Ongoing U.S. shuttle diplomacy led by envoys Jared Kushner and Steve Witkoff, including recent visits to Moscow and Kyiv, has produced no breakthrough toward a Russia-Ukraine ceasefire or trilateral summit involving President Trump, Vladimir Putin, and Volodymyr Zelenskyy. Trump described a recent phone call with Putin as constructive and noted mutual interest in a deal, yet highlighted deep personal animosity between the Russian and Ukrainian leaders as the primary obstacle. Zelenskyy has indicated the conflict is likely to extend into 2027 amid unresolved disputes over territory and security guarantees. With no scheduled high-level meeting in the narrow window before 2027 and stalled bilateral progress, trader consensus reflects the absence of imminent conditions for such an appearance.