FWIW, Norwegian with plenty of friends in Moscow weighing in.
Russia, while effectively speaking disarmed in a land-war sense by the fall of the Soviet Union, never stopped being a military presence on account of the sheer weight in numbers. Very few nations in the world can field the sheer numbers of troops, supply vehicles and so forth that would be necessary to invade Russia to any efficient degree. And, as such, even trying would be punishment enough for most singular caucasus states or NATO states.
However, Russia has in the last while - effectively since Putin claimed power - enjoyed an economical upturn that has made rebuilding a lot of infrastructure viable. This includes, to some degree, the military.
Putin’s hardline stance on what was portrayed as a response to increasing terrorist attacks by Chechnyan-based seperatists was one of the reasons he was able to stay in power in the first critical year of his presidency. (5 presidents had served in the 18 months before he came to power) Some claim “provocative” actions (i.e. terrorist bombings and such) carried out on Russian soil were Russian false-flag operations comparable to the US-planned “Operation Northwood,” but most of the actions have been claimed responsibility for by the IIPB. In other words, Putin’s actions were most likely the result of political expediency, at least to begin with. The Russian people to a large degree wanted someone who could “deal with” the “Chechnyan problem.” They got it, and by his 72% re-election score, it seems like they liked it.
(On another note, the internal term for the current Russian form of government is “Sovereign Democracy.” Which, obviously, implies a definite aggression against being “proofed” by outsiders, who are largely viewed as nosy and pretentious.)
Putin’s spoken intent for the world is that he is for a “multipolar” world and the strengthening of International Law. (Considering the fact that his doctorate is in International Law, IIRC.) He has several times said he regrets the US’ use of force in international affairs, as it invalidates the legitimacy of international laws. (And yes, I am sure he is not unaware of the irony.)
As for who Russia may be afraid of, I’d say China concerns him a great deal more than the US. But having a strong, revitalized military can only benefit him and using the refurbishment of the armed forces has been a multi-tiered beneficial plan for him since it has also kick-started a fair amount of dormant industry.
The Norwegian position on Russia is that he’s a benevolent, but harsh, tyrant. We’ve had our fair share of scares - unannounced Navy ships in eyeball range from our oil rigs in the north sea, for instance - but that’s to be expected. Under the 8 years of his presidency, the GDP was increased sixfold. Average monthly wages climbed from $80 to $640, a real term increase of 150% after inflation. The middle class has been boosted from 8 million in 1999, to 55 million in 2008. The amount of people living under the poverty line has been halved, from 30% to 14%. And so on.
Sure, a lot of his powerful friends have coat-tailed on his rise to power, but that’s politics for you - and hardly isolated to Russia at any rate. He’s brutal, suppressing and dominative, but there’s a lot of understanding for that in Norway - a lot of us still carry that nutbag Yeltsin fresh in mind.