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The New Strategic Arms Reduction Treaty (New START) helps constrain nuclear arsenals and support stabilizing transparency in the U.S. and Russia, as explained in a report from the Carnegie Endowment for International Peace. The report includes differences between the New START and the Intermediate-Range Nuclear Forces Treaty, current factors that might lead to New START’s expiration, and why the bilateral treaty has not expanded into a multilateral effort. The Carnegie Endowment, a grantee, further explains the risks to global security that arise from letting New START expire, thereby removing important constraints.