DONALD Trump and Vladimir Putin are just hours away from holding a historic one-on-one meeting which could shape global politics.

Today, global attention is focused on Alaska as leaders from the world’s two major powers gather for a peace summit that could determine Ukraine’s future.

On Thursday afternoon, Trump likened the high-stakes talks to a game of chess as he warned there is a 25 per cent chance it could end in failure.

He assured that Putin “will not fool around with me,” emphasizing that the Russian leader “seeks an agreement” but will encounter repercussions if he becomes greedy.

Trump and Putin are scheduled to have a one-on-one meeting at Elmendorf-Richardson base near Anchorage at 11:30 am local time (8:30 pm UK time), amid heightened security measures.

Putin, who rarely travels abroad since launching his full-scale invasion, will arrive with his feared “Musketeers” bodyguards.

Both leaders are known to arrive heavily equipped, carrying everything from armor-piercing weapons to the infamous nuclear briefcase — and even a “poo suitcase” to prevent any health-related scrutiny of Putin.

The Cold War-era military base has been locked down by US and Russian forces since the meeting was announced last week.

Over 32,000 troops, air defences, and electronic jamming systems are all in place waiting for today’s link up.

The crunch talks will be followed by a joint press conference by both leaders.

The main topic of the meeting will be crisis in Ukraine with Trump pushing to strike a deal with the Kremlin to end the bloodshed.

Also on the agenda will be trade and economic cooperation, Kremlin aide Yuri Ushakov added.

Trump and Putin will also have a wider meeting with delegations from Washington and Moscow.

They will then attend a working lunch with their security entourage.

For Trump, this meeting is a significant opportunity to bring peace to Ukraine, a country ravaged by war. He claims the conflict would not have commenced in 2022 if he had been the president then.

And for Putin, the meeting will decide how much territory he can grab before ending his bloody assault.

Putin, who has persistently dismissed calls for a ceasefire, stated his desire for peace, yet maintained his terms for ending the invasion remain “unchanged.”

One major sticking point for Moscow is the annexation of more Ukrainian territory – one of Putin’s long-term demands.

It is understood that Trump will try to convince Putin to make peace by offering him deals and concessions.

Though Washington has said that it will not engage in any agreement on a final peace deal without Ukraine’s formal involvement in the negotiations.

Trump has insisted a deal won’t be made without Ukraine’s blessing with a second meeting set to be arranged soon.

He hinted at a more “important” second round of talks taking place “very quickly” — this time with Volodymyr Zelensky and “maybe some European leaders” in the room.

Putin has tried to sweeten the mood, praising Trump’s “sincere efforts” for peace, even as Zelensky warns he is “bluffing”.

If Putin agrees to a possible ceasefire, both leaders will reach the next stage of peace-making, where they are expected to hold a trilateral meeting with Ukraine’s president, Volodymyr Zelensky.

Trump has vowed “very severe consequences” if this turns out to be the case.

Zelensky, fresh from meetings with German Chancellor Friedrich Merz and UK PM Sir Keir Starmer, has warned that any talks without Ukraine risk disaster.

Don, who hails himself as a great dealmaker, is said to be planning to present a money-making deal to lure sanctions-hit Putin into peace-making.

The deal will include opening up Alaska’s natural resources to Moscow and lifting some of the American sanctions on Russia’s aviation industry, The Telegraph revealed.

Proposals also include giving Putin access to the rare earth minerals in the Ukrainian territories currently occupied by Russia.

Trump is seemingly betting on Russia‘s current economy, which has been hit hard by global sanctions since he launched his illegal invasion of Ukraine.

There is also a chance that the meeting could go south as Trump warned that the Russians risk facing “very severe consequences” if they continue to bomb Ukraine and kill innocent civilians.

More than anyone else, the meeting will be key to European leaders who have long supported Ukraine and warned against future Russian aggression.

Zelensky and European leaders are likely to reject any settlement proposals by the US that demand Ukraine give up further land.

They want to freeze the current frontline as it is – giving away the territory already being held by the Russians.

Zelensky has reiterated that Ukraine will not cede any further territory to Russia.

But it may not be up to the embattled leader if he is presented with a take it or leave it offer in the latter stages of the peace process.

Trump announced on Friday that the only way to resolve the issues is for both sides to accept losses of land.

He said: “It’s complicated, actually. Nothing is easy. It’s very complicated.

“We’re going to get some switched. There’ll be some swapping of territories to the betterment of both.”

The MAGA president said he would try to return territory to Ukraine.

Don added: “Russia has occupied a big portion of Ukraine. They’ve occupied some very prime territory.

“We’re going to try and get some of that territory back for Ukraine.”

After Trump held a call with the European leaders on Thursday, German Chancellor Friedrich Merz confirmed that Trump reaffirmed that Trump would not negotiate territorial issues with Putin.

Meanwhile, French President Emmanuel Macron will not be engaging in any “schemes for territory swaps” during the summit.

The summit is set to take place at Elmendorf-Richardson base, one of the most strategic locations in the Arctic.

Bristling with troops from the US Air Force, Army, Navy and Marine Corps, as well as National Guardsmen and Reserves, it is a symbolic location for both the US and Russia.