A relationship with Russia may have strong economic incentives, but the country is incredibly unstable politically, which is a turn-off for any potential friends. And which is why Europe is (justifiably) concerned about the control the Russian Bear has over energy resources. If you dislike what the UK is involved with alongside the USA, just think about what we'd be involved with alongside the dubious Russian government.
Our relationship with the USA is also a strong economic one (despite what everyone keeps saying about China, the USA is still no. 1 and that isn't changing anytime soon) , but the US political system is also highly stable. It has a government which is directly accountable to it's people (as the Republicans have over Iraq in the Congressional elections last year), and a government which is constitutionally limited to protect citizens' rights.
We may have followed the USA into Iraq, but that's the fault of Mr. Blair. USA relationships aren't 'in vogue' at the moment due to Iraq, but the UK and USA have throughout the C20 been the firmest of friends (note that the three most significant or 'agenda-setting' premiers of the century - Churchill, Attlee and Thatcher were all pro-Atlanticist) .