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Will the French sale of Mistral warships to Russia help or hurt Europe?

France's decision to sell a Mistral class warship to Russia has raised some alarm bells at the prospect of a rejuvenated Russian navy that could potentially menace nations such as Georgia. Dmitry Gorenburg says not to worry:

...the Russian Navy is declining, and the Mistral, while a fine ship, will not suddenly turn it into the most formidable force in the region. Furthermore, despite ongoing reforms, the Russian military as a whole will also get weaker before it gets stronger, in part because of deteriorating equipment, in part because of a decline in available personnel, and in part because of the retirement of well-trained officers who began their careers in the Soviet period and their replacement by officers who made their careers in the 1990s, when money for training was scarce.