[Bloomberg] What the deal doesn't signify -- not yet, at least -- is a global realignment that puts the U.S. and Europe at a grave disadvantage. The tortuous history of Russia-China relations shows that their long-term interests are not complementary. Putin won't want Russia to depend on China any more than he wants it to depend on Europe. Anyway, the gas exports in the new pact, once onstream in 2018, will be about a quarter of what Russia sells to Europe. A quarter.
Even if the deal is enlarged later, the idea that Russia can now get along fine without the European market is nonsense.
Russia will have every reason to repair relations with Europe once the crisis in Ukraine has passed. In the meantime, Europe should use the leverage it has. So far as Ukraine is concerned, the new deal doesn't change Europe's calculation. For the longer term, Europe already knows it has to diversify its energy supplies. The new agreement only underlines the point.
Yes, it's always cause for concern when two tyrannical governments, presiding over such big and powerful countries, deepen their ties and find new ways of cooperating. In this case, however, the new alliance is unlikely to change the underlying logic of a longstanding rivalry.