Recent US-mediated trilateral technical talks in Abu Dhabi produced a major prisoner exchange and discussion of security guarantees and humanitarian measures, yet yielded no progress on ceasefires, territory, or broader de-escalation. Zelenskyy has signaled openness to a direct meeting with Putin—potentially in Turkey—for leadership-level decisions on occupied regions, while reiterating rejection of Russian demands for Ukrainian territorial concessions or neutrality. Core positions remain distant, with Russia insisting on recognition of annexed areas and limits on Ukrainian forces. These entrenched gaps, despite renewed diplomatic momentum ahead of 2027, keep near-term direct leader engagement unlikely in trader assessments.