Ukraine's constitution prohibits parliamentary and presidential elections during martial law, imposed since Russia's 2022 invasion and extended by the Verkhovna Rada most recently on August 8 until November 9, 2024. President Zelenskyy's term formally expired May 20 without a vote, but Article 108 ensures he continues in office until a successor is elected, a position endorsed by Western allies amid frontline combat, territorial occupation, and 6 million displaced voters. Zelenskyy has repeatedly ruled out wartime polls due to security and logistical barriers. Traders watch the next extension vote around early November, potential ceasefire talks, or war de-escalation as keys to shifting timelines, though active hostilities sustain indefinite postponement.