Ukraine's constitution prohibits national elections, including presidential and parliamentary votes, during martial law, which has remained in effect since Russia's full-scale invasion in February 2022, automatically extending President Volodymyr Zelenskyy's term beyond its May 2024 expiration. In March 2026, Ukraine's Central Election Commission ruled out 2026 presidential elections, stating a fair vote requires at least six months after hostilities cease and martial law lifts, defying U.S. pressure reportedly tied to peace negotiations. Zelenskyy conditioned elections on a sustained ceasefire and security guarantees in February statements. With the war ongoing and no snap election mechanisms feasible amid occupation and displacement, traders watch diplomatic progress, such as U.S.-Russia talks, for shifts toward lifting martial law and scheduling votes, likely post-2026 absent de-escalation.