The dominant trader consensus that Zelenskyy and Putin will not meet before 2027 reflects the continued absence of direct bilateral engagement amid the Russia-Ukraine conflict, with both leaders maintaining incompatible preconditions for talks and relying instead on indirect diplomacy through intermediaries. Recent months have seen no verified shifts in this pattern, as battlefield developments and sanctions regimes have sustained hardened positions rather than prompting summit-level contact. The low probabilities assigned to venues such as the US, Turkey, or Gulf states underscore the lack of active, credible mediation frameworks capable of bridging gaps within the remaining timeframe. Scenarios that could still alter this outcome include a sudden battlefield reversal, leadership transition, or breakthrough mediated by a major power that compels both sides to the table before year-end.