From Foreign Policy:
[W]ith Russia, too, Obama will inherit a strategy that he’s likely to continue, simply because it’s better than the alternatives. It seeks neither to isolate Russia (which is impossible) nor to give Russia the blank check it wants in its old imperial stomping grounds (which is irresponsible). Rather, this policy seeks to balance cooperation with Russia on many shared interests with competition when interests diverge. Maybe this balance could have been struck better on issues such as Kosovo or missile defense, but that doesn’t signal the need for a new policy, just a recalibration of the current one. And if anything, the Georgia war showed that, if the United States wants Russia to be a responsible stakeholder, encouragement won’t be enough.