President Trump has held bilateral meetings with both Vladimir Putin (including a 2025 Alaska summit) and Volodymyr Zelensky, while U.S., Russian, and Ukrainian negotiators conducted trilateral talks at the envoy level in Abu Dhabi in early 2026. However, no leader-level trilateral gathering has occurred, and Putin has shown limited interest in direct engagement with Zelensky amid ongoing battlefield dynamics and European concerns about exclusion from any U.S.-led process. Recent U.S.-Ukraine discussions have focused on military licensing and security rather than a three-way summit, with traders viewing the absence of scheduled high-level diplomacy involving all three principals as the primary driver of the 93.5% implied probability against such a meeting materializing before 2027.