Reports of an impending US-Russia leadership summit have been greatly exaggerated, it seems.

Just days after Donald Trump said he planned to meet Russian President Vladimir Putin in Budapest - within two weeks or so - the summit has been suspended indefinitely.

A preliminary get-together by the two nations' top diplomats has been cancelled, too.

I don't want to have a wasted meeting, President Trump told reporters at the White House on Tuesday afternoon. I don't want to have a waste of time, so I'll see what happens.

The on-again, off-again summit is just the latest twist in Trump's efforts to broker an end to war in Ukraine – a subject of renewed focus for the US president after he arranged a ceasefire and hostage release deal in Gaza.

According to Trump's diplomatic team, the key to unlocking a deal in Gaza was Israel's recent military actions against Hamas negotiators, which inadvertently gave Trump leverage to apply pressure on Israeli Prime Minister Benjamin Netanyahu.

In Alaska, Trump has been dynamically engaging with Zelensky and Putin, seeking common ground but facing diminishing returns with both leaders. His fluctuating strategies have led him to backtrack on arms supplies to Ukraine while oscillating between pressuring both sides for concessions.

As the political landscape shifts rapidly, the hopes for a swift resolution to the Ukraine conflict seem increasingly fragile, and the diplomatic climate surrounding it remains tense and complex.