In the wake of the August 1998 financial meltdown, many predicted that political breakdown would soon follow. Throughout the summer and fall, Russian analysts of all political orientations began to speak openly and often about the specter of Russian fascism should the economic crisis continue. Others, including even Yeltsin, have warned about coup plots aimed at toppling Russia's fragile democracy. The threat of Russian federal dissolution also loomed as a possible nightmare scenario as individual regional leaders began to deal with the economic crisis with little regard for national laws or national interests. In this new political context, challenges to Russian electoral democracy have proliferated. Before August 1998, it was taboo to speak of, let alone advocate, alternatives to elections as the method for selecting political leaders. After August 1998, discussions of alternatives have renewed again.

Like no other international crisis of the last decade, NATO's bombing campaign against Yugoslavia threatens to undermine support for Western-oriented reforms in Russia and isolate Moscow from the West internationally. Siding with Yugoslav President Slobodan Milosevic and thwarting liberal reforms at home do not serve the long-term interests of Russia as a world power or Russians as a people. In the passion of the moment, however, Russian leaders may be tempted, or feel compelled to take drastic measures to assist Serbia, which, in turn, could precipitate a passionate anti-Russian response in the West. The resulting strain in U.S.-Russia relations would give new meaning to the term "collateral damage."

Although few in Washington have noticed, US-Russian relations have entered a new era with the NATO bombing of Serbia.

The Clinton Administration was right to reject Slobodan Milosevic's cease-fire proposal -- entering into negotiations now with Serbia, which has largely achieved its military goals in Kosovo before NATO has achieved much of anything, would be an admission of defeat.

Only a few weeks ago, Russia was one of the most downtrodden and detested countries in the eyes of Washington's elite. One could not utter the word "Russia" without adding adjectives such as "crime- ridden," "collapsing" or "corrupt." Russia was considered a basket case of a country that had failed at capitalism and democracy and was soon to fail as a state. Russia's reputation in the United States was so bad that Russian businesspeople began courting American public relations firms to help rectify Russia's image.

Two weeks ago, (Boris N.) Yeltsin looked certain to be impeached by the Duma, the lower house of the Russian parliament. His main political rival, then-Prime Minister Yevgeny M. Primakov, was the most popular political figure in Russia and was widely regarded as perhaps the leading presidential candidate. With Primakov solidly allied with the Russian Communist Party, it looked like Yeltsin's worst nightmare--the return of the Communists to the Kremlin--was about to come true. But judging from his bold decision to remove Primakov, Yeltsin is not quite ready to fade from Russia's political scene. Furthermore, if forced to depart, the president vowed to go down fighting.

The "who lost Russia" debate reveals more about US electoral politics than it does about Russian realities. Russia is midstream in a social revolution. In only a few short years, the borders of the state, the nature of the economic system, and the organization of the polity have undergone fundamental, simultaneous change. Our current focus on Russian corruption obscures our understanding of this triple transition.

With the United States fixated on crime and corruption in Russia, Russians obsess about two other dramas: upcoming parliamentary elections and the war in the Caucasus region. The first drama might well have a happy ending, rare for Russian dramas these days. The second is almost certainly a tragedy in the making. Worse, the war in the Caucasus may eventually subsume elections altogether, resulting in their cancellation, civil resistance and even civil war. Before such a scenario gains more momentum, U.S. officials should look beyond Russian corruption and do what they can to lower the probability of democratic collapse in Russia.

All countries have the right to defend their people from terrorists. Russia is no exception. The Russian military campaign in Chechnya, however, has moved well beyond the earlier limited objective of combating terrorism. The new strategy and the means being deployed to execute this strategy suggest a new ulterior motive - Prime Minister Vladimir Putin's presidential election campaign.