Trump’s push for Ukraine-Russia peace talks has produced multiple rounds of lower-level trilateral negotiations since January 2026, including sessions in Abu Dhabi and Geneva, yet these yielded no breakthrough or leaders’ summit. Recent phone calls and bilateral meetings at the June 2026 G7 summit allowed separate conversations between Trump, Putin, and Zelensky without a joint session materializing. Zelensky has floated a U.S.-hosted leaders’ meeting, but Russian positions and the absence of a ceasefire have kept diplomacy at the official rather than presidential level. With the war ongoing, deadlines missed, and no scheduled trilateral format before year-end, traders see limited near-term prospects for the three leaders convening together.