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Dennis Gormley analyzes the recent developments in U.S. conventional capabilities that have become key to counter-proliferation policy at a time when nuclear arsenal reductions regain increasing attention. The author gauges the evolution and effectiveness of those programs, examines Russian perceptions of these new capabilities and evaluates the extent to which these perceptions are real or exaggerated. Finally, the paper closes with a set of policy options designed to help allay these concerns on the path toward deep reductions in nuclear arsenals.