The Kremlin has proposed a trilateral summit between Trump, Putin, and Xi Jinping on the sidelines of the APEC summit in Shenzhen, China, scheduled for November 18-19. The format is the message: Russia, America, and China decide the post-war order, while Ukraine and Europe wait outside. Putin explicitly frames this as a new Yalta Conference — the 1945 meeting where Roosevelt, Churchill, and Stalin carved up postwar Europe. The historical parallel is not subtle, and it is not accidental. The diplomacy leading to this moment has been asymmetric. Washington has offered concessions — a diesel export deal, temporary sanctions relief — to coax Moscow back to negotiations. The Kremlin's response has been to slow-walk technical-level talks to Abu Dhabi next month while pushing for the grander trilateral format. Putin agreed to resume Washington-mediated peace talks after November 10, according to aide Yury Ushakov, but the real prize Moscow is playing for is the Shenzhen photo op. China's role in this arrangement is strategic but deliberately ambiguous. According to Temur Umarov of the Carnegie Russia Eurasia Center, Beijing would participate as a symbolic partner rather than an active mediator. China has no intention of taking responsibility for Ukraine's future — it wants language vague enough that any subsequent development can be presented as consistent with whatever the summit produces. The Wall Street Journal reports Chinese officials indicated through diplomatic channels that Beijing would not object to the format if Trump agreed. For Xi, attendance costs nothing and signals great-power parity with Washington. Yet the interests are not purely symbolic. Yurii Poita of the Mercator Institute for China Studies argues that Russia and China share overlapping strategic goals: reducing Western military presence across Eurasia, weakening NATO's influence, and undermining EU confidence in the United States as a security guarantor. A summit that legitimizes these aims without binding commitments would be a net win for both Moscow and Beijing. Michael Kimmage of the Kennan Institute goes further, arguing that Putin's political survival is itself a Chinese strategic interest — Russia provides cheap energy and a foreign policy partner that rarely opposes Beijing. The exclusion of Ukraine and the EU is the structural core of the proposal, not a procedural detail. Kateryna Krasina of the Kyiv-based New Geopolitics Network reads this as revealing how Beijing views European and Ukrainian influence — as negligible. Kimmage pushes back, noting that European financial assistance to Ukraine and defense industry cooperation, particularly involving Germany, constitute real leverage that cannot be erased by summit optics. Europe helped prevent unfavorable outcomes at the 2025 Alaska summit between Trump and Putin, he argues, and that support equals leverage. President Zelenskyy stated during his Oslo visit on October 20 that talks concerning Ukraine's future are acceptable only if Ukraine gets a seat at the negotiating table. Umarov reinforces this from a structural angle: whatever is agreed between three powers, the reality on the ground depends on Ukraine. Neither the United States nor Western countries can fully determine battlefield outcomes through diplomatic pressure alone. The Kremlin may not like it, but Ukraine has agency of its own. The proposal reveals Moscow's negotiating strategy with unusual clarity. Russia does not want mediation — it wants ratification. A trilateral summit formats the war's conclusion as a great-power arrangement, not a negotiation with the country being invaded. If this format holds, the precedent extends far beyond Ukraine: any country with a powerful patron can bypass the sovereignty of its target by convening a summit of the willing above the victim's head.