**Ongoing diplomatic efforts face persistent barriers over venue and preconditions.** Zelenskyy has repeatedly signaled readiness for direct or trilateral talks with Putin, including at the December 2026 G20 summit in Miami after the U.S. extended an invitation, or in a neutral location such as Turkey or the UAE. Putin and Kremlin officials maintain that any bilateral meeting requires Zelenskyy to travel to Moscow or follow prior agreement on core issues like territorial control, with Putin stating he sees “no point” in talks without those elements. Recent UN General Assembly exchanges and technical-level trilateral discussions in Abu Dhabi have not bridged the gap, while mutual strikes on energy and civilian targets continue. These dynamics, combined with the absence of direct leader-level meetings since 2019, shape trader assessments of near-term prospects.