**Ongoing U.S.-mediated shuttle diplomacy has produced phone calls and bilateral meetings but no scheduled trilateral summit involving President Trump, President Putin, and President Zelensky before the end of 2026.** Recent envoys' visits to Moscow and Kyiv, followed by Trump's conversation with Putin, yielded statements that both sides remain open to renewed three-way talks, yet core territorial disputes and mutual distrust persist without concrete plans for a joint appearance. Trump has publicly attributed delays to personal animosity between Putin and Zelensky, while Ukrainian and Russian positions on security guarantees and occupied regions show little convergence. With the calendar year nearly over and no confirmed high-level venue or date set, traders assign low probability to the three leaders appearing together in the remaining months.