Recent U.S. envoy visits to Moscow and Kyiv highlight ongoing shuttle diplomacy aimed at narrowing gaps in Russia-Ukraine talks, yet no trilateral leader summit involving President Trump, President Putin, and President Zelensky has been scheduled or announced. Putin has repeatedly conditioned any direct meeting with Zelensky on prior agreement on core issues such as territorial control in Donbas, Ukrainian neutrality, and force reductions, positions that remain distant from Kyiv’s stance. Trump administration efforts have emphasized bilateral or mediated channels rather than a single three-way encounter, with recent calls and envoy missions focusing on incremental proposals ahead of potential later steps. The compressed timeline to the end of 2026, combined with persistent battlefield dynamics and the absence of confirmed plans, underpins the strong trader consensus against such a meeting occurring before 2027.