The KGB led by Jeremiah Sullivan steal plutonium from the US to make a nuclear bomb (quite why they need to steal some when they have plenty of their own is never explained). The bomb is placed at an oil field in Saudi Arabia. An ultimatum is issued to Israel to withdraw from the West Bank or the bomb will be detonated and wipe out half of the world's oil reserves...
While the US plan to attack Israel, the CIA have their own secret weapon: The Soldier (Ken Wahl). He is an elite, and unpredictable, operative. He, and his team (which includes Steve James), are tasked to stop the Russian plot. He does this by hijacking a US ICBM and threatens to start World War 3...
So, the film makes no sense whatsoever. The plot is a mixture of mad right-wing conspiracy theorist wet dream and sub-Bond weirdness. The violence is gratuitous, and doesn't always serve to drive the story forward in any way. It's a great watch of course.
