Whether NATO leaders like it or not, Russia's diplomatic intervention has allowed the Western alliance to achieve its goals at virtually no cost.
For the government in Moscow, too, Vitaly Churkin's successes in Bosnia have had a tremendous payoff. For the Kremlin is, perhaps for the first time since August 1991, seen to be vigorously pursuing Russia's interests abroad. That has stolen much of the nationalist platform away from people like Vladimir Zhirinovsky.
Russia's recent announcement that it is planning to join NATO's Partnership for Peace program also signals that Russia, while insisting on being included as a major player in international security matters, does not want to do this in competition with the Western powers.
But all sides should be on notice that in they have been lucky so far. The United States and NATO have emerged as the unembarassed defenders of Bosnian Moslems over the past month, while Russia has taken up the corner of Bosnia's Serbs. Until now this dynamic has been a success, but it is fraught with risk.
The history of the world, and of the Balkans in particular, offers far too many examples of what can happen when the great powers pick sides in local conflicts.
A war between Russia and NATO is not in the cards here, because Russia is in no military or economic state to take on the combined power of the West. But just one serious misstep in the balancing act that Moscow and NATO are performing in Bosnia -- a shootdown of Serbian aircraft that goes wrong, or a misadventure by Russian peacekeepers in the field -- and we could be back in the Cold War.
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