I come from a small country. There's a few in Europe, known for good wines or thermal baths or scenic sights or ethnic foods, but their continued existence is only guaranteed by their membership in a mutual defense pact. Those who aren't part of such an arrangement are out of luck -- "international outrage" does not protect sovereignty, as we have seen time and time again.
Right now, there's little need to conquer territory when you can just make everyone reliant on your for technology (USA), rare earth minerals (China), or natural gas (Russia). But as resources get more scarce, what is Latvia to do? Hungary? The Former Yugoslav Republic of Macedonia? With their cash flowing to foreign powers for technology, raw materials, and energy, rely on tourism, find some unique skill niche, or try to become a tax haven?