Sixty years of nuclear-arms-control efforts have been successful in many respects, with one notable exception: it has proven difficult to transition from a bilateral (US–Soviet Union/Russia) to a multilateral format in seeking to limit and reduce existing nuclear weapons. This is principally because of a mistaken approach to multilateral disarmament that does not take into account the nature of multilateral deterrence among nuclear states. Yet a transition to a multilateral format is becoming an indispensable condition for the rescue of the non-proliferation and disarmament system in the emerging polycentric world order. Assuming that the Russia–Ukraine war can first be settled, a new approach to multilateral arms control is needed that takes into account the security interests of all the participating states.