**Ongoing Russia-Ukraine negotiations have featured bilateral U.S.-Russia and U.S.-Ukraine contacts plus envoy-level trilateral sessions in Abu Dhabi and Geneva earlier in 2026, but no leaders-level meeting among Trump, Putin, and Zelensky has occurred.** Trump met Putin in Alaska in August 2025 and held multiple sessions with Zelensky, including at the White House in July 2026, where topics included air-defense cooperation and renewed diplomatic efforts. Discussions of a possible trilateral leaders summit have surfaced conditionally—if lower-level talks advance—but none has been scheduled or executed. With the calendar now at mid-August 2026 and roughly four months remaining before the end of the year, the absence of announced plans, combined with continued battlefield activity and unresolved territorial and security issues, underpins trader expectations that the three leaders will not appear together publicly in the limited window. Markets reflect the pattern of incremental, mediated diplomacy rather than rapid escalation to a visible trilateral format.