It is and has been the standard Warsaw Pact military cartridge for the past 60 or so years. It uses a 123 grain .311" bullet with a 39mm long case. Velocities run around 2400fps. Used in the SKS carbine and the AK-47.
American made ammo, used mostly in the Ruger Mini-30, uses a .308" bullet. Using American made factory SP ammo in a Soviet Bloc firearm is safe, but the accuracy suffers a great deal due to the bullet diameter. Using milsurp ammo with the larger bullet in a Mini-30 can be done, but it's not a good idea.
There's lots of info on the cartridge on-line.