Despite Russia's failure on the battlefield they are still an old imperial power holding vast quantities of land from the days of the Romanov's. They still hold power over multiple cultures and ethnicities and brutally suppress secessionist movements.
Fortunately the Trump government seems to be putting the American empire into an unrecoverable tail spin as a result of his and his movements almost unparalleled ignorance. We might just get to see this multipolar world, I actually think the future will be bipolar with India and China as the competing powers. The west has had its time.