U.S. President Donald Trump announced there is a “very good chance” he will soon hold a high-level summit with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy in a renewed attempt to end the ongoing war in Ukraine. The summit, which may take place in the Middle East, is reportedly being pursued following recent backchannel talks between Trump’s special envoy and Kremlin officials, with land swaps and ceasefire terms on the table.

Summit Plans and Conditions

Speaking in the Oval Office, Trump said both Putin and Zelenskiy may be willing to participate in peace talks, hinting at significant momentum following a phone call with Zelenskiy and recent meetings in Moscow by his special envoy, Steve Witkoff. According to insiders, Trump suggested that Putin was open to discussions contingent on territorial negotiations.

Secretary of State Marco Rubio outlined that a short ceasefire would be a prerequisite for any leader-level meeting. “There are many impediments to overcome,” Rubio told Fox Business, noting that territorial compromises would likely be needed from both sides.

Land Swap Discussions and Diplomatic Hurdles

The potential peace deal involves recognizing Russia’s control over Crimea and allowing Ukraine to regain parts of Zaporizhzhia and Kherson currently under Russian occupation. Russia claims full sovereignty over five Ukrainian regions, though it does not completely control all of them.

Trump has yet to confirm the summit's location, but Gulf states—possibly Türkiye—are being considered, with Turkish President Recep Tayyip Erdoğan reportedly offering to host. The leaders last met face-to-face in 2018 in Finland.

Tariffs and Sanctions as Leverage

Coinciding with diplomatic developments, Trump doubled tariffs on Indian goods over New Delhi’s continued purchases of Russian oil and hinted at further sanctions. U.S. officials are also considering new penalties against Russia’s so-called shadow oil tanker fleet, which bypasses existing Western sanctions.

Zelenskiy's chief of staff, Andriy Yermak, condemned the fleet as critical to Russia’s war financing, reinforcing Washington’s pivot to economic pressure while exploring diplomacy.

Caution and Realism

Experts remain skeptical of a breakthrough. “A leader-level summit on such short notice could create unrealistic expectations,” warned RAND’s Samuel Charap. He noted that any deal would require deep concessions and long-term diplomatic processes.

Despite public optimism, Kremlin aide Yuri Ushakov downplayed expectations, saying only that “signals” were exchanged between Trump and Putin.

Meanwhile, global oil prices slid amid speculation over a softer U.S. stance on Russian energy flows, with West Texas Intermediate crude falling for the fifth straight session.