The “reset” of Russo-US relations offered by Washington a year ago has been valued positively. However, it did not present a long-term strategy for bilateral relationship and turned out to be a selective approach so far. From a Russian perspective, it does not address Moscow’s major interests and concerns that have arisen after the end of the Cold War. Its first “component” – the new START pact – has a positive meaning, but it has little impact on the “reset” of bilateral military affairs. Its second “component” – the “exchange deal” (no missile defence programme in Europe in return for support against Iran’s nuclear programme) – does not entail a stable cooperation as both parties prefer not to take a definitive stand. Yet in Prague the two Presidents pledged to boost economic ties. This suggests a new more pragmatic and realist dimension of bilateral relations, which should be further strengthened.