Center for Army Conversion and Disarmament Studies (CACDS) presents the first edition of the bulletin "Challenges and Risks" for the period from Janruary 1 until January 15, 2015. This Security Review of the CACDS is devoted to the analysis of the situation in the military and energy sectors in particular. There are, i.a., assesment of full-scale agression and development of subversive and terrorist activities of Russia. Particular attention of the CACDS experts is directed on research of changes in attitude to the Russian president V.Putin. The Review contains also estimations regarding achievements and losses of Ukraine on international level, risks in terms of state defence preparations. Several expert data and analytical studies are devoted to assess military capacities of Russian troops. CACDS experts continue to search for new data about key figures around V.Putin and possible scenarios of power succession in Russia.