Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy have not held a direct meeting since the full-scale invasion began, and Moscow has repeatedly stated that any such summit would occur only after negotiators finalize a comprehensive agreement. In June 2026, Putin rejected Zelenskyy’s open letter proposing talks, describing it as insincere and insisting experts must first resolve core disputes over territory, security guarantees, and long-term terms. Kremlin spokesman Dmitry Peskov reiterated in late August and early September 2026 that trilateral or bilateral leader meetings would serve only to formalize deals already reached, with necessary conditions still absent. Recent U.S. diplomatic activity, including planned envoy visits to both capitals and Putin’s acknowledgment of possible settlement prospects, has centered on lower-level channels rather than leader-level engagement. With major sticking points unresolved and the deadline four months away, trader consensus reflects these structural barriers to a bilateral summit.