Amid an escalating war that appears to get farther from any hope of a ceasefire, let alone peace, late on Sunday the WSJ reported that Vladimir Putin has proposed that he, President Trump and Chinese leader Xi Jinping meet next month to talk about Ukraine in an attempt to negotiate an end to the four-year conflict that would favor Moscow.

Citing people familiar with the discussions, the WSJ notes that the plan represents an effort by Putin to capitalize on warming ties between Trump and the Russian leader that have alarmed Ukraine and its allies in Washington and Europe. Such a summit - one notably without the involvement of Zelensky who appears to have terminally alienated Trump in recent days - would be "unprecedented and send alarm bells ringing in European capitals and beyond."

According to a former Russian intelligence officer briefed on the matter, Putin floated the idea in an Oct. 9 phone call with Trump. That conversation also produced a deal for the U.S. to buy Russian diesel fuel and facilitate its sale on the global market. Kremlin spokesman Dmitry Peskov confirmed that discussions were taking place over a potential meeting. 

"There is no clear understanding yet regarding the meeting itself or its potential agenda, although all three parties acknowledge the hypothetical possibility of such a meeting taking place," he told The Wall Street Journal.

A senior US official said that while Trump hadn't agreed to such a summit, he said that the president could be receptive to the idea, given his desire to fulfill a campaign promise to settle the war. Trump had said it would be finished on "day one" of his new term, but he is now approaching nearly two years in office. 

The Kremlin has suggested holding the trilateral dialogue on the sidelines of the coming Asia-Pacific Economic Cooperation summit, the people familiar with discussions said. That gathering takes place on Nov. 18 and 19 in Shenzhen, the southern Chinese tech hub. 

A potential three-way dialogue on Chinese soil would mark a big step for Xi in his efforts to elevate China's role as a diplomatic power broker, said analysts who study China. Russian officials proposed the idea to Beijing through diplomatic channels and the Chinese side has indicated it wouldn't object if Trump is on board.

"China wants to be seen as the pivot of the great powers, and potentially as a mediator between the U.S. and Russia," said Yun Sun, director of the China program at the Stimson Center, a Washington think tank.

While Putin had unsuccessfully proposed a trilateral summit to both Trump and Xi on previous occasions, this time, however, it comes during a reversal of Moscow's fortunes with Washington. 

Trump just notched a deal with Putin to get Russian diesel in a bid to lower fuel prices that have slowed the American economy and hurt Republican prospects ahead of the midterm elections. On Friday, Trump halted implementation of sanctions that were to be imposed on Russia under a bipartisan bill he signed last month, drawing criticism from lawmakers, including some of his allies.