It certainly explains why the US pushed so much for sanctions against Russia, and it's less clear why Europe so enthusiastically shot itself in the foot by following suit.
Edit: this is not a "minor economic pain" for Europe and might reach extreme consequences later this year.
On the other hand, the US have played extremely well, gaining on all fronts (increased influence through enlarged Nato and, increased weapons sales, increases oil/gas profits), while China is left in an awkward position. Only downside seems to have been the push for alternatives to dollar/western-centric financial system.
Edit: this is not a "minor economic pain" for Europe and might reach extreme consequences later this year.
On the other hand, the US have played extremely well, gaining on all fronts (increased influence through enlarged Nato and, increased weapons sales, increases oil/gas profits), while China is left in an awkward position. Only downside seems to have been the push for alternatives to dollar/western-centric financial system.