Kremlin floats a Putin–Trump–Xi summit in China, with Ukraine and Europe left out

Russia has proposed a possible meeting between Vladimir Putin, Donald Trump and Xi Jinping in China in November². The Kremlin has floated the three-way meeting publicly⁶, and Russia said the world is placing high hopes on talks between the three leaders on the sidelines of APEC⁵.

The proposed format would bring the three together at next month’s APEC summit in China with no European leader at the table⁷. Ukraine’s president, Zelenskyy, would also be absent⁴. The idea has been presented as a way to end the war in Ukraine¹.

Reactions

Both Trump and Putin have expressed interest in a trilateral meeting, which has put Xi in an unusual position³. Xi may have his own reasons to avert such a summit³.

Ukrainian voices have been sharply critical. Ukraine’s former prime minister, Yatsenyuk, compared such meetings to the Munich and Yalta agreements and condemned the White House’s commercial diesel pact with Russia⁹. A Ukrainian analyst, Fesenko, warned that Russia wants to force Ukraine into neutrality as peace talks resume¹⁰.

Zelensky has said he hopes Beijing can use its influence over Moscow to help stop the war¹¹. Trump, for his part, has thanked Xi and Putin for being “neutral” in the Iran war¹¹.

Commentators outside Ukraine have also pushed back. One commentary urged Trump to reject Putin’s plan for a great-powers summit and pointed to an exhibition titled “Yalta 2.0”¹². Another argued that Trump is giving Russia wins that will carry costs¹.

Why it matters to investors

A meeting of the three leaders without Europe or Ukraine would test assumptions about sanctions and security that underpin European risk. The United States is advancing a peace plan that involves concessions to Russia⁸, and the Kremlin’s proposal comes as ties between Japan and Russia have hit a new low amid Moscow’s geostrategic shift⁶.

Analysts are divided on what the venue means. One expert said the summit’s location creates conditions for a potential meeting between Trump, Putin and Xi⁸, while another analyst read the push for talks as a Russian effort to force Ukraine into neutrality¹⁰.

What to watch

The signals to follow are whether Beijing agrees to host the format³, whether Washington confirms Trump’s participation², and how European capitals respond to being left out of talks about the war on their continent⁷.