Abstract The end of the Cold War has been announced many times, yet the reality of great power rivalry, if not conflict, refuses to die. At the Budapest summit of the OSCE in December 1994 president Boris Yeltsin warned that attempts by the West to discredit the pursuit of Russia's ‘normal’ great power interests by forever raising the spectre of a revival of the Cold War threatened precisely to lead to the emergence of a ‘cold peace’. His warning proved strikingly prescient. The asymmetric end to the cold war (briefly defined as restoring the logic of winners and losers rather than a common endeavour) sustained systemic patterns of Cold War conflict, although in new forms. Neither under Yeltsin in the 1990s nor under president Vladimir Putin in the 2000s has a stable and inclusive post-cold war international system emerged. Both Yeltsin and Putin sought to integrate Russia into the international economic system as well as into an enlarged security system, but the way that the original Cold War was transcended laid the seeds for future conflict that challenge the Barack Obama and Dmitry Medvedev leaderships to this day.
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