In recent weeks I've written about U.S. President Barack Obama'sbluff on Syria and the tightrope he is now walking on military intervention. There is another bluff going on that has to be understood, this one from Russian President Vladimir Putin.

Putin is bluffing that Russia has emerged as a major world power. In reality, Russia is merely a regional power, but mainly because its periphery is in shambles. He has tried to project a strength that that he doesn't have, and he has done it well. For him, Syria poses a problem because the United States is about to call his bluff, and he is not holding strong cards. To understand his game we need to start with the recent G-20 meeting in St. Petersburg, Russia.

Putin and Obama held a 20-minute meeting there that appeared to be cold and inconclusive. The United States seems to be committed to some undefined military action in Syria, and the Russians are vehemently opposed. The tensions showcased at the G-20 between Washington and Moscow rekindled memories of the Cold War, a time when Russia was a global power. And that is precisely the mood Putin wanted to create. That's where Putin's bluff begins.