"Everybody wins," is the headline that the government newspaper Rossiyskaya Gazeta applies to the nuclear weapons reduction treaty signed by Presidents George W Bush and Vladimir Putin in Moscow.

"I won't use the word 'victory' because there are no losers in this," Mikhail Margelov, who chairs the international affairs committee in the upper house of the Russian parliament, writes.

Treaty allows us to react quickly and flexibly to the USA's moves to deploy a missile-defence shield.

Rossiyskaya Gazeta

"Reinforced strategic stability serves the interests of Russia, the USA and the whole world. The treaty is the outcome of our work on the mistakes made during the talks on the Start II treaty which, incidentally, was never ratified by the Americans."

He notes that Russia retains a relatively cost-effective way out if things turn sour. "We keep ICBMs with multiple warheads. This is a fairly cheap way for us to preserve and strengthen the strategic nuclear balance, which allows us to react quickly and flexibly to the USA's moves to deploy a missile-defence shield."

The treaty and its associated declarations "represent a departure from the security principles that were dictated to us by the Cold War," Mr Margelov writes, adding that "this legally-binding document, for that is what the treaty is, represents a substantial diplomatic achievement for Russia".

A more downbeat note is struck in a piece contributed to Rossiyskaya Gazeta by Viktor Kremenyuk, deputy director of the Institute of American and Canadian Studies - one of Russia's top think tanks.

It's an open secret that we wanted more.

American and Canadian Studies Institute official

The treaty "is the best that Russia could get," he writes. "But on the other hand, it's an open secret that we wanted more, specifically a sense of movement towards Russia and the USA dealing with each other as allies."

At the other end of the press spectrum, the popular tabloid Moskovskiy Komsomolets also broadly approves.

Mr Putin has reaped the benefit of his foreign-policy shift, the newspaper says. "Now that Bush and Putin have concluded their official negotiations, we can say that Putin's U-turn after 11 September has paid off."

Referring to the stationing of US troops in Central Asia, it continued: "Our hypothetical losses in Central Asia will cost us much less than confrontation with the USA. Meanwhile, the co-operation that Putin has extracted from Bush promises to make life in Russia a lot better."

While welcoming the political part of the US-Russian summit, Russian newspapers feel short-changed by its economic dimension.

In his article for Rossiyskaya Gazeta Viktor Kremenyuk of the Institute of American and Canadian Studies deplores the failure of the US Congress to repeal the Jackson-Vannick amendment, which imposed trade restrictions on the then Soviet Union over its reluctance to allow the emigration of Jews.

Putin's U-turn after 11 September has paid off.

Moskovskiy Komsomolets

"It means that Russia is seen as state with which it's not worth establishing a real commercial relationship."

The conservative broadsheet Trud agrees.

"There is a sense of insult from the fact that the US Senate has refused to repeal the discriminatory Jackson-Vannick amendment, an anachronism that holds Russia back in the role of second-rate trading partner. Nor is it politically or economically correct that Russia is still denied recognition as a market economy."

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