Presuming you don't know, Russia decided to
gobble up part of the Ukraine because it's Russia and it could. Likewise,
they deployed Iskander missiles to Kaliningrad, a violation of cold war treaties.
The response from NATO was basically warily clenching its sphincter; people objected and there was increased air coverage, but no action was taken to punish Russia. However, US troops did travel to the Baltics and are currently in a number of training exercises with local troops.
Now Russia is
making noises at the Baltics, specifically Estonia, Latvia and Lithuania. This is troubling because those are NATO nations. If Russia invades them,
the other NATO nations are obliged to come to the aid of any member who is under armed attack.
That means the US, the UK, France, and Germany going to war with Russia. Some people are suggesting this would be "World War III," but that would only happen if China (or another power) were to ally with Russia, and I don't see that happening. Russia, however, has nukes, and the US has war fatigue. It's also possible that NATO lets the Baltics fall to Russia.
The problem here is Putin. There's every bit of evidence that he sees himself as a strong-willed Ubermench and Western leaders as weak-minded and unable to commit. Propaganda in Russia is strong, and there's evidence that even liberal Russians view NATO as a tool of American imperialism, and would buy into a narrative wherein a fight between Russian and NATO forces is defending Russia from Western aggression.
Putin believes that that NATO won't respond to Russia invading the Baltics, so he's likely to invade the Baltics. If NATO does send troops, he's likely to use tactical nuclear strikes under the assumption that Western (mostly American) forces won't nuke back for fear of escalation. Even if they do, the battlefield is the Baltics. The Russian government doesn't seem to care much for their own people, Latvia becoming a nuclear wasteland is probably fine.
In an exchange where both sides are only using tactical nuclear strikes, Russia continues to have the logistical edge. They could win.
He's a man who's playing chicken with the sincere belief that whomever he's going up against will swerve first, because he's motherfucking Putin and they're not.
I'm not saying we're headed toward MAD. I believe Putin is right in his assessment of the willingness of foreign powers to deploy nukes. If he starts dropping them, the US will spend a decade building up its anti-missile technology before daring to respond. I am saying that I feel for the people in the Baltics because their best case scenario is a bloody conflict, while their worst one is having their cities and people burned to radioactive ash, which is terrifying.
I expect James Bond will see a jump in popularity in the coming decade and the US regress socially.