The West may not seem inclined to help Russia weather its economic troubles, but it has more to lose by treating President Vladimir Putin as the enemy than by working with him. The sharp decline in oil prices and Western sanctions were behind the collapse of the rouble and although the currency has since stabilised, this year seems likely to be one of recession, high inflation and continuing flight of capital. A financial meltdown could impact Russia's allies and neighbours, Ukraine among them, while other oil-dependent emerging market economies could also be hit. That further divides the world, building and strengthening rivalries at a time when cooperation is needed to confront global challenges.

Russia's troubles have already gained a sympathetic ear from China, which has offered unspecified help should it be necessary. Ties have been growing since a border dispute was settled a decade ago and trade has since almost quadrupled. The signing of a US$400 billion oil and gas deal last May heightened concern in Europe and the US that an anti-Western strategic axis was in the making. There is no reason why Beijing should not assist Moscow: Russia's problems can so easily impact China, just as they can the rest of the world.

Putin held out a conciliatory hand in his new year messages to foreign leaders. He used the coming 70th anniversary of the end of the second world war to remind of the shoulder-to-shoulder fighting of his country with Western allies that defeated Nazi Germany. Although he did not directly mention the confrontation with the West over Ukraine, he spoke of the need for mutual respect and how "constructive cooperation" could ensure peace. He is right: Russia's economy may have shrunk, but the nation is still an important diplomatic player, especially when it comes to Syria and Iran. Only with his support can a peaceful resolution be found for Ukraine. The West should not see Russia's economic woes as a victory; rather, it should be an opportunity to work for a more stable world.