Trump's recent bilateral meetings with Zelensky at the July 2026 NATO summit in Ankara and a follow-up White House session have advanced US-Ukraine coordination on air defense and stalled peace efforts, while separate calls with Putin have occurred without producing a joint trilateral appearance. Negotiations remain deadlocked over territorial issues, security guarantees, and venue preferences, with Putin proposing Moscow and Zelensky resisting direct talks under those terms. Ongoing battlefield strikes by both sides and the absence of scheduled multilateral summits or confirmed breakthroughs through August 2026 reinforce trader expectations that no in-person gathering of all three leaders will occur before the 2027 deadline.