Vincent Canby, in a 1993 review of a 99-minute version dubbed into English, said the film "may baffle anyone coming upon him for the first time"; according to Canby:
Though severely cut, The Red Circle doesn't exactly sweep along. It has a deliberate pace as Melville sets up the story of three chance acquaintances who plan and carry out the sacking of an elegant, supposedly impregnable jewelry store...Understatement is the method of the film, from Melville's pared-down screenplay to the performances by the three trenchcoated principals, even to the muted photography by Henri Decae, which is in color but has the chilly effect of black and white.
Peter Bradshaw, in a 2003 review of a 102-minute reissue, called the film a "treat" and noted "Melville blends the Chandleresque world of his own devising with gritty French reality. With its taut silent robbery sequence, his movie gestures backwards to Rififi, and with Montand's specially modified bullets it anticipates Frederick Forsyth's Day of the Jackal and the contemporary techno-thriller."
Hong Kong director John Woo wrote an essay for the Criterion DVD of Le Cercle rouge arguing the film's merits. When the film was given a theatrical re-release, Woo was given a "presenter" credit.
Source : Wikipedia