Although Russia lacks a coherent ideology comparable to the Soviet era, it has shown extraordinary success in projecting power and influence. Despite serious limitations in conventional weapons, Russia has been able to threaten its former Eastern European allies, even attempting to undermine free elections in the West. Although its economy is heavily dependent on oil and gas, Russia manages to rebuild its armed forces and conduct major exercises on the periphery of NATO. Despite all its limitations, Russia today can project power far beyond its means, focusing on critical vulnerabilities in the West. Will NATO and the Atlantic Alliance be ready to respond to emerging threats? This is a multidimensional problem with short and long term consequences important to the future of the US and the Western Democracies.