It might not be pleasant, but we have to face the fact that Russia is still a superpower in many ways. Large parts of Europe are dependent on Russian energy and some European gouvernments tend to establish closer relations with Russia because the affiliation with the US changed in a fundamental way since the end of the cold war. My own country -Germany- was the most prominent example for this new course under Chancellor Schroeder. A policy that is -thank God- in the meantime reversed by Anglea Merkel, but there are others who could revive this path. I.e. we have to wait for the outcome of the elections in France, the country with probably the biggest political impact on Germany. Mme Royal is for sure not in favour of America.
Putin has the idea of a common market from the Atlantic to Wladiwostok. This can be in the well understood self interest of Europe, but only if the Russian economy will open itself. Investment and trade have to become safe and must not be a question of bribemoney. The combination of European know-how and Russian resources could be a big competitive advantage. Besides of this it would be in the interest of the whole western world to have Russia on its side. The goal must be a cooperation and not a coexistance. Therefore the Russians have to develop their so called "guided democracy" into a real democracy in our definition.
The challenge for Europe is to take this chance an one side and to maintain strong ties to America on the other. Some countries in eastern Europe like Poland feel sandwiched between Germany/France and Russia. They are alone not strong enough to impede the coming closer cooperation between the "big fishes" in Europe, but they can take influence on the development. They must use their influence on western Europe to prevent a premature alliance between a dictatorial Russia and the rest. Russia must understand that everything is possible as long as it is developing into a free society.
If it leads to more freedom and stability in Russia such is also in the fundamental interest of the US. The Russians could be the strongest partner in positive leadership due to their possibilities. It is quite easy to understand: If we stop dreaming the dream of a free world it will never come true.
I am very uncomfortable with Russian behavior this past 14 months. Their willingness to use energy as a weapon would scare the heck out of me if I were a European politician. And Russia's willingness to send out assassins loaded with Polonium, well I have no words. Why isn't Europe holding Russia accountable for arming Iran with nuclear weapons? The Gulf States and Saudi Arabia are now in an arms race against the Persians. My guess, if the ME explodes, Russia benefits with all their oil and natural gas. Yet, there is not one European willing to call Russia on this, why?