**Ongoing Russian reluctance to participate in a trilateral leaders-level meeting continues to anchor trader expectations that Trump, Putin, and Zelensky will not appear together before 2027.** Despite Ukrainian President Zelenskyy’s public calls in September 2026 for such a summit—potentially at the December G20 in Miami—and U.S. efforts to arrange trilateral talks, including technical-level sessions in Abu Dhabi, Kremlin statements have described direct Putin-Zelensky engagement as premature. Bilateral Trump-Putin and Trump-Zelensky contacts have occurred, yet the absence of a confirmed three-way leaders’ encounter, combined with persistent battlefield hostilities and differing positions on ceasefires or territorial issues, sustains the 95% implied probability for “No.” Late diplomatic breakthroughs or scheduled multilateral forums could still alter this consensus before the deadline.