**Recent diplomatic contacts and the February 2026 expiration of New START have shaped trader focus on prospects for a new U.S.-Russia nuclear arms control framework.** With the last bilateral limits on deployed strategic warheads and delivery systems no longer in force, both sides have signaled interest in successor talks, though Russia has stated that any resumption would require lengthy expert negotiations amid persistent differences over Ukraine. U.S. President Trump has repeatedly called for trilateral discussions that include China, an approach Moscow views as unlikely given Beijing’s consistent refusal. Late September 2026 meetings in Washington between Russian envoy Kirill Dmitriev and U.S. Treasury and Energy officials addressed postwar energy cooperation and sanctions relief, running parallel to broader efforts by Trump envoys to advance Ukraine-related talks. Kremlin comments in late September emphasized that economic and arms control initiatives need not await full settlement of the Ukraine conflict. Upcoming multilateral forums, including the November 2026 APEC leaders’ meeting, represent potential venues for further high-level signals, while nuclear rhetoric from both capitals underscores the risks of escalation if negotiations stall.