Asia Times Online's Spengler coined a formulation: "A specter is haunting Europe, and that is the specter of a Russian-Chinese alliance at the expense of Europe." The alliance is already on -- manifested in the G-20, the BRICS and the Shanghai Cooperation Organization. There are military technology synergies on the horizon -- the ultra-sophisticated S-500 air defense system is to be unveiled by Moscow, and Beijing would absolutely love to have it. But for the real fireworks, just wait a few weeks, when Putin visits Beijing in May.

That's when he will sign the famous $1 trillion gas deal according to which Gazprom will supply China's CNPC with 3.75 billion cubic feet of gas a day for 30 years, starting in 2018 (China's current daily gas demand is around 16 billion cubic feet).

Gazprom may still collect most of its profits from Europe, but Asia is its privileged future. On the competition front, the hyper-hyped U.S. shale "revolution" is a myth -- as much as the notion the U.S. will be suddenly increasing exports of gas to the rest of the world any time soon.

Gazprom will use this mega-deal to boost investment in eastern Siberia -- which sooner rather than later will be configured as the privileged hub for gas shipments to both Japan and South Korea. That's the ultimate (substantial) reason why Asia won't "isolate" Russia. (See Asia will not 'isolate' Russia, Asia Times Online, March 25, 2014.)

Not to mention the much-anticipated "thermonuclear" (for the petrodollar) possibility that Russia and China will agree payment for the Gazprom-CNPC deal may be in yuan or rubles. That will be the dawn of a basket of currencies as the new international reserve currency -- a key BRICS objective and the ultimate, incendiary, new (economic) fact on the ground.