Trump’s separate engagements with Putin and Zelensky have remained bilateral through mid-2026, including the August 2025 Alaska summit with the Russian leader and multiple 2026 White House and NATO meetings with the Ukrainian president. Ongoing U.S.-brokered negotiations have involved lower-level trilateral delegations without progressing to a leaders’ format, amid persistent gaps over territory, security guarantees, and ceasefires. Recent phone contacts and sideline discussions have not produced any announced trilateral schedule or joint appearance before the 2027 cutoff. Traders price the “No” outcome at 94.5% because structural barriers—stalled high-level diplomacy, battlefield realities, and absence of a concrete summit plan—make a visible gathering of all three improbable in the remaining months of 2026.