Putin has accurately assessed the EU, NATO and the US. The Russian energy weapon will only get stronger against Europe and the West’s willingness to confront Russian action against countries that used to be part of the USSR, have Russian minorities or constitute what the Russians call the “Near Abroad” will continue to weaken until their is some sort of cataclysm.
These countries have sold their souls for energy.
At this point, the EU can go to heck for all I care. Neither Obama nor McCain will do a thing to stop this stockpiling of energy sources, so it's up to Europe at this point to decide if they want to depend on the Kremlin for their economic future.