"We are ready to consider the possibility and conduct relevant talks about a new agreement which would meet new realities, would not be too costly, would be well thought-out, would be measured and which would take Russia's interests into account, naturally," Mikhail Ulyanov, the head of the arms control department of the Russian Foreign Ministry, said.
"We in principle admit that control over arms in Europe can be useful and we are not ready to act as grave digger of that regime," he added.
At the same time, Ulyanov noted that Russia did not see NATO as being willing to discuss a new agreement, a statement that came just a day after Russia suspended its participation in a consulting group on the CFE Treaty.
In 2007, Russia suspended its participation in the CFE Treaty, but continued to take part in the consulting group related to the treaty, which the Soviet Union signed in 1990.
The document, which limits conventional military equipment such as tanks, aircraft and artillery, is seen as a cornerstone of security in post-Cold War Europe.
A Vienna-based body, the Joint Consultative Group, deals with issues related to compliance with the treaty.
Moscow says that Russia's CFE membership no longer makes sense because "NATO countries actually prefer to bypass the provisions of the CFE Treaty by expanding the alliance."
