**Persistent diplomatic frictions and the absence of any scheduled trilateral engagement underpin the 95% trader consensus against a Trump-Putin-Zelensky meeting before 2027.** Recent U.S. efforts to broker an energy ceasefire have faltered, with Russia continuing strikes on Ukrainian infrastructure shortly after President Trump's announcement, while Moscow has not publicly endorsed the proposal. Tensions have risen between Washington and Kyiv over a U.S.-Russia diesel export arrangement and U.S. pressure on Ukrainian strikes against Russian energy targets, culminating in Trump publicly suggesting Ukraine needs new leadership. Kremlin statements have explicitly downplayed prospects for a Putin-Trump-Zelensky summit, citing timing concerns. These developments, set against the unresolved Russia-Ukraine conflict and lack of confirmed high-level talks involving all three leaders, sustain expectations that no joint appearance will occur by year-end.