What would Stalin demand at a London naval conference?

Would Stalin take a more pragmatic position than Nicholas II in naval treaty negotiations?

Yes; he could demand Anglo-American equality and settle for Japanese parity, though Japan would still reject equality with Russia.

A chat comment suggests that Stalin would negotiate more pragmatically than Nicholas II. He would likely begin with a maximal demand for equality with Britain and the United States. Soviet negotiators could then present parity with Japan as a compromise rather than a defeat. Japan, however, based its security calculations on having an advantage over the Russian fleet and would resist that outcome. The bargaining tactic is plausible, but it does not remove the underlying Russo-Japanese strategic conflict.