Recent US-mediated diplomacy, including envoy Steve Witkoff’s October 21 meeting with Vladimir Putin and prior discussions with Volodymyr Zelenskyy, has produced agreement in principle for technical-level trilateral talks after November 10 focused on postwar security arrangements. However, the Kremlin has emphasized lower-level delegations rather than a leaders’ summit and reiterated that any direct Putin-Zelenskyy encounter would require extensive prior preparation. Persistent gaps on territorial issues, security guarantees, and NATO membership continue to separate the sides, while military strikes persist. These factors sustain trader consensus that a bilateral meeting remains unlikely before the December 31, 2026 deadline despite renewed negotiation momentum.