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When the world's two most powerful countries are not taking each other to task, the world is at ease. At the very least, when relations between the United States and Russia are not at the frigid level, there is no debate that the Cold War has returned. So, when Russian President Dmitry Medvedev got a positive reception during his visit to New York, it made for good resonance. His was a different tone from the one he took during a nationwide speech earlier this month in Moscow, when he talked tough against the US. Now, he hopes that the incoming US president will warm up to Russia. At the speech at the Council of Foreign Affairs, he expressed the wish that both countries could overcome the problems that have accumulated between them recently.

US-Russian ties plummeted to a low point earlier this year over the war in Ossetia and Akhazia. Washington fully backed Georgia, which cried foul at Russia's invasion of its two breakaway regions. The Kremlin was equally unyielding, coming out to back the two rebel areas, saying that the Russians living in those regions needed protection because they faced attacks from the Georgian army.

Moscow has already recognised the two breakaway republics, much to the chagrin of the world community. The UN has not accorded such recognition.

After the Georgian war, Russia's reputation and its international standing was tarnished due to its aggressive use of force.

It is also interesting to note that the new five-point Russian foreign policy professed by Medvedev has given a strong indication of Russia's desired future role. Moscow has said that it will respect international law and prevailing systems but would not tolerate a uni-polar world dominated by one power. The declaration of "privileged zones of interest", for instance, is a strong indication of Russia's future diplomacy.

Obviously, countries that share borders with and were former parts of the Soviet Union are the main focus. But Russian interests also include countries in both Latin America and Asia.

But can US-Russian relations remain friendly for a sustainable period of time? Throughout their modern histories, the two superpowers have competed for their own sphere of influence in the world. Through power bargaining and real-politik, they have each advanced their global interests. Although this competition is not a zero-sum game, quite often when the US gains, it means Russia's loss, and vice versa.

Just look at the attitude of the two countries over the issue of missile defence in Europe. After Washington brokered a deal to station an anti-missile defence system in Poland, Moscow was up in arms and said it would retaliate and set up a similar system to counter what it described as a threat to its security. Indeed, this issue is currently top of the agenda in US-Russia relations, and will have a big impact on the future of their relationship.

Conventional wisdom says that a world in which both superpowers attain a kind of equilibrium means a world without much conflict or a simmering nuclear threat. In reality, that is not the case; patterns of confrontation and cooperation are the key to their peaceful coexistence.

Both countries are huge, and their interests are too diverse and cover far too many regions. Since their separate interests are often at odds with each other, they have to strive to find common ground within the UN system or the frameworks of international cooperation. Both countries are active members of the six-party talks, which aim to de-nuclearise North Korea and bring stability to the Korean Peninsula. This has been a unique facet of their cooperation. However, the two have taken different stances on Iran's nuclear ambitions. Indeed, Moscow has even taken a strong stand in backing Iran's current nuclear policy.

Sooner or later the US and Russian foreign policies towards Asia and Southeast Asia will become more visible. At the moment, both superpowers have their own domestic problems to contemplate. However, with the new Obama administration, the US might adopt a different approach, relying more on dialogue and negotiations in conducting its global policy.

If this comes to be the case, it will have far-reaching ramifications. Indeed, the effective use of the US's "soft power" would undermine Russia's foreign policy objectives, as the country has yet to incorporate such soft power as part of its diplomatic outlook.