Despite President Trump's repeated diplomatic pushes—including separate meetings with Ukrainian President Zelenskyy and phone calls with Russian President Putin—no trilateral summit featuring all three leaders has materialized since Trump took office in January 2025. Recent Kremlin statements on May 12, 2026, indicate Putin would only meet Zelenskyy outside Russia for a final peace deal, while Ukraine has signaled a pivot away from U.S.-led talks amid stalled negotiations over a proposed 28-point plan involving territorial concessions. Ongoing military escalations, including Russian advances and North Korean troop deployments, underscore deep mistrust, leading traders to price an 83.5% implied probability against such a high-profile joint appearance before 2027.