Traders assign a 94.5% implied probability against Trump, Putin, and Zelensky appearing together before 2027 because bilateral U.S. diplomacy with each leader has not produced a trilateral format. Recent White House talks between Trump and Zelenskyy focused on air defense production and reviving negotiations, while separate U.S.-Russia contacts addressed possible summits, yet no joint session or public meeting involving all three has occurred. Stalled peace efforts, persistent territorial disputes, and the absence of a ceasefire continue to limit conditions for such an event. Historical patterns of separate bilateral channels during the conflict and the lack of scheduled multilateral opportunities in the remaining months of 2026 reinforce the current trader consensus reflected in the market pricing.