The Russia-Georgia conflict happened in 2008 brings significant impact on the relationships between Russia and Western great powers. Simultaneously, the ongoing global economic crisis also greatly challenges the Russia-West relations. These two major crises, although seem to be irrelevant, both reflect the unbroken attitude of Russia in crisis situations, as well as the complicated status of cooperation and competition between Russia and the West. What ‘the Political Economy of Crisis’ emphasizes is the decisive role of cooperation among great powers, either for getting rid of the military conflicts or overcoming the financial tsunami.