**Trilateral leader-level diplomacy remains stalled amid protracted bilateral channels and unresolved core issues.** As of mid-August 2026, U.S. envoys have conducted multiple rounds of delegation talks with Ukrainian and Russian counterparts in Abu Dhabi and Geneva, yet these have produced no breakthrough on territory, security guarantees, or cease-fire terms. President Trump has held separate calls and bilateral meetings with both Vladimir Putin and Volodymyr Zelenskyy, including at the July NATO summit, but has not scheduled or signaled an imminent three-way summit. Kremlin statements in late July noted the absence of fresh proposals, while Ukrainian officials continue pressing for accelerated talks without confirmed dates for a leaders’ meeting. With fewer than five months left before 2027 and negotiations described as uncertain, traders see limited near-term catalysts for the specific format of a Trump-Putin-Zelenskyy gathering.