I don't follow the financial side of things enough, but I think this may be a big part of why this is all happening.
From what I have read in the papers recently, it seems that Putin is going to China in May and hopes to make a big announcement about a possible gas deal.
"The Holy Grail for Moscow is a natural gas supply deal with China that is apparently now close after years of negotiations. If it can be signed when Putin visits China in May, he will be able to hold it up to show that global power has shifted eastwards and he does not need the West."
www.bellinghamherald.com/2014/03/20/3542254/putin-nurtures-ties-with-china.html
But no one really knows if China will go along with it. Without China, Russia risks isolation. China has good relations with the States and does lots of business with them. I don't think China will risk alienating the US. The Chinese President's daughter studies at Harvard and returned to China for Michelle Obama's recent visit. Lots of the children of the Politburo study for MBAs in the States. The States is the centre of business and capitalism and the Chinese want to be a part of that.
This is an article from the very good Daily Telegraph journalist Ambrose-Evans Pritchard, who seems to have very good sources and often calls things correctly. He says that Russia has stuffed itself and China will not back Russia
www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/10725643/Putins-Russia-caught-in-US-and-Chinese-double-pincer.html
There is also this thing called the Shanghai Cooperation Organisation which Russia and China as well as Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan. It has existed for a long time, but maybe it is becoming more important now, i don't know. Apparently Yanujovych had wanted Ukraine to have closer ties to it, and even the Turkish leader had mentioned to Putin that Turkey was interested in it since they weren't getting very far with EU membership. Maybe that is why he seems to be at risk of being overthrown with uprisings too.
Apparently, even India and Pakistan seem to be about to join it
"After the upcoming expansion of the SCO, it will go from being a regional organization originally created primarily to promote cooperation in Central Asia, to being a global force. “On the one hand, this is a positive thing. The SCO is expanding, it now covers almost half of the world's population,” noted Konstantin Sivkov, the first vice-president of the Academy of Geopolitical Problems."
in.rbth.com/world/2013/10/10/sco_membership_precursor_to_russia-india-china_alliance_30051.html
I am not sure all this cooperation is beneficial for Western hegemony.
It may be that events in Ukraine have put a spanner in the works and forced China to make choices. Russia is being isolated. I am not sure it will back Russia and if it doesn't Russia will be weakened.
Eventually China will probably get the same treatment, but that is probably still a way off.
But I think it is still a dangerous time for the world because countries are now being forced to choose and if they make mistakes, the consequences might be serious.