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Putin floats three-way summit with Trump and Xi on Ukraine, WSJ says

Andre Savage
Published Oct 18, 2026
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Summary:
  • Vladimir Putin proposed that Donald Trump and Xi Jinping meet next month to work toward ending the war in Ukraine, according to the Wall Street Journal.
  • The proposal arose from an Oct. 9 call that also yielded a US arrangement to purchase Russian diesel and to help facilitate its sale abroad; the Kremlin says there is still no concrete agreement on a summit or its agenda.
  • According to a senior US official, Trump has not agreed to attend, though he could be open to it; Kyiv and allies in Europe and Washington have criticized Trump's recent overtures to Moscow.

What is on the table

Putin pitched a three-way meeting with Trump and China's Xi focused on Ukraine, according to the Journal. The move coincides with Trump's latest engagement with Moscow, including a diesel export arrangement as well as an action to set aside a new sanctions law; both steps have drawn criticism from Ukraine and from allies in Europe and Washington.

The Journal, citing an ex-Russian intelligence operative who had been briefed, said Putin raised the summit during a phone conversation with Trump on Oct. 9. That same conversation led to an agreement for the US to purchase Russian diesel and to help facilitate its international sale.

Where and when it could happen

Kremlin spokesperson Dmitry Peskov acknowledged discussions about a potential meeting, while noting there is no finalized agreement on holding a summit or on what would be discussed. A senior US official told the Journal that while Trump has not committed to attend, he might be receptive to the proposal in light of his longstanding pledge to end the war.

One option Putin floated for timing and location, the Journal reported, was holding it in Shenzhen during the Asia-Pacific Economic Cooperation summit on Nov. 18 and 19.

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Politics and pushback

Trump stated on Sunday that he made deals with Russia so as not to discourage Putin from pursuing peace talks with Ukraine. Also Sunday, Ukrainian President Volodymyr Zelenskyy told Bloomberg News that Trump was trying to pressure Kyiv to surrender to Russia, underscoring worsening relations between the two leaders.

A Ukraine-focused summit that left out Zelenskyy would be an unusual diplomatic move and would likely draw protests from Kyiv and its allies.

What it means for investors

The proposal lands as Washington and Moscow discuss energy trade, including an agreement for US purchases of Russian diesel and help in facilitating international sales. Investors will be watching for any movement on the proposed summit, details of the diesel arrangement, and further statements from Washington, Moscow, Kyiv and Beijing.

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