• Kremlin spokesman Dmitry Peskov says the next round of Ukraine negotiations will be trilateral—Russia, Ukraine, and the United States—with no European governments at the table.
  • The talks, expected in Abu Dhabi in November, will focus on technical issues such as energy and maritime de-escalation, prisoner exchanges, and security guarantees.
  • European leaders are pushing for a role, but Moscow insists on a narrower format for the initial discussions.

Kremlin Sets Terms for Ukraine Talks

The Kremlin said on Tuesday that European governments will not participate in the next round of negotiations on Ukraine, according to the Interfax news agency. The talks, which are expected to take place in Abu Dhabi in November, will instead involve only Russia, Ukraine, and the United States, Kremlin spokesman Dmitry Peskov told reporters.

The announcement comes amid efforts to revive a diplomatic process that has stalled in recent months. Last week, Russian President Vladimir Putin agreed in principle to resume U.S.-mediated negotiations after meeting with U.S. envoy Steve Witkoff in St. Petersburg. According to people familiar with the matter, the technical discussions could address security guarantees for both Ukraine and Russia after the war.

But the exclusion of European governments from the initial talks has raised concerns in European capitals. Ukrainian President Volodymyr Zelenskyy has repeatedly called for Europe’s involvement in diplomatic processes and decisions, arguing that any settlement affecting the continent’s security architecture must include European voices. Peskov, however, has previously acknowledged that broader discussions on European security would require other participants, suggesting that Europe could be brought in at a later stage.

A Narrower Format

The trilateral format is a departure from previous negotiations, such as the 2015 Minsk ceasefire package, which was negotiated by the leaders of Ukraine, Russia, Germany, and France. The current initiative is also a resumption rather than a wholly new process; trilateral diplomacy had stalled earlier this year. The October meetings between Witkoff and Putin created the opening for another round.

Yuri Ushakov, Putin’s aide, characterized the first resumed meeting as a “trial run” and warned against expecting major results. The most plausible near-term deliverable is a limited technical understanding—on energy, maritime activity, or prisoner exchanges—rather than a comprehensive peace settlement.

The key indicators to watch are whether a jointly confirmed date, venue, and delegation list emerge, and whether there is agreement on concrete de-escalation measures and how compliance would be verified. Ukraine’s proposed agenda includes energy and maritime de-escalation, prisoner exchanges, security guarantees, and preparations for a possible leaders’ summit—not an already-agreed territorial settlement.

European Concerns

The exclusion of Europe from the initial talks has not gone unnoticed. On October 27, Finnish President Alexander Stubb and Norwegian Prime Minister Jonas Gahr Støre held a rare joint call with Putin, following consultations involving Ukraine and the United States. They emphasized that they represented their own countries, not Europe collectively. Denmark and Sweden said the call had not been coordinated with them, highlighting disagreements over representation.

The central disagreement is over who can negotiate which issues. Moscow favors an initial three-party format, while Zelenskyy has explicitly called for Europe’s involvement. European governments also have direct interests in any security guarantees or arrangements affecting NATO and regional defense.

“The headline should be read narrowly: exclusion from this negotiating round is not the same as permanent exclusion from a settlement,” said one European diplomat, who spoke on condition of anonymity. “But it does raise questions about the transparency and inclusivity of the process.”

The economic stakes extend well beyond the composition of the negotiating table. The World Bank’s October outlook projects Ukraine’s growth slowing to 1.2% in 2026 from 1.8% in 2025, as the prolonged invasion weighs on investment and business activity. A joint assessment by the Ukrainian government, World Bank, European Commission, and UN estimates almost $588 billion in recovery and reconstruction needs over ten years—nearly three times Ukraine’s estimated 2025 GDP.

IMF Alternate Executive Director Vladyslav Rashkovan said on October 28 that reconstruction requires a coherent institutional framework and substantial private financing, not simply public donor commitments. His remarks underscore why a durable security settlement matters for investment.

Credible progress could improve sentiment toward Ukrainian investment and reduce some regional risk premiums; a failed or unenforceable agreement would leave those risks elevated. These are conditional implications, not verified price reactions. The sources reviewed do not establish a specific stock, bond, currency, or commodity move attributable to this headline.

What’s Next

The immediate focus is on the November talks in Abu Dhabi. Polish Prime Minister Donald Tusk suggested November 4, but Ukraine had not confirmed that date. Earlier Russian statements pointed to after November 4 or November 10, so no single date should yet be treated as definitive.

For now, the Kremlin’s insistence on a trilateral format sets the stage for a delicate balancing act. As one senior European official put it, “We are not against Russia-Ukraine-U.S. talks, but we need to be at the table when the discussion turns to Europe’s security.” Whether that happens may determine the durability of any eventual agreement.

Correction: An earlier version of this article misstated the date of the Stubb-Støre call. It was October 27, not October 28.