The cold warrior in me sees commies under my bed. Putin, obviously, is trying to rebuild Russia as a world power. China, of course, is doing the same thing. It is, I think, deeply naive to think that the only reason China or Russia are building up their forces is to counter the US - except politically. The dollar isn't called almighty for nothing (even if it mascarading as the Ruble). The Russians probably have absolutely no interest in a ruinous arms race. They've been down that road. Why set up a rivalry militarily when your opponent is leaving you so many openings diplomatically?
But I have to give Putin credit (or at least his General). The Russians are unilaterally suspending a treaty and even comparing it, very subtly, to the Treaty of Versailles. But they say that there is "no longer" any reason to fear the Russian Army (a nod to cold war concerns) and explicitly deny any intention or responsibility to confront the US. (Yet they still get to - again subtly - characterize the US as aggressors.) Butter, it seems, wouldn't melt in their mouth. Whatever their intentions, they seem to understand the rules of diplomacy. Of course, smiling through lies is also part of the game.