Could be something, or could be nothing.
As mentioned, many didn't think Putin would take over Crimea, until he did, so…….
I seem to recall him denying a lot of stuff, and then eventually admitting that yes, they did take over Crimea, and it was his plan all along.
I wouldn't be surprised if the same thing happens in Ukraine, since it is currently ongoing, clearly, in Eastern Ukraine, despite official denials to the contrary.
There's been too much evidence discovered/uncovered there, not to mention the bodies of about 2,000 Russian soldiers being shipped back home, e.g. various T-72 models only available in Russia, and never exported, being seen, and/or captured in Eastern Ukraine, BTR-82s which again were never exported being seen in Eastern Ukraine, plus many other un-exported Russian weapons being seen across the border, etc., etc..
A lot of US intel indicates clear Russian support for the pro-Russian guerrillas there.
As for the Baltics, again, Putin's clearly stirring the pot, using scare tactics and these exercises to keep the EU and NATO members off balance, and looking weak to their citizens, while pumping himself up as the strong-man in Russia.
Using this pressure as a threat, and possible leverage to try to get the sanctions on Russia reduced, or eliminated.
Putin's playing the long game, and others don't seem to have a clue what the rules even are.
I wouldn't be surprised to see him make a play for the little Baltic nations, if he thinks he can get away with it, and bully NATO into splintering, or even knuckling under to a perceived, nuclear first use threat.
I suspect his main aim is to make himself and Russia look tough, and relevant on the world's stage, for domestic consumption, while undermining US and EU leaders at every turn, and thoroughly embarrassing them when the opportunities arise.
He seems to have done a pretty good job of that in Syria, and even now the US is worried about Turkey's possible realignment with Mother Russia.
From what I've read, many in the EU are ready to drop sanctions against Russia as well, since they're more interested in profits than the fate of a minor, Eastern European country which used to be part of the old Soviet Union.
Not sure how widespread that last statement is, but that's what is being put out by our news media, and it wouldn't surprise me at all.