Russia and Ukraine remain far apart on an energy ceasefire amid intensified Russian strikes on Ukrainian power plants, substations, and transmission lines in November 2026. US-mediated trilateral talks in Abu Dhabi on November 10–11 produced a prisoner exchange agreement but no progress on halting attacks on energy infrastructure or broader security guarantees, with Moscow rejecting any immediate truce absent prior commitments on European security and territory. Ukraine proposed mutual restraints on energy targets and Black Sea operations during the talks, building on earlier conditional offers to halt refinery strikes. Continued Russian barrages, including large-scale missile and drone assaults on the grid ahead of winter, have sustained pressure on Ukrainian energy supplies while US envoys prepare follow-up meetings with Russian leadership. Trader assessments reflect these stalled de-escalation efforts and persistent battlefield leverage dynamics.