According to media reports late last year, Baltic states have ramped up their defense spending in the wake of Russia's intervention in Ukraine.
And George Soros, the billionaire investor, said during a CNBC debate on the future of Europe Friday that he believed a resurgence of Russian power was something to watch carefully.
"Most of the disturbing things today that can go wrong are political. I am talking about, for instance, the threat from a resurgent Russia and…that is a major uncertainty," he told a CNBC panel at the WEF.
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Those concerns were shared by Georgia's Prime Minister Irakli Garibashvili, who told CNBC: "Ukraine is a close friend and we are very concerned about what is going on there."
"We experienced this conflict in 2008 and at that time the world did not pay enough attention," he said, referring to a war against Russia in 2008 over two breakaway regions of Georgia - Abkhazia and South Ossetia.
Last November, Russia's President Vladimir Putin signed a "strategic partnership" with Abkhazia. Moscow recognizes Abkhazia and South Ossetia as independent countries.
"The major problem with Russia is the occupied territories it has. On the economic and trade side we have seen some improvements but there are no improvements in foreign policy," said Garibashvili. "Russia has signed a treaty with Abkhazia and Ossetia and we see these as a step towards annexation."