Recent diplomatic efforts have centered on technical-level trilateral discussions proposed by U.S. envoys for late October 2026, potentially in the UAE, alongside bilateral phone contacts between Trump and Putin. However, the Kremlin has stated that conditions are not suitable for a Putin-Trump-Zelensky summit, with Moscow showing limited interest in resuming full negotiations amid continued battlefield operations and disputes over energy infrastructure strikes. Zelenskyy has expressed openness to reciprocal ceasefires but has rejected formats requiring direct engagement with Putin without prior guarantees. With roughly 80 days remaining until 2027, the absence of scheduled high-level in-person meetings among all three leaders and persistent gaps in trust underpin the market's strong consensus against an early joint appearance.