On December 22, the Valdai Discussion Club’s Moscow venue hosted a discussion themed “(Non-)Strategic Stability 2025: A Year in International Security.” How should we sum up the results of 2025 in the area of international security? Are we witnessing an irreversible degradation of all safety mechanisms, or are the most fundamental principles of mutual deterrence still in place? Can the current situation be considered a transitional period to some other system? What is Russia prepared for, and which international development scenarios seem more likely?