U.S.-Russian strategic relations are approaching a turning point: a continued drift toward mutual suspicion, renewed military gamesmanship, and growing political-military confrontation or an opportunity provided by presidential elections in both countries to rethink and re-craft a non-adversarial relationship. Today's drift reflects many factors: past missteps; differences of interest and approach on specific issues; misperceptions; and the inherent difficulties of breaking free from the Cold War legacy. Among other issues on the agenda, action should be taken to address Russian uncertainty about U.S. strategic intentions; U.S. uncertainties about Russian commitment to preventing proliferation; and ways to build habits of cooperation in countering a terrorist WMD attack.