But this is also a deeper test of political systems. Orbán’s Hungary became the most prominent example of so-called “illiberal democracy” in Europe. His loss raises a key question: can systems like this be reversed through elections? Because while the result is decisive, the system he built doesn’t disappear overnight. What happens next — and whether Hungary can actually pivot — will matter just as much as the election itself.

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The episode explores what this reveals about Britain’s limited ability to protect its infrastructure, the growing gap between rhetoric and capability, and how this fits into a wider geopolitical shift as Europe recalibrates amid uncertainty over US leadership and rising global tensions.

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When the United States and Israel targeted elements of Iran’s leadership, some analysts quickly framed the crisis as a setback for China — one of Tehran’s key economic partners. Yet China’s interests in the Middle East are far more pragmatic and less ideological than that narrative suggests.

For Beijing, the priority is not defending Iran at all costs. It is managing its long-term rivalry with the United States, safeguarding vital energy routes, and preventing instability that could disrupt global markets.

In this episode, we examine China’s real calculations as the crisis unfolds: the limits of Beijing’s influence in the region, why it remains cautious about deeper involvement, and whether renewed conflict in the Middle East could ultimately serve China’s strategic interests by drawing American attention and resources away from Asia.

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An in-depth analysis of the geopolitical dynamics in the Middle East, focusing on Iran, the US, and Israel's strategies amidst ongoing conflicts. The discussion explores military, political, and economic factors shaping the current escalation and Iran's long-term strategy.

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In this conversation, Pyotr Kurzin discusses the evolving dynamics of the Ukraine war, emphasizing the strategic shifts in military actions and the economic repercussions for Russia. He highlights Ukraine's targeted strikes on Russian fuel infrastructure and the implications for public perception and military logistics. The conversation also delves into the broader geopolitical context and the potential future scenarios as the war continues to unfold.

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In this conversation, Pyotr Kurzin discusses the evolving dynamics of the Ukraine war, emphasizing the strategic shifts in military actions and the economic repercussions for Russia. He highlights Ukraine's targeted strikes on Russian fuel infrastructure and the implications for public perception and military logistics. The conversation also delves into the broader geopolitical context and the potential future scenarios as the war continues to unfold.

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In this conversation, Pyotr Kurzin discusses the recent hacking of a Russian submarine by Ukraine, highlighting the strategic implications of this breach for Russia's military capabilities and deterrence theory. He also examines the consequences of Trump's expired ceasefire deadline and explores potential scenarios for the future of the conflict between Russia and Ukraine.

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The conversation delves into the escalating nuclear tensions between the US and Russia, particularly focusing on the roles of Trump and Putin amidst the ongoing conflict in Ukraine. It highlights how social media interactions, particularly by figures like Medvedev, have influenced international policy and the precarious nature of nuclear deterrence. The discussion emphasizes the risks of miscalculation and the potential breakdown of established norms surrounding nuclear weapons.

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In this conversation, Pyotr Kurzin discusses the current state of Russia's military operations in Ukraine, highlighting the depletion of its military resources and the increasing dependence on external support from countries like North Korea and China. He emphasizes the structural decline of Russia's military capabilities and the implications of this for the future of the conflict and global geopolitics.

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In this episode, Pyotr Kurzin discusses the internal and external challenges facing Putin's regime. He highlights the recent firing and suspicious death of a Russian minister, the shifting dynamics with Trump and the U.S., and the escalating military threats posed by Russia's drone production. The conversation delves into the implications of these events for Putin's grip on power and the potential for internal collapse within the regime.

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Frank Giustra is CEO of Fiore Group, co-chair of the International Crisis Group and founder of Lionsgate and Goldcorp.

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