**Ongoing Russia-Ukraine negotiations have remained at the envoy level without advancing to a confirmed trilateral leaders’ summit.** U.S.-brokered talks involving American, Russian, and Ukrainian representatives occurred in Abu Dhabi and Geneva in early 2026, producing a prisoner exchange but yielding no agreement on core issues such as territorial control or security arrangements. Subsequent rounds proposed for later in 2026 have faced repeated delays, with Russian officials stating they have seen no concrete new proposals and Ukrainian and U.S. statements emphasizing the need for further groundwork. Diplomatic activity since mid-2025 has centered on bilateral U.S.-Ukraine and U.S.-Russia contacts, including White House meetings and calls, alongside European efforts to secure a seat at any future table. Russia has continued maximalist demands on territory while Ukraine has resisted concessions without firm security guarantees. These structural differences, combined with the absence of any scheduled or announced leader-level trilateral format through mid-2026, underpin the strong trader consensus against such a meeting materializing before the end of 2026.