The Empire of the Czar, in consequence of its defeat in Manchuria, and of the revolution which was precipitated by the disastrous war, is following apparently a policy of recuperation. It has tried to come to an understanding with Japan in the Far East, and with England in Central Asia; in the Balkans its policy aims at the maintenance of the _status quo_. So far it does not seem to have entertained any idea of war with Germany. The Potsdam agreement, whose importance cannot be overestimated, shows that we need not anticipate at present any aggressive policy on Russia's part. The ministry of Kokowzew seems likely to wish to continue this policy of recuperation, and has the more reason for doing so, as the murder of Stolypin with its accompanying events showed, as it were by a flash of lightning, a dreadful picture of internal disorder and revolutionary intrigue. It is improbable, therefore, that Russia would now be inclined to make armed intervention in favour of France. The Russo-French alliance is not, indeed, swept away, and there is no doubt that Russia would, if the necessity arose, meet her obligations; but the tension has been temporarily relaxed, and an improvement in the Russo-German relations has been effected, although this state of things was sufficiently well paid for by the concessions of Germany in North Persia. It is quite obvious that this policy of marking time, which Russia is adopting for the moment, can only be transitory. The requirements of the mighty Empire irresistibly compel an expansion towards the sea, whether in the Far East, where it hopes to gain ice-free harbours, or in the direction of the Mediterranean, where the Crescent still glitters on the dome of St. Sophia. After a successful war, Russia would hardly hesitate to seize the mouth of the Vistula, at the possession of which she has long aimed, and thus to strengthen appreciably her position in the Baltic. Supremacy in the Balkan Peninsula, free entrance into the Mediterranean, and a strong position on the Baltic, are the goals to which the European policy of Russia has naturally long been directed. She feels herself, also, the leading power of the Slavonic races, and has for many years been busy in encouraging and extending the spread of this element into Central Europe. Pan-Slavism is still hard at work.