Recent US diplomatic efforts, including proposals for technical-level trilateral talks in the UAE and a potential leaders' meeting at the December G20 summit in Miami, have not overcome Russian insistence on expert-level preparations first and a preference for Moscow as the venue for any direct Zelenskyy-Putin encounter. Ukrainian officials have signaled openness to neutral locations and formats like an energy ceasefire, yet Moscow has described high-level talks as premature or a waste of time absent major concessions. With only three months remaining before 2027 and no breakthrough in venue or preconditions despite renewed US engagement, trader consensus reflects the low likelihood of a meeting materializing. A rapid shift in Russian positioning or an unexpected agreement at the G20 could still alter the outcome.