Power Projection Capabilities of a Union of Sovereign States

Say the 1991 Soviet coup doesn't happen or is prevented and Gorbachev successfully turns the Soviet Union into the Union of Sovereign States

What would Power Projection Capabilities of Union of Sovereign States in Modern times

what would they be like during 1990s and 2000s
 
Well, they certainly have the power to game the oil market Saudi style...

Keeping the Ukraine means they have the facilities needed to repair their larger vessels, so maybe they keep another aircraft carrier and/or battle cruiser in service. The USS Navy can probably afford to keep a (reduced) presence at Cam Ranh Bay. That said, with the economic turmoil of the 90s, the armed forces are taking a catastrophic hit, and by necessity the Navy will get the worst of it.
 
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