America, as with the rest of the West, is in decline. But it is still a strong power for now and shouldn’t be underestimated. Much of the events since the turn of the year has been America trying to shore up its position against China.
I don’t believe the Russian economy is strong enough for the country to be a global player on the scale that China is now and will be in the future. Russia is a regional power and wants to keep NATO out of its sphere of influence.