**Ongoing U.S.-mediated diplomatic efforts have not produced a scheduled leaders-level trilateral meeting involving President Trump, President Putin, and President Zelensky before the end of 2026.** U.S. envoys conducted visits to Moscow and Kyiv in early September to advance ceasefire ideas, including an energy truce and renewed Black Sea grain corridor access, while technical-level trilateral discussions were proposed for Abu Dhabi. Zelensky has repeatedly expressed readiness for a three-way leaders’ format and suggested the December G20 in Miami as a possible venue, and the Kremlin acknowledged in late September that such a meeting could occur. However, Putin has continued to condition direct engagement on bilateral terms favoring Moscow’s positions, and no confirmed in-person summit with all three principals has been set. Recent phone diplomacy, including a lengthy Trump-Putin call in early October, has focused on preliminary memoranda rather than immediate high-level optics. With roughly three months remaining and persistent gaps over format, security guarantees, and territorial issues, trader consensus reflects the low likelihood of the three leaders appearing together before 2027.