This week Keir Starmer hosted the French President and the German Chancellor in Downing Street as the E3 moved closer to a landmark agreement: seizing around €100 billion in frozen Russian assets to fund Ukraine’s war effort. It’s a dramatic shift that has soothed some fears in Kyiv – but it has also reopened long-running arguments in Europe about property rights, sanctions and how far the West is willing to go. What does this bold move mean for the conflict, for Ukraine’s future and for Europe’s relationship with Washington?

Meanwhile, as US–Russia shuttle diplomacy intensifies, Donald Trump’s oscillating positions continue to unsettle allies. Are we inching closer to a peace deal – or stuck in yet another cycle of drafts, red lines and diplomatic back-tracking? And, with Putin holding firm on territorial demands, is any agreement remotely realistic?

James Heale is joined by Mark Galeotti and Tim Shipman.

Produced by Oscar Edmondson

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