Trader consensus prices a Russia-Ukraine ceasefire by end of 2026 at just 25.5% ("No" at 74.5%), anchored by the Kremlin's May 9 statement that peace remains "a very long way off" despite a U.S.-brokered three-day truce starting that day for Victory Day, including a 1,000-prisoner swap per side. Announced by President Trump on May 8, the temporary halt follows mutual accusations of violations in prior short pauses, like Kyiv's rejected May 6 proposal, amid persistent airstrikes, ground offensives, and stalled diplomacy over territorial disputes and security guarantees. Without escalation to substantive negotiations or de-escalation signals, traders see entrenched stalemate favoring continued hostilities through year-end.