I STANBUL—President Trump’s ultimatum for Russian President Vladimir Putin is showing no signs of bringing Russia and Ukraine any closer to peace. The third round of direct talks between Ukrainian and Russian officials, held Wednesday in Istanbul, yielded few results. The two sides met for less than an hour.

Ukrainian and Russian officials ended their third round of peace negotiations in under an hour Wednesday — falling short of establishing a cease-fire but agreeing to a prison swap. The talks took place in Istanbul just over a week after President Trump threatened Russian President Vladimir Putin with “very severe tariffs” if he doesn’t commit to a cease-fire in Ukraine within 50 days.

Ukraine on Wednesday proposed direct talks within weeks between its President Volodymyr Zelensky and Russia's Vladimir Putin while Moscow tempered prospects for progress at a fresh round of talks in Istanbul on Wednesday.