Over on the Global Guerillas blog, John Robb suggests that the countries currently feeling threatened by Russia should change their strategies:
This shift towards economics and networks also means that small states on Russia's periphery now have a defensive trump card. They can inflict damage on Russia that far exceeds the potential economic benefits Russia receives. Any one of these nations could easily inflict tens of billions in damage to Russia's energy industry (which pays for much of the Russian government). IF these nations came together in a defensive alliance, its possible that Russian energy production could be halved and inflict damage that's counted in the trillions.
Left to the side of this is that Russia is often a big trading partner of these countries, and that any damage done to the Russian economy - and gas pipes in particular - would damage these countries as much, or more. In some ways, this is a MAD strategy.
Moreover, Russia's current actions in Georgia don't appear to have their basis in economic interests, after all, they did not take the pipelines out. And the Russian stock market did not exactly benefit. This is not to say that Russia can't be deterred by further economic disincentives. But plans to damage critical infrastructure could be learned of by the Russians. They have spies. And it could lead to a broad array of Russian counteraction, the least of which would be the expulsion of many nationals, something Russia had already done with the Georgians.