Ukraine's presidential and parliamentary elections remain suspended under martial law extended through at least mid-2026, with constitutional rules prohibiting votes during active conflict. Trader sentiment reflects Zelenskyy's repeated rejections of wartime elections, including August 2026 statements that such polls would divide the country, alongside a March 2026 working group conclusion ruling out 2026 voting. Earlier 2026 discussions tied any election or peace referendum to a ceasefire or security guarantees, with U.S. diplomatic pressure noted in February reports. Key variables include the timing of any Russia-Ukraine negotiations, legislative changes for diaspora or electronic voting, and the war's trajectory. Resolution depends on verifiable steps toward ending martial law and scheduling a vote.