Ahead of the summit in Alaska on Friday, President Trump suggested that a peace deal could include “some swapping of territories,” but the Europeans see no sign that Russia will offer anything to swap.

Thus far in August, the intensity of Russian strikes on Ukraine appear to have eased. The first 11 days of this month have seen Moscow launch a daily average of 74 drones and one missile into Ukraine, compared with record-breaking July figures of 201 drones and around six missiles per day.

The Kremlin leader believes time is on his side as the exhausted and outgunned Ukrainian forces are struggling to stem Russian advances.