This is personally an opinion I have fostered for some time in some respects...that since, I'd say the Serbian crisis, a new Cold War has been brewing...accelerated by actions of both Russia and the US. To most countries though, Russia has fallen off the scope, it's all China, Korea and the Middle East now. In recent years there has been a small rise in Russian militarisation, not a rise such as a realm of new vehicles and manpower being put into service...no...that would just create alarm in the wrong places....but carefully planned exercises, one involving a full test of the nuclear ability IIRC, overseen by Putin himself, and a more aggressive posture towards its ex-WP neighbours. I can't see a return to the days of the 1960s though, Russia may forceably annex several nearby neighbours but it won't get far...Europe still remembers the days of the Cold War, and the reaction will be quick and bloody. But...now we are at a precarious point...the nations are divided, the powerful military forces tied up far away from the European battlefield...if ever there was a time to strike...now would be it. BUT Russia is not that stupid
There's no doubt about it though, through some very careful and clever movements, Putin has given Russia a greater hold over Europe than it had in the 1990s, particularly energy-wise.
It could be a 'Cold War' in more than one sense of the term....