Diplomatic efforts under President Trump have featured repeated bilateral phone calls and envoy visits with Vladimir Putin and Volodymyr Zelenskyy separately, alongside expressions of interest in a possible bilateral Putin-Zelenskyy encounter that could lead to trilateral discussions. However, Moscow has consistently rejected direct talks with Zelenskyy absent preconditions on territory, security arrangements, and other core issues, while battlefield advances continue without a ceasefire. As of late August 2026, no trilateral meeting has materialized despite proposals for formats in the United States or elsewhere, and remaining time before 2027 is limited. Traders price this outcome at 94 percent for “No” based on these persistent procedural and substantive barriers.