There is not strategic advantage of being best friends with Russia as opposed to other former soviet bloc states that Russia currently wants to take back.
Russia is not that great of a country economically. I posted before that the average income in Russia dropped nearly 50 percent in nearly a year period due to the drop in oil prices and they have no industries, outside of oil. Their average income is hovering below India's average income even if their quality of life is better due to previous built up infrastructure.
What made the cold war the cold war was that the USSR was on parity with the United States at one point. Now they are a broken and corrupt state that provides no real strategic advantage. In fact they are actively working to undermine the west through the promotion of far right nationalist parties in the west in order to sow fragmentation of NATO states so they can act with impunity and NATO along with the EU will be broken.
I've heard this stupid argument before. Yet, strategically speaking, Russia is not that great of an ally to have.
There are more cons than pros in allow Russia to act without a care in the world.
There will not be a new cold war because Russia has no weight to throw around. Plus they are slowly going broke