FirstFT: Russia not complying with nuclear treaty, US says

The US has determined that Russia is not complying with its obligations under the last remaining nuclear arms control treaty between the powers, officials said on Tuesday.

In a report sent to Congress, the US state department said Russia had violated the New Start treaty by failing to allow required inspections and refusing to participate in compliance meetings.

“Russia’s refusal to facilitate inspection activities prevents the US from exercising important rights under the treaty and threatens the viability of US-Russian nuclear arms control,” a US state department official said.

Last week top Republicans wrote to Biden administration officials urging them to make a determination about Russia’s compliance, citing concerns about Moscow’s decision last year to suspend inspections and cancel participation in consultations required by the treaty.

Although the treaty is not directly linked to Russia’s invasion of Ukraine, Moscow’s hostility to the west over sanctions and supplies of high-tech weaponry to Kyiv has aggravated tensions over it.

Five more stories in the news

1. Gautam Adani pulls off $2.4bn share sale The Indian billionaire has completed a $2.4bn equity sale despite a short-seller report alleging fraud and stock manipulation at his industrial empire. The share sale at Adani Enterprises, the magnate’s flagship group, became a test of investor faith after Hindenburg Research last week alleged financial misconduct across the Adani empire.

2. Crypto lender Celsius misused customer funds for years, examiner finds The bankrupt crypto lender used the money it received from thousands of everyday investors to inflate the price of its own token, CEL, in a scheme that an employee described at the time as “very Ponzi like”, according to the report prepared by a law firm appointed by the US bankruptcy court.

3. Death toll in Pakistan mosque bombing rises to more than 100 The death toll from Pakistan’s worst terrorist attack in years includes mostly police officers, raising fresh questions about the vulnerability of the country’s security personnel to increasingly intense militant activity.

4. US and India launch ambitious new tech and defence initiatives New technology, space and defence initiatives between the two countries reflect an effort to counter China in the Indo-Pacific, wean New Delhi off its reliance on Russia for weapons and boost India’s homegrown technology capacity.

5. IMF raises growth forecasts as China reopens and gas prices fall The IMF said it expected the global economy to grow 3.2 per cent between the end of the final quarter of 2022 and the end of the last quarter of this year, a possible turning point for the world economy.

The day ahead

Federal Reserve meeting US Federal Reserve officials are expected to raise interest rates by a quarter percentage point. The move would leave the policy rate in a range of 4.5 to 4.75 per cent.

UK strikes Hundreds of thousands of teachers, train drivers and civil servants will join the biggest day of strike action in the UK since 2011. The strikes are expected to cause widespread disruption across England and Wales.

India’s budget Narendra Modi’s government will present its last full budget before the country’s next general elections. Taming inflation is expected to be one of Modi’s priorities. (Al Jazeera)

What else we’re reading

How arming Ukraine is stretching the US defence industry The Javelin anti-tank missile and the Himar rocket launcher, both built by American defence companies, have helped change the course of the war in Ukraine. But the sheer quantity of munitions required has exposed supply chain vulnerabilities, detailed mapping by the Financial Times demonstrates.

Will Nissan and Renault’s alliance end in divorce? The two car companies presented their new deal to the outside world as a renewal of marriage vows. But, behind the scenes, both sides feel bitter that they may have given up too much.

Inside the fall of Asia’s gambling kingpin Alvin Chau ran a business that rivalled the largest US casino companies and an online betting operation twice the size of China’s national lottery. His jailing this month has exposed a sprawling empire that spanned the continent.

The kids are alright after all When the pandemic hit, it was feared that young people entering the job market would suffer a shock that would reverberate throughout their careers, writes the FT’s Sarah O’Connor. So far, that does not appear to be true.

When good economic news may not be good news In an inflationary world, good news on economic activity today is not necessarily good news for policy and activity later on, warns the FT’s Martin Wolf.

Take a break from the news

In the medieval mountain town of Mestia, Georgia, a team of guides is opening up a new frontier for adventure-seeking skiers. In this story, complete with impressive photos, Simon Usborne explores the deep snow and delicious dumplings that the region has to offer.