Recent statements from both leaders have shaped expectations around potential direct talks between Volodymyr Zelenskyy and Vladimir Putin. On May 9, Putin indicated the conflict is heading toward resolution and expressed openness to a meeting in a third country, but only to endorse a finalized peace agreement rather than conduct negotiations. Zelenskyy responded the following day by noting that Putin is now “ready for real meetings,” crediting Ukrainian pressure, and called for identifying a suitable format outside Russia or Belarus to secure lasting security guarantees. Parallel U.S.-brokered efforts have produced limited progress, including a recent large-scale prisoner exchange, while proposed short-term ceasefires around Victory Day saw mutual violations. These developments, alongside scheduled diplomatic contacts such as Putin’s upcoming engagement with Chinese leadership, remain the primary factors traders monitor for shifts in the likelihood of a leaders-level meeting by any defined resolution date.