If paint is worn off, it usually won't show up red oxide, but an orange if it's rusted or dark steel and kind of graphite if the steel is constantly rubbed. I'd guess you're seeing primer. Is the JS a I, II or III? That may also have some bearing.
Here's what I'd do: Figure if the Soviets had time to paint it, they may have had time to prime it. However, I'm sure there were times when no primer was applied and we know for a fact that some left the factories with no paint what so ever. So, it seems like the field is wide open here and I'd go for the most interesting, worn, weathered appearance! (would the 'salt method' work?
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I've seen M60's that I know were primed, not showing any primer when the paint either flaked or was worn down to the bare metal around hatches and stuff.
Finally (whew!) The soviets could possibly have used more than one type of primer (iron and / or zinc oxide... depending on the composition of the metal).
Ron.