Poorly coordinated and misunderstood weapons transfer policies could have a devastating effect on U.S.‐Russian relations, while mutually beneficial cooperation would greatly facilitate stable and predictable bilateral relations. This article surveys conventional arms transfer policies of both countries and posits three possible scenarios for U.S.‐Russian interaction. Of these potential options, a policy of “positive engagement” is best suited to promoting trust and cooperation through a framework in which both countries may share senstitive technologies and production skills.