Russia's continued insistence on a comprehensive peace settlement rather than interim measures or leader-level summits has kept direct Zelenskyy-Putin engagement off the table amid the ongoing conflict. Recent U.S.-mediated diplomatic efforts, including Miami talks and an announced energy ceasefire, produced no breakthroughs, with Moscow rejecting temporary pauses and striking Ukrainian infrastructure despite the proposal. Ukrainian officials have signaled openness to trilateral formats or mediated discussions, yet Russian positions on territorial issues and demands for broader concessions remain unchanged. The 96% trader consensus on no meeting before 2027 reflects this sustained diplomatic stalemate. A verifiable shift in Russian negotiating posture, major battlefield developments, or successful U.S. pressure yielding a scheduled summit could still alter the outlook before the end of 2026.