The Ukrainians and Georgians fear it. The Baltics are worried about it. The Europeans are concerned about it.
And in the Kremlin, they seem to be rubbing their hands in glee.
The inauguration of Donald Trump as the 45th President of the United States today appears to many to mark the start of a new era of detente between Russia and the United States and the end of the liberal post-Cold War international order.
Many also believe it heralds the realization of Vladimir Putin's dream of a Yalta-like division of the world into spheres of influence.
But does it?
On this week's Power Vertical Podcast, we look at U.S.-Russian relations in the age of Trump and the future of the liberal international order.
Joining me are co-host Mark Galeotti, a senior policy fellow at the Institute of International Relations in Prague, a visiting fellow at the European Council on Foreign Relations, and author of the blog In Moscow's Shadows; Moscow-based foreign affairs analyst Vladimir Frolov, a former Russian Foreign Ministry official, a columnist for Republic.ru., and president of the LEFF Group; and veteran Kremlin-watcher Donald Jensen, a former State Department official, a fellow at the Center for Transatlantic Relations in the Nitze School of International Studies at Johns Hopkins University and a senior fellow at the Center for European Policy Analysis.
Listen to or download the podcast above or subscribe to The Power Vertical Podcast on iTunes.