Russia and the West - is a dialogue possible?

Are Russia and the West destined to glide back into old patterns of confrontation as being remembered from the Cold War period long hoped to be overcome? More than 20 years have passed since Vladimir Putin’s remarkable speech in the Bundestag - now there is growing talk about a New Cold War arising and quite some evidence for that. The latest events around Ukraine seem to mark a new low in relations between countries west of Kiev and the Russian Federation on the other side. Evidently, political perceptions differ vastly between Moscow and political leaders in the West. What is or could be the role of Europe in all of that?