The west gave a cool response to a recent Russian proposal for a new Euro-Atlantic security pact, which would restrict the use of force by signatories and create a new mechanism for the resolution of conflicts.

President Barack Obama has had precious little to show for his big foreign policy idea of constructive engagement. Attempts to get Israeli and Palestinian negotiators round the table are deadlocked. Iran has rejected an imaginative offer to enrich uranium outside its borders, and is headed for another round of UN sanctions. Mr Obama opted to go in the opposite direction by committing more troops in Afghanistan. After all the soaring hopes and high-flying rhetoric of his speeches, it looks very much like business as usual. The only bright spot on the horizon is America's transformed relations with Russia.

Behind the scenes, officials in Geneva are beavering away at producing a replacement for the 1991 Strategic Arms Reduction Treaty (Start 1) which expired on 5 December. And yesterday we learned that they have begun similar talks about curbing cyber warfare and strengthening internet security. It remains to be seen whether Russia will support another set of UN sanctions against Iran or simply let China take the lead in watering them down. Russia has traditionally treated Iran as a reliable neighbour, although there is private anger in Moscow at Iran's rejection of the offer to enrich its uranium, a process that would have taken place in Russia. But all in all, US negotiators are getting more from talking to their Russian counterparts than they have in the days of George Bush. The reset button appears to be working.

Ream More