In comments below, a commentator asks, " Russia is (and has been for a decade now) preparing for war. The question is... who with?"
Well, that is sort of like a "when did you stop beating your wife?" question, because it presupposes something that may or may not be true. The actual state of Russia's conventional military is most exemplified by the following photo: Yep, that's a front-line Russian tank, stuck in the mud. The good news is that Russia's draftees are no longer shivering in the cold and having to sell their weapons for turnips because of a lack of military funding for electricity and food. The bad news is that they're still mostly stuck using aging Soviet-era equipment that has a bad tendency to break down at the worst time. While there are some good post-Soviet developments in the Russian arms industry, the best stuff is going to China and India, not to the Russian armed services. The most that the Russian armed services have gotten out of Putin's defense budget hikes over the past seven years is the ability to actually operate those Soviet-era weapons, thanks to now having the funding to buy fuel and spare parts for the rattletraps.
This isn't to say that the news has been uniformly bad for the Russian armed forces. Those seven years of budget hikes have not allowed them to buy any major new weapons systems, but it has allowed them to fund some minor but important improvements in current weapons systems. For example, there has been significant acquisition of new warheads for their ATGM's (anti-tank guided missiles) to improve their ability to take out M1 tanks at a distance, as well as improvements to the Russian equivalent of our AMRAAM medium-range air-to-air missile so that Russian fighters can now take out U.S. fighters at roughly the same distance that U.S. fighters can take out Russian fighters. But by and large, these are defense-oriented enhancements, not something useful for offensive purposes. Russia does not appear to be re-arming to invade anybody. Rather, they appear to be re-arming expecting to be invaded by someone. Given that the usual state of Russia over the centuries has been to be invaded by pretty much everybody in the neighborhood -- Mongols, Lithuanians, French, German, you name it, they've invaded Russia at one time or another -- this is most likely an expression of long-running Russian paranoia about how everybody is out to get them, rather than expression of any intent to invade anybody else.
-- Badtux the Military Penguin