Ongoing martial law, extended through October 31, 2026, prohibits presidential elections under Ukrainian law, keeping incumbent Volodymyr Zelenskyy in office despite his formal term ending in 2024. Parliament has approved repeated 90-day extensions amid the active conflict with Russia, with no ceasefire or security guarantees in place to allow a vote before late 2026 at the earliest. Zelenskyy has stated elections require a ceasefire and allied support for security, while recent diplomatic proposals to the U.S. and ongoing military operations show continuity in his role. Trader consensus reflects these structural barriers and the absence of any imminent leadership transition or constitutional shift by year-end.