It is fascinating to see the change in the behaviour of participants at the Munich Security Conference.

In 2022, the participants were positively salivating and giddy at the prospects of a war in Ukraine and the subsequent inevitable defeat and humiliation of Russia. They had built up the Ukrainian military over the previous 8 years, to the point that it was arguably the most powerful military in NATO after the U.S., and there were strong layered defences facing the East. Russia's Soviet era military didn't stand a chance.

This year, there was fear in their eyes.