Persistent disagreements over territory, security guarantees, and core conflict issues have kept a Trump-Putin-Zelensky summit off the immediate agenda despite U.S. envoy visits to Moscow and Kyiv in September 2026 and planned Trump-Zelensky bilateral talks at the UN General Assembly. Kremlin statements emphasize that any trilateral leader meeting would serve only to formalize prior agreements, which envoy-level trilateral sessions in Abu Dhabi and Geneva earlier in the year failed to produce. Intensified strikes on energy infrastructure, Russian battlefield advances, and Ukrainian resistance to concessions continue to block progress, with midterms and other priorities compressing the window before 2027. Trader consensus reflects these structural barriers and lack of recent breakthroughs.