Russia is both a tragedy and a menace. In the Financial Times this week Sergey Karaganov offered an arresting insight into the blend of self-pity and braggadocio currently at work in Moscow. It is as depressing as it is disturbing. Western policy makers seem to believe the Islamic State of Iraq and the Levant (known as Isis) is the greater danger. But Russia is the nuclear-armed rump of a former superpower and, ruled by an amoral autocrat, it frightens me even more. For Europe and, I believe, the US, there is no greater foreign policy question than how to deal with today’s Russia.

The west “proclaimed itself victor in the cold war”, according to Mr Karaganov. Maybe the origin of the tragedy can be found in this remark. The west did not just proclaim itself victor; it was the victor. A defensive alliance defeated the Soviet Union because it offered a better way of life. That is why so many wanted to escape the Soviet prison, including many once-optimistic Russians.

Yet President Vladimir Putin, the latest in a long line of Russian autocrats, has stated, instead: “The collapse of the Soviet Union was a major geopolitical disaster of the century.” It was, in fact, an opportunity, one that many in central and eastern Europe seized with both hands. The transition to a new way of life proved unavoidably difficult. The world they now inhabit is highly imperfect. But they have mostly joined the world of civilised modernity. What does this mean? It means intellectual and economic freedom. It means the right to engage freely in public life. It means governments subject to the rule of law and accountable to their people.