Yes, at the time it did. Once the USSR fell, it was time to switch off. Instead, we kept kicking Russia like a beaten dog, cozied up to China, continued to pour investment into China, granted MFN, allowed them to snag our tech, became dependent on them for essential goods including vital medical supplies, built up their middle class at the expense of our own, etc., etc.
I agree that we never should have granted China MFN status; that was one of GWB’s screw-ups; but he thought he’d need China for the War on Terror.
Russia was not granted MFN then because Russia was still a basket case, and had been engaged in wars during the 1990s that were seen as unwarranted.
Interntional politics is a dirty business, and a dirty game. Sometimes we get in bed with an unwashed whore to attack or restrain a diseased one.