**Diplomatic efforts have produced bilateral U.S.-Russia and U.S.-Ukraine engagements but no trilateral leader-level meeting.** Trump met Putin in Alaska in August 2025 and separately hosted Zelenskyy with European leaders in Washington days later, yet Russia declined to schedule a Putin-Zelenskyy bilateral or joint session with Trump. Subsequent envoy-level trilateral talks in Abu Dhabi and Geneva in early 2026 yielded no breakthrough on core issues such as territorial control, security guarantees, or cease-fire terms. Russian officials have repeatedly conditioned any Putin-Zelenskyy encounter on prior agreement to Moscow’s demands, while the war continues without resolution. With roughly four months remaining before 2027 and no scheduled summit involving all three leaders, traders assign only a slim chance of an in-person appearance. A late 2026 diplomatic surprise or rapid deal could still alter the outcome.