Created at the Institute of World Economy and International Relations (IMEMO) and the Foreign Policy Association, then headed by the former Minister of Foreign Affairs, Eduard A. Shevardnadze, this analytical review discusses the recent changes in the international security policies of the superpowers, as well as the main events that have occurred in the area of arms control. A distinctive feature of this new work is the detailed analysis of competing Russian views concerning recent arms control agreements and of recent Russian military reforms. Alexai G. Arbatov has worked in the Institute of World Economy and International Relations (IMEMO) of the Russian Academy of Sciences. He is the director of the Center for Arms Control and Strategic Stability.