I'm working on this scenario as we speak.
My POD is 1968 with the shooting death of Ronald Reagan as he tries for the Republican nomination by members of the Charles Manson Family. In years ahead, the Soviet Union withdraws from Eastern Europe, but is able to reconstitute itself as the Union of Soviet Sovereign Republic's and continues to survive to present day. During the 1990's the new Soviet Union adopts a capitalist economy, much like China, and there is a feel good era between the USSR, China, EU, and US.
By the turn of the millennium the Soviet Union and China have had a series of rapproachments and are on increasingly friendly terms. North Korea gets foolish, attacks South Korea and is conquered by a US led coalition of nations. With NATO expanding in Europe, and the US expanding its influence into North Korea, both Russia and China feel the US is trying to encircle them, and prevent them from becoming great nations. By 2008, the Soviet Union has rebuilt its military, and has entered into an alliance with China and like minded nations called the League of Free Nations, which is opposed to the United States, European Union, and what they perceive as neo-Imperialism and encirclement.
The League of Free Nations consists of the USSR, China, Pakistan, Syria, Iran, Cuba, Venezuela (and others).
To counter this world wide alliance, NATO expands its mission and is renamed the Order of Democratic Nations. The US, EU, Australia, NZ, Canada, Mexico, Japan and ROK are all members of the ODN.
The Non-aligned Movement sees an increase in importance again, as many nations not wishing to be caught up in this second Cold War join the organization (and in some cases rejoin). Some nations such as India and South Africa are part of the NAM, but have a tendency to favor the ODN, while other nations such as Argentina and Iraq lend its support to the LOFN.