Moscow’s insistence that any Putin-Trump-Zelensky summit would serve only to formalize a completed agreement, not to negotiate one, remains the dominant factor behind traders’ 93% assessment that no trilateral leaders’ meeting will occur before 2027. Kremlin spokesmen have reiterated this stance since August 2025 proposals, most recently after CIA Director Ratcliffe’s Moscow visit, while core disputes over territory and security guarantees show no resolution. Recent U.S. envoy visits to both capitals have revived lower-level trilateral talks slated for October, yet these remain at the envoy or ministerial stage with no announced leaders’ summit. Bilateral Trump-Zelensky engagement at the UN General Assembly and persistent Russian rejection of direct Zelensky-Putin formats further limit near-term prospects for a three-way encounter within the remaining months of 2026.