With the annexation of the Crimea by Russia in spring 2014, a new strategic situation in Europe occurs. Both a deep going geopolitical and a value conflict is now determine the relations between the West (EU, NATO including the Ukraine) and Russia. Germany was faced with the failure of its policy of strategic partnership with Russia since the year 2000. Unfortunately, a critical examination of the errors of this policy since the chancellorship of Gerhard Schröder does not take place until now. The German political elite is still on the way to a new strategic concept to deal with the new situation, fluctuating between value-based policy and Realpolitik. However, the public opinion in Germany about Russian policy is getting more critical. Finally, the contribution analyses the actual challenges for the future of German policy towards Russia and try to describe the possible scenarios.