Will the Budapest Summit Proceed and What Are the Risks?

Day 1,336.

Today, amid growing signs the planned Trump-Putin summit in Hungary is already in jeopardy, we assess a breakthrough in Europe that could see finally frozen Russian state assets loaned to Ukraine. Then we uncover disturbing accounts revealing the dire state of Russia’s armed forces, and bring you the latest stories from Moscow as the economy continues to display signs of fracture.

Contributors:

Francis Dearnley (Executive Editor for Audio). @FrancisDearnley on X.

Dominic Nicholls (Associate Editor of Defence). @DomNicholls on X.

Verity Bowman (Reporter). @VerityBowman on X.

James Kilner (Former Telegraph Russia Correspondant). @jkjourno on X.

MORE TICKETS JUST RELEASED FOR 'UKRAINE: THE LATEST' LIVE, IN-PERSON:

Join us for an in-person discussion and Q&A at the distinguished Honourable Artillery Company in London on 22nd October starting at 7pm.

Our panel includes General Sir Richard Barrons, former head of UK Joint Forces Command and latterly one of the authors of Britain’s Strategic Defence Review, and Orysia Lutsevych, head of the Ukraine Forum at the Chatham House think tank. Tickets are open to everybody and can be purchased at: https://www.squadup.com/events/ukrainelive

CONTENT REFERENCED:

Putin ‘should only be allowed to travel to Hungary if he agrees to a ceasefire’ (The Telegraph): 

https://www.telegraph.co.uk/world-news/2025/10/20/putin-travel-hungary-if-he-agrees-ceasefire-russia-ukraine/

How Putin could reach Hungary peace summit without being shot down or arrested (The Telegraph):

https://www.telegraph.co.uk/world-news/2025/10/17/putin-route-to-budapest-summit/ 

Trapped on the Dnipro, Putin’s troops tried to flee by boat — and were blown apart (Verity Bowman in The Telegraph):

https://www.telegraph.co.uk/world-news/2025/10/21/russia-putin-dnipro-river-troops-boat-ukraine/

Russian troops handcuffed to trees and left for dead after defying orders (Verity Bowman in The Telegraph):

https://www.telegraph.co.uk/world-news/2025/10/17/russian-troops-handcuffed-left-for-dead-refusing-orders/ 

Putin sends squads of sick soldiers into Pokrovsk ‘meat grinder’ (Verity Bowman in The Telegraph):

https://www.telegraph.co.uk/global-health/terror-and-security/putin-sends-squads-of-sick-soldiers-into-pokrovsk-meat-grin/ 

EU closes in on deal to use Russian frozen assets to fund Ukraine (POLITICO):

https://www.politico.eu/article/eu-deal-russian-frozen-assets-ukraine-loan-belgium/ 

US is stalling on G7 plan over Russian assets (Bloomberg):

https://www.bloomberg.com/news/articles/2025-10-20/us-is-stalling-on-g-7-plan-to-expand-use-of-russian-assets

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