Trader consensus on a 94% chance of no Zelenskyy-Putin meeting before 2027 reflects Russia's consistent position that direct leader-level talks remain premature without prior expert-level agreements and major Ukrainian concessions on neutrality, territorial issues, and demilitarization. Recent US-mediated efforts, including envoys' visits to Moscow and Kyiv plus proposals for trilateral formats or an energy ceasefire, have not altered Moscow's stance that hostilities would continue during any negotiations and that preconditions must be met first. Zelenskyy has signaled readiness for talks in various formats, yet Kremlin statements emphasize the absence of necessary groundwork. A shift could occur if sustained US diplomatic pressure or battlefield developments compel Moscow to engage before year-end summits or deadlines.