As Greece's debt crisis drags on, experts say Russian President Vladimir Putin is keeping a close eye on events while strategizing about how to play uncertainty in the region.
Putin said Friday that
Antonios Achilleoudis, partner at investment bank Axia Ventures Group, which has offices in Greece and Cyprus, told CNBC that Greece may use Russia as leverage in its negotiations with the euro zone, but he believes that Russia is not in a position to bail out Greece.
"My guess is that Russia is very calculated, and the upside (political or economic) doesn't come close to the downside and the risks," Achilleoudis said.
Still, according to George Friedman, CEO of private intelligence firm Stratfor, Russia is Greece's main alternative source for money.
"The Russians are having hard times, but not as hard as a couple of months ago, and Greece is a strategic prize," Friedman wrote.
Though Russia has not made financial commitments to Athens, Friedman believes that bailing out Greece would provide Russia with a "golden opportunity to put a spook in NATO operations and reassert itself somewhere other than Ukraine."
"In Central Europe, the view is that Russia and Greece have had an understanding for several months about a bailout, which could be why the Greeks have acted with such bravado," he added.
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The president of the Eurasia Group, Ian Bremmer, told CNBC that if Russia were planning to make a move on a bailout, it would have already happened.
"If Greece ends up bankrupt, ultimately they'll look for any outside support they can get, and that makes the Russia relationship more interesting; especially if (ruling Greek party) Syriza can" get something for Russia in exchange for leaving NATO, he said.
Bremmer, however, said that Greece is not there yet and that getting closer to the Russians may be more of a hindrance than a help at the moment. "It's purely Putin's call to make, but Ukraine is plenty expensive and oil prices aren't where he wants them," he said.
—Reuters contributed to this report.