I think there should be a close and equal free trade area between Russia and the EU.
Including "free movement goods and people" interchangeable education qualifications and all of the basic principles of the EU.

That would allow Russia to continue doing whatever it wants to do without changing to accommodate to EU rules, but still have the majority of the benefits of membership. Plus, it would get around the problem of Russia being "too big" for the EU.

The one reservation I have is the situation with corruption in Russia. It is very offputting. The whole oligarchy situation does not appeal to me at all.

I think that Russia will play a more and more important role in Europe either way.
Russia has so much to offer Europe; agriculture, scientific expertise, forest...
The fact that the Americans have a thorn in their side to Russia has nothing to do with us.

There is one more really important point to consider: Transportation from East Asia. If the Transsiberian Railway was properly modernised and expanded it could transport goods from Asia much faster, cheaper and ecological than via sea or air. If it is stretched all the way to South Korea (this is being planned), then any goods from Korea or Japan could benefit form this route too. It can already be used for transports from China although I have read that that is not utilised to it's full potential.

Europe is VERY dependant on Russia for gas and oil and I'd just be worried that there was more European reliance on Russia than the other way around.

I'd also like to see Ukraine and Belarus fully benefiting from the same agreement.