This morning I put 100 rounds of this through my P-64 with the following results.

Almost every round keyholed at 25 feet! I also had 6 rounds that did not fire the first time I squeezed the trigger. Cocking the hammer and firing again did not work either. All 6 rounds did fire after being reinserted into a magazine and cycled again. The primers had only a small imprint from the firing pin when I first ejected them, I am using Wolff recoil, hammer and firing pin springs. I had no such problems when I used PRVI Partizan ammo on my last trip to the range.

When I got home, I checked to see if there was a difference in the bullets. Not having a micrometer, I used a pair of vise grips to gauge the bullets by closing them onto the PRVI Partizan bullet first and then sliding the Red Army Elite into the jaws. The result is that the RAE bullet appears to be just a little smaller in diameter. This explains the keyholing!

The RAE also seems to pack more of a punch as I had slide bite after about 50 rounds and switched to shooting with my left hand. I have the PolishIron grip on my P-64 and had no problems with firing the PRVI Partizan.

Summary:
If you are looking for cheap ammo for plinking and decent brass for reloading, this may be for you. Your groups will not be indicative of the weapon's true capabilities, either.
If you are going to depend on your weapon for self defense, choose another type of ammo!
I would not bet my life on it!