far taken a much tougher line than the EU, whose dependence on Russian oil makes it hard to enact meaningful trade sanctions. However, the real charge ended with "very high casualties and no decisive gains", so the cartoon may also be questioning how effective Obama's threats are likely to be.
I'm guessing that 'lite' is spelt in the American way because only Obama is charging the guns.
The Charge of the Light Brigade was a charge of British light cavalry led by Lord Cardigan against Russian forces during the Battle of Balaclava on 25 October 1854 in the Crimean War. Lord Raglan, overall commander of the British forces, had intended to send the Light Brigade to pursue and harry a retreating Russian artillery battery, a task well suited to light cavalry. Due to miscommunication in the chain of command, the Light Brigade was instead sent on a frontal assault against a different artillery battery, one well-prepared with excellent fields of defensive fire. Although the Light Brigade reached the battery under withering direct fire and scattered some of the gunners, the badly-mauled brigade was forced to retreat immediately. Thus, the assault ended with very high British casualties and no decisive gains. [Source: Wikipedia]