Ongoing Russia-Ukraine hostilities, including recent Ukrainian drone strikes on Moscow and stalled trilateral talks, continue to constrain high-level bilateral engagement on U.S. soil. A recent extended phone call between Presidents Trump and Putin focused on energy supplies and diplomatic signals but produced no commitments or invitations for a U.S. visit by year-end; instead, aides referenced possible side meetings at the November APEC summit in China or future sessions in Moscow. Persistent U.S. sanctions, domestic political sensitivities ahead of midterms, and historical patterns of leaders preferring neutral venues further limit prospects. These factors underpin the market's strong consensus against a visit materializing before December 31, 2026.