Kyrylo Budanov, a high-ranking Ukrainian official, stated that Ukraine is preparing to continue its military operations throughout the winter, ruling out any prospect of a ceasefire in the near term. Russia recently rejected a Black Sea ceasefire proposal, confirming the absence of a formal agreement between both parties. Market expectations for a Russia-Ukraine ceasefire by the end of 2026 have decreased, reflecting diminished outlooks for a resolution of the conflict. This situation confirms the scenario of a prolonged and attritional war, while diplomatic efforts remain limited and fragmented.
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