With the New START Treaty on nuclear proliferation set to expire in 2021, the Trump administration has yet to engage Russia on renewal and recently backed out of the Intermediate Range Nuclear Forces Treaty (INF) due to Russian noncompliance. Are we heading into a new cold war? Ian Bremmer talks to former U.S. Ambassador to Russia Bill Burns.

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French President Emmanuel Macron, German Chancellor Friedrich Merz, Ukrainian President Volodymyr Zelenskiy, U.S. Special Envoy Steve Witkoff and businessman Jared Kushner, along with NATO Secretary-General Mark Rutte and otherEuropean leaders, pose for a group photo at the Chancellery in Berlin, Germany, December 15, 2025.
Kay Nietfeld/Pool via REUTERS

The European Union just pulled off something that, a year ago, seemed politically impossible: it froze $247 billion in Russian central bank assets indefinitely, stripping the Kremlin of one of its most reliable pressure points.