Despite ongoing U.S. mediation through envoys and bilateral contacts between President Trump and Russian leader Vladimir Putin, no trilateral summit with Ukrainian President Volodymyr Zelensky has been scheduled. Russia continues to condition any direct Putin-Zelensky encounter on prior agreement over territorial issues and security arrangements, while recent lower-level talks in Geneva and Abu Dhabi have produced only limited progress on ceasefires. Zelensky has reiterated the need for Ukrainian inclusion and security guarantees, yet diplomatic channels remain focused on preparatory steps rather than immediate leader-level convergence. With just months remaining before 2027 and no announced timeline for such a gathering, trader assessments reflect the structural barriers and sequencing requirements that make a combined meeting improbable in the near term.