The entrenched military stalemate in the Russia-Ukraine conflict, coupled with persistent diplomatic preconditions from both sides and limited progress in multilateral mediation, underpins trader consensus around a negligible chance of a Zelenskyy-Putin summit before 2027. No major bilateral talks or leader-level encounters have materialized in recent months amid ongoing operations and mutual accusations over negotiation formats. This positioning aligns with historical patterns where active hostilities rarely yield rapid high-level meetings without prior de-escalation signals. Shifts could occur through sudden ceasefire breakthroughs, intensified involvement by external powers, or battlefield changes that force urgent diplomacy in neutral locations.