Tim Marshall

Ahead of the Trump-Putin summit in Alaska to discuss Ukraine, President Trump said there would be “some land swapping.” He waxed lyrical about “prime real estate.” The summit’s location is a good example of land swaps and prime real estate and is in a region of growing geopolitical importance.   In 1867 Russia "swapped" Alaska for $7.2 million in a deal mocked as Seward’s Folly after Secretary of State William H. Seward who negotiated the exchange. It turned out to be a snip. Commercially viable oil was discovered three decades later and has brought in more than $180 billion in revenue since Alaska became a state in 1959.

When Vladimir Putin called the collapse of the Soviet Union 'a major geopolitical disaster of the century' he wasn't channelling his inner Marxist-Leninist. Russia's leader is not interested in remaking the Soviet empire, which finally fell apart 30 years ago today, on Boxing Day 1991. But he does want to roll back the losses of the post Cold War era, expand Russia’s sphere of influence, and build a buffer zone around the homeland. It's this that explains Russian aggression on the borders of Ukraine. While western observers might like to paint this as mindless sabre-rattling, the reality is that this massing of troops is driven by fear – and the memories of past encroachments onto Russian soil. Understanding this is key to realising what Putin is up to.