US diplomatic efforts in early September 2026 produced the most recent catalyst, as envoys Steve Witkoff and Jared Kushner met Vladimir Putin in Moscow then Volodymyr Zelenskyy in Kyiv, securing agreement in principle to resume trilateral negotiations while discussing security guarantees, energy support, and territorial questions. Zelenskyy stated readiness for a trilateral session in September or autumn, and Russian officials signaled openness to restarting the format without ruling out further US-mediated steps. Persistent gaps remain, however, including Moscow’s insistence on Ukrainian withdrawal from Donbas and constitutional recognition of territorial realities, alongside continued Russian strikes on Kyiv after a temporary pause. No direct bilateral contact between the leaders has occurred, and prior rounds since February yielded no progress. These dynamics, combined with entrenched preconditions on both sides, continue to shape trader assessments of near-term direct talks.