Russia continues to conduct strategic nuclear forces exercises and advanced weapons system tests, including recent submerged launches of Kalibr and Oniks cruise missiles from the Yasen-M submarine Novosibirsk and intercontinental ballistic missile drills overseen by President Putin, without any confirmed explosive nuclear detonations. Kremlin statements have repeatedly denied secret nuclear tests and emphasized compliance with the existing testing moratorium, while distinguishing these capability demonstrations from prohibited yield-producing events. Ongoing diplomatic frictions, including stalled arms control talks and the Ukraine conflict, sustain market attention, though trader pricing reflects the high threshold for an actual test and the diplomatic costs involved. Scheduled military activities and any shifts in U.S.-Russia or China-related arms control dynamics remain key near-term factors.