**Recent U.S. diplomatic efforts have revived talks but produced no path to an immediate trilateral summit.** Trump envoys Steve Witkoff and Jared Kushner met Vladimir Putin in Moscow on September 5-6, 2026, then Volodymyr Zelenskyy in Kyiv the following day, describing the exchanges as constructive and noting new ideas for a settlement. Both sides agreed only to a temporary pause in strikes on the capitals; no broader ceasefire or leader-level agreement emerged, and next steps are slated for announcement in the coming weeks. Zelenskyy signaled openness to resuming trilateral U.S.-Russia-Ukraine negotiations, yet longstanding differences over territory, security guarantees, and battlefield realities persist. With roughly four months remaining until 2027 and no scheduled meeting among the three leaders, trader consensus reflects the compressed timeline, reliance on envoy-level diplomacy, and absence of conditions for a rapid summit.