Recent US-mediated trilateral talks in Abu Dhabi on November 10-11 produced agreement on a large-scale prisoner exchange but no progress toward a broader ceasefire or resolution of core disputes over territory in Donbas and postwar security guarantees. Ukrainian and Russian negotiators described the sessions as constructive while noting persistent gaps, with Moscow rejecting any unconditional truce and Kyiv maintaining its stance on retaining control of contested areas. US envoys, including Jared Kushner and Steve Witkoff, are continuing shuttle diplomacy, with follow-up meetings planned. These developments, alongside an earlier localized humanitarian ceasefire in Oleshky, shape trader assessments of near-term ceasefire prospects amid ongoing military activity and differing positions on European security architecture.