Should the West fear Russia's military build-up?

By Michael Stott

MOSCOW (Reuters) - The Russian bear is showing its claws again, but how sharp are they?

President Vladimir Putin has rattled the West with a wave of dramatic military announcements redolent of the Cold War.

Long-range Russian bombers capable of carrying nuclear weapons are back on flying patrol around the world, prompting NATO fighters to scramble in response.

New long-range missiles have been test-fired, one streaking from one end of Russia to the other in less than half an hour, according to official accounts.

And the former Red Army is re-equipping itself, with defence spending growing 20-40 percent a year since Putin came to power in 2000, albeit from a low base after the ravages of the 1990s.

Should be West be worried ?

"Overall, Russia's military capability is well below 50 percent of what the Soviet Union had," Peter Felstead, editor of Jane's Defence Weekly, said in a telephone interview.

"The bombers resuming flights was more a prestige thing and a diplomatic signal than real military posturing."