According to the report, the ongoing confrontation can ultimately lead to a limited or a full-scale military conflict.
"Exacerbating their contradictions, Russia and the West are losing crucial time needed to counteract common challenges," the study said. "The current paradigm of relations is fraught with escalation into a limited or full-fledged military conflict. The consequences such a conflict could have for Europe and the world as a whole could be grievous."
The document also pointed out that the competition between Russia and the West is a long-term factor.
"A certain confrontational "rut" has formed, and will be extremely difficult to break out of. A quality improvement in relations requires a lengthy and consistent policy of normalization and changes both in Russian and Western approaches," the report said.
In the short term, the US, EU and several other countries will remain among the centers of economic growth and largely determine the current model of globalization, the report said.
According to the document, an ideal strategy should be focused on a gradual withdrawal of mutual sanctions and return to economic cooperation, the liberalization of the visa regime and the expansion of humanitarian ties, as well as a gradual settlement of conflicts in the post-Soviet space, first and foremost in Donbass.
"In the foreseeable future, Russia and the US will keep facing difficulties in enhancing economic cooperation. Business will remain under the pressure of mutual sanctions. However, it is necessary to preserve and develop cooperation in those areas that are not regulated by the sanctions," the report said.
"Of utmost importance is preserving broad humanitarian ties, particularly in education and science. The priority task in this area is systematizing work with Russian-speaking science and technology diaspora," the document concluded.
