US-Russia-Ukraine peace efforts remain stalled at the envoy level, with recent trilateral talks in Geneva and Abu Dhabi producing no breakthrough on territorial issues or security guarantees. President Trump has conducted separate phone calls and summits with Vladimir Putin, including a 2025 Alaska meeting and a 90-minute discussion in April 2026, while holding distinct sessions with Volodymyr Zelensky, such as the contentious February 2025 Oval Office encounter. A US-proposed three-day ceasefire collapsed in early May amid mutual violations and renewed Russian drone activity, prompting Trump to condition any joint leader meeting on finalized lower-level agreements. These patterns of bilateral diplomacy and procedural sequencing sustain trader consensus that a trilateral encounter is unlikely before the 2027 deadline.