Ongoing US-Russia tensions center on the stalled Ukraine war and Russian hybrid operations across NATO territory, including airspace probes, drone incursions, and sabotage targeting European infrastructure. US-mediated talks, including February 2026 Geneva sessions and prior Anchorage framework discussions, have produced no ceasefire, while Washington’s 2026 Iran conflict has sharply reduced air-defense stocks available for Ukraine support. Traders price a low probability of direct military encounter by year-end, reflecting continued proxy dynamics, nuclear modernization on both sides, and absence of conventional escalation triggers despite Russian gray-zone activity and NATO readiness concerns. Scheduled diplomatic deadlines and alliance summits remain key variables that could alter positioning.
สรุปจาก AI ทดลองที่อ้างอิงข้อมูลจาก Polymarket ไม่ใช่คำแนะนำในการเทรดและไม่มีผลต่อการตัดสินตลาดนี้ · อัปเดตแล้วRussian forces increase drone strikes on Ukrainian frontline oblasts
Russia escalated drone attacks on Ukrainian frontline regions, reflecting intensified conflict but no direct military engagement with US forces. This maintained the market's low probability for a US-Russia military clash.
Russia Clashes Verbally with US Over Secret Alaska Summit Negotiations
Russian Foreign Minister Sergei Lavrov rejected US claims regarding the Alaska summit, accusing Washington of backtracking on a framework but signaling that both sides continue to engage in diplomatic posturing rather than military escalation.
Russia and US clash over implementation of Alaska summit understandings
December 31, 2026 dips to 6%1%
On June 26, 2026, Russian officials accused the US of backtracking on agreements reached at the Alaska summit regarding Ukraine, highlighting ongoing diplomatic friction. Despite tensions, no direct military engagement occurred, and the market price remained low, reflecting skepticism about escalation to direct conflict.
Russian officials accuse US of backtracking on Ukraine peace framework
December 31, 2026 dips to 6%1%
Russian Foreign Minister Lavrov accused the US of failing to complete its part of a peace process framework, maintaining diplomatic tensions but no direct military engagement between US and Russian forces.
US Secretary of State Rubio Confirms No Agreement Reached at 2025 Alaska Summit
Secretary of State Marco Rubio confirmed that the high-profile Alaska Summit between Trump and Putin did not result in a formal agreement, highlighting persistent diplomatic gridlock but also confirming that direct military clashes remained avoided.
US Secretary of State Rubio Confirms No Finalized Deal Reached with Russia
June 30, 2026 dips to 0%1%
Secretary of State Marco Rubio clarified that the US and Russia had not finalized any agreement regarding Ukraine during the Alaska summit, keeping geopolitical tensions stable but unresolved as the June 30 market option neared expiration.
US Secretary of State Marco Rubio Rejects Russian Claims of Alaska Summit Agreement
December 31, 2026 dips to 6%1%
Secretary of State Marco Rubio publicly confirmed that no binding agreement was reached during the August 2025 Anchorage summit, rejecting Russian narratives and highlighting the diplomatic impasse.
US Secretary of State confirms no agreement with Russia to end Ukraine war
US Secretary of State Marco Rubio confirmed the absence of any agreement with Russia to end the war in Ukraine, indicating ongoing hostilities but no direct US-Russia military clash. This reinforced market expectations of continued conflict without direct engagement.
Putin acknowledges large-scale Ukrainian drone strikes on Russian infrastructure
December 31, 2026 rises to 7%1%
On June 23, Russian President Vladimir Putin acknowledged Ukrainian drone strikes causing significant damage to Russian civilian infrastructure, highlighting ongoing conflict dynamics but no direct US-Russia military engagement, maintaining low market probabilities for a clash.
Wagner Group rebellion in Russia leads to internal crisis but no US-Russia military clash
December 31, 2026 rises to 7%1%
The Wagner Group, a Russian mercenary force, staged a rebellion and advanced toward Moscow, causing a major internal Russian crisis. The situation was resolved with relocation to Belarus, and no direct military engagement occurred between US and Russian forces, keeping the market probability low.
Ukrainian Strike on Voronezh Semiconductor Plant Linked to US-Supplied Long-Range Munitions
June 30, 2026 dips to 0%1%
Ukraine struck a Russian defense industrial facility in Voronezh, with reports suggesting the potential debut of US-supplied Extended Range Attack Munitions (ERAM) or 'Rusty Dagger' cruise missiles.
Russian Deputy Foreign Minister warns NATO preparing for military clash by 2030
On June 22, Russian Deputy Foreign Minister Alexander Grushko stated that NATO countries are making real preparations for a possible military clash with Russia around 2030, highlighting ongoing strategic tensions but no immediate direct military engagement. This statement underscored the long-term risk but did not increase short-term market probabilities.
Ukrainian drone strikes damage Russian production facility in Voronezh
December 31, 2026 rises to 7%1%
On June 22, Ukrainian drone strikes damaged the Voronezh Semiconductor Devices Plant in Russia, with Russian air defenses downing multiple drones. This demonstrated Ukraine's expanding long-range strike capabilities but involved no direct US-Russia military engagement.
Ukrainian forces launch drone strikes on Russian logistics and energy infrastructure in Crimea
On June 21, Ukrainian forces conducted long-range drone strikes targeting Russian maritime logistics, oil infrastructure, and air defense systems in occupied Crimea and Krasnodar Krai, escalating the conflict but not involving direct US-Russia military force. Market prices remained low, reflecting low probability of direct US-Russia clash.
Ukrainian strikes continue against Russian logistics in Zaporizhia Oblast
Ukrainian forces targeted Russian logistics and military assets, including fuel tanker trucks and radar systems, intensifying the conflict but without direct US-Russia military encounters. This sustained the market's low probability for a direct clash.
Russian Warship Fires Warning Shots Near British Yacht in English Channel
A Russian frigate fired warning shots near a UK-registered yacht in international waters. While demonstrating high maritime tensions, the incident did not involve US forces and did not trigger a direct US-Russia military encounter.
US President Trump holds phone calls with Putin and Zelensky amid ongoing conflicts
US President Donald Trump spoke by phone with both Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky, discussing the war in Ukraine and the situation in Iran. These diplomatic engagements aimed at conflict resolution but did not lead to direct military clashes between US and Russian forces.
Trump Holds Phone Conversations with Putin and Zelensky to Discuss Ending War
December 31, 2026 rises to 7%1%
US President Donald Trump held direct discussions with Vladimir Putin and Volodymyr Zelensky, emphasizing the need to end the war in Ukraine and reinforcing diplomatic channels to prevent direct superpower escalation.
NATO conducts joint military exercises near Suwalki corridor
NATO forces from Lithuania, Poland, and France held tactical maneuvers near the Suwalki corridor, a strategic area near Russia, raising regional tensions but not triggering direct US-Russia military conflict, keeping market odds low.
Putin Signs Decree Increasing Russian Armed Forces Strength
December 31, 2026 rises to 8%2%
President Putin signed a decree slightly increasing the authorized strength of the Russian military. However, the minor scale of the expansion suggested Russia was struggling to mobilize massive new forces, keeping the threat of a wider clash stable.
Reports of Russian logistical challenges and gasoline shortages in occupied Crimea
On June 6, reports emerged of gasoline shortages and sale restrictions in occupied Crimea, reflecting Russian logistical difficulties amid ongoing Ukrainian strikes. These issues highlight Russia's strained military capacity but do not indicate direct US-Russia military engagement, supporting continued low market probabilities for a clash.
Russian and US officials claim agreement on war end proposals at Alaska Summit
On June 4-5, Russian Foreign Minister Sergey Lavrov and Deputy Foreign Minister Mikhail Galuzin claimed Russia agreed to US proposals to end the war at the Alaska Summit. However, no official statements were released, and no direct military clashes between US and Russia occurred, reducing market expectations of a military encounter.
Russian Officials Claim Agreement to US Proposals at Alaska Summit
Russian diplomats claimed that Russia had agreed to US proposals to end the war during the Alaska Summit. Although details remained uncodified, the diplomatic engagement signaled a mutual interest in managing conflict escalation.
Russia denies seeking military clash with NATO amid rising tensions
Russian officials publicly stated they do not seek military conflict with NATO, aiming to reduce fears of direct US-Russia military engagement, which helped stabilize market prices at low levels.
Ukrainian forces continue strikes on Russian military infrastructure in Donetsk Oblast
On June 3-4, Ukrainian forces struck Russian fuel and lubricant tanks and transformers in occupied Donetsk Oblast, intensifying the conflict but still avoiding direct US-Russia military encounters. This contributed to market stability with no significant price changes.
Ukrainian forces strike Russian military assets in occupied Donetsk Oblast
December 31, 2026 rises to 6%1%
Ukrainian forces conducted intermediate-range strikes against Russian military fuel and infrastructure in occupied territories, demonstrating ongoing conflict but no direct US-Russia military engagement. This maintained market skepticism about a direct clash between US and Russian forces.
Reports show Russian forces suffered net territorial losses in May
Assessments from ISW and Ukrainian intelligence indicated that Russia's spring-summer offensive had stalled, with net negative territorial gains in May, reducing the likelihood of a wider conflict escalation.
Reports Show Russian Territorial Gains in Ukraine Stagnated to Just 14 Square Kilometers in May
Intelligence reports indicated that Russian forces made historically low territorial gains in May 2026, signaling a waning offensive capability. The lack of Russian military breakthroughs reduced the perceived risk of a wider conflict involving the US.
Russian forces conduct retaliatory strikes after Ukrainian attacks
Following Ukrainian strikes including the Perevalne attack, Russian forces conducted strikes on June 1-2 targeting Ukrainian military and industrial sites. These actions were part of the ongoing conflict but did not escalate to direct US-Russia military encounters, maintaining low market probabilities for a clash.
Russian drone hits apartment building in Romania, raising NATO tensions
A Russian drone strike on Romanian territory heightened NATO-Russia tensions and prompted NATO consultations, increasing fears of escalation but not direct US-Russia military combat, reflected in market fluctuations.
Continued fighting reported along Ukraine-Russia front despite US-mediated ceasefire
Despite a US-mediated ceasefire, both Russia and Ukraine reported ongoing clashes and artillery strikes along the front line, maintaining high tensions but no direct US-Russia military engagement. This sustained conflict contributed to market caution but no spike in clash probability.
Ukrainian strikes destroy Russian military assets near Taganrog
December 31, 2026 dips to 5%1%
Ukrainian forces successfully targeted and destroyed Russian military aircraft and missile systems near Taganrog, demonstrating ongoing conflict escalation. Despite these strikes, no direct military engagement between US and Russian forces was reported, maintaining the market's downward risk trend.
Russian drone crashes into apartment building in Romania, injuring two
December 31, 2026 dips to 5%1%
A Russian drone crashed in NATO member Romania, causing injuries and raising tensions, but as it was not a direct military engagement with US forces, it did not qualify as a US-Russia military clash, keeping market odds low.
Russian Drone Strikes Apartment Building in NATO Member Romania
A Russian drone struck an apartment building in Romania, prompting expectations that Romania would invoke NATO's Article 4 for consultations. This direct incursion into NATO airspace raised concerns of potential escalation, though it did not lead to immediate military retaliation.
U.S. sharply criticises Russia’s promised systematic strikes on Kyiv
December 31, 2026 rises to 5%1%
The United States publicly admonished Russia for “systematic strikes” against Kyiv, and Russia dismissed the criticism. The exchange highlighted the risk of a broader U.S.–Russia confrontation, nudging the market’s “Yes” odds up slightly later in the analysis window.
US Criticizes Russia Over Promised Systematic Strikes on Kyiv
December 31, 2026 dips to 3%2%
The United States leveled unusually harsh criticism against Russia, calling for it to refrain from promised systematic strikes on Kyiv, which Moscow brushed off.
Ukrainian forces strike Russian base in Perevalne with missiles and drones
December 31, 2026 dips to 6%2%
On May 28, Ukrainian forces struck a Russian military base in occupied Perevalne using missiles and drones, killing and injuring Russian service members. This attack was part of ongoing Ukraine-Russia hostilities but did not involve US forces or direct US-Russia military engagement, leading to a slight market decline in clash probability.
Russia brushes off US call to halt systemic strikes on Kyiv
December 31, 2026 dips to 3%3%
The United States criticized Russia's planned retaliatory strikes on Kyiv, but Russia rejected the warnings, maintaining a tense diplomatic standoff without direct military intervention.
Ukrainian missile and drone strike hits Russian military base in Perevalne
On May 28, Ukrainian forces struck a Russian 126th Separate Coastal Defense Brigade base in occupied Perevalne using missiles and jet-powered drones, killing and injuring Russian service members. This intensified the ongoing conflict but did not involve US forces, thus not qualifying as a US-Russia military clash.
Foreign media warn of increased risk of direct US-Russia clash after Donbass drone strike
December 31, 2026 dips to 5%1%
Following a Ukrainian drone strike on a college in Donbass and a massive Russian retaliatory strike, foreign media warned of a heightened risk of direct US-Russia military confrontation. Despite these warnings, no direct military encounter between US and Russian forces occurred during the analysis window.
US condemns Russia’s planned strikes on Kyiv; Russia dismisses warnings
December 31, 2026 dips to 6%2%
The US issued strong criticism against Russia’s threats of systematic strikes on Kyiv, but Russia dismissed these warnings, maintaining high tensions without direct US-Russia military engagement, keeping market prices low.
Russia warns US of systematic strikes on Ukrainian military facilities
December 31, 2026 dips to 8%2%
On May 26, 2026, Russian Foreign Minister Sergei Lavrov officially informed the US that Russia would launch systematic strikes against Ukrainian military and decision-making centers. This heightened tensions but did not escalate to direct US-Russia military engagement, reflecting continued proxy conflict dynamics.
Putin Signs Law Allowing Military Deployment Abroad to Aid Detained Russian Citizens
President Vladimir Putin signed a law allowing the deployment of the Russian military to foreign countries to assist Russian citizens facing prosecution or detention abroad.
Russia accuses Ukraine of violating Geneva Conventions in Starobilsk strike
Russia accused Ukraine of violating international law after a drone strike on Starobilsk, attempting to distract from its own systematic violations of international law.
Russia Warns US of Systematic Strikes on Kyiv and Advises Evacuation of Diplomats
Russian Foreign Minister Sergei Lavrov warned US Secretary of State Marco Rubio of planned systematic strikes on military sites in Kyiv, advising the US to evacuate its diplomats.
Russia urges US diplomats to evacuate Kyiv amid threats of further strikes
On May 25, 2026, Russian Foreign Minister Sergei Lavrov urged the United States to evacuate its embassy in Kyiv, warning of planned systematic strikes. This heightened diplomatic tensions but did not escalate to direct military conflict between US and Russian forces, reinforcing market expectations of no direct clash.
Russia conducts missile strikes in Ukraine amid ongoing conflict
December 31, 2026 drops to 5%5%
Russian forces launched missile attacks on Ukrainian military targets, continuing the Ukraine conflict. Despite heightened military activity, there was no direct military engagement between US and Russian forces, keeping the market's probability for a US-Russia clash low.
Russia Conducts Devastating Missile and Drone Strike Against Ukraine Using Oreshnik Ballistic Missile
December 31, 2026 rises to 6%1%
Russia launched a major combined strike targeting Kyiv and other cities, utilizing its advanced Oreshnik intermediate-range ballistic missile. While demonstrating high-end capabilities, the strike did not trigger direct Western military intervention, keeping the probability of a US-Russia clash low.
Russia launches massive hypersonic missile and drone strikes on Kyiv
December 31, 2026 dips to 5%3%
On May 24, 2026, Russia conducted a large-scale missile and drone attack on Kyiv, including the use of the hypersonic Oreshnik missile. This significant escalation in the Russia-Ukraine conflict increased fears of broader war but did not involve direct US-Russia military engagement, contributing to a decline in the market probability of a US-Russia clash.
Russia launches missile strikes on Ukraine in retaliation for Kyiv attacks
December 31, 2026 drops to 4%6%
Russian forces conducted missile strikes on Ukrainian military targets, escalating the Ukraine conflict but not involving direct military engagement with US forces. This maintained the status quo of proxy conflict without triggering a US-Russia military clash.
Russia launches massive missile and drone attack on Kyiv including nuclear-capable Oreshnik missile
December 31, 2026 dips to 5%3%
On May 24, 2026, Russia launched a large-scale missile and drone attack on Kyiv, including the use of the nuclear-capable Oreshnik intermediate-range ballistic missile. The attack caused civilian casualties and extensive damage but did not involve direct military engagement with US forces, thus not meeting the market's criteria for a military clash.
Russia conducts missile and drone strikes against Ukraine including new Oreshnik missile use
December 31, 2026 dips to 6%2%
Russia launched a significant missile and drone strike campaign against Ukraine, including the use of the Oreshnik intermediate-range ballistic missile. This military escalation increased regional conflict intensity but did not involve US forces directly, influencing market perceptions of risk.
Russia launches hypersonic missile attack on Kyiv killing civilians
December 31, 2026 dips to 5%1%
On May 24, Russia launched a major missile and drone attack on Kyiv using a hypersonic Oreshnik missile, killing civilians and damaging military and civilian infrastructure. This marked a significant escalation in the Russia-Ukraine conflict but did not involve US forces directly, so it did not meet the criteria for a US-Russia military clash.
Russia launches hypersonic missile attack on Kyiv, Ukraine
June 30, 2026 dips to 1%3%
A powerful hypersonic Oreshnik missile was launched at Kyiv, killing at least two people and injuring 77, marking one of the most significant attacks in the ongoing Russia-Ukraine conflict.
Russia Launches Oreshnik Ballistic Missiles in Massive Overnight Attack on Ukraine
Russia fired two Oreshnik intermediate-range ballistic missiles alongside hundreds of drones and other missiles, signaling nuclear brinkmanship but utilizing pre-launch risk reduction channels to avoid direct US conflict.
ISW notes U.S. ATACMS aid to Ukraine; Russia fires Oreshnik missile
December 31, 2026 rises to 6%1%
Russia’s ISW daily assessment reported that the United States had supplied Ukraine with ATACMS and other long‑range weapons, prompting Russia to fire an Oreshnik intermediate‑range ballistic missile at Ukrainian targets. U.S. officials warned that any further Russian use of such missiles could trigger a direct response, re‑igniting fears of a U.S.–Russia military exchange and nudging the market’s “Yes” price higher in late May.
Russia uses hypersonic Oreshnik missile in massive attack on Kyiv
December 31, 2026 dips to 5%1%
On May 24, 2026, Russia launched a powerful hypersonic missile strike on Kyiv, causing civilian casualties and extensive damage. Russian officials framed it as retaliation for Ukrainian strikes on Russian territory. Despite the severity, no direct US-Russia military engagement occurred, and the market continued to price low probability for a US-Russia clash.
Russian missile and drone strikes intensify in Ukraine amid ongoing conflict
December 31, 2026 dips to 6%1%
Russia launched a significant missile and drone strike campaign against Ukrainian military and infrastructure targets, escalating the conflict but without direct US-Russia military engagement. This heightened conflict environment increased market uncertainty but did not meet the criteria for a US-Russia military clash.
Zelensky warns of elevated Russian strike risk including missile attacks
December 31, 2026 dips to 5%1%
Ukrainian President Zelensky warned of a combined missile and drone strike by Russia starting May 23, increasing regional military tensions. However, these strikes targeted Ukraine and did not involve US forces, so the market's probability of a US-Russia clash continued to decline.
Ukrainian forces strike Russian military assets in occupied territories
On May 23, Ukrainian forces conducted strikes against Russian military drone control points and oil infrastructure in occupied Kherson and Zaporizhia Oblasts, escalating the conflict in Ukraine but without direct US-Russia military engagement. This maintained market skepticism about a direct US-Russia clash, reflected in stable low prices.
Russia launches large-scale missile and drone strikes on Kyiv and eastern Ukraine
December 31, 2026 dips to 5%1%
On May 23, 2026, Russia initiated systematic strikes involving hundreds of drones and missiles targeting military facilities in Kyiv and eastern Ukraine, escalating the conflict. The US Embassy condemned the attacks, but no direct US-Russia military engagement was reported, maintaining the market's low probability for a direct clash.
US and Russia maintain military dialogue to avoid direct conflict
December 31, 2026 dips to 4%3%
By May 22, 2026, the US and Russia continued high-level military dialogue reestablished in late 2025, aiming to prevent direct military encounters, which contributed to the market's collapse in the probability of a US-Russia military clash.
Russia Warns of Increasing Risks of Direct Clash with NATO
December 31, 2026 dips to 4%1%
Russian Deputy Foreign Minister Sergei Ryabkov warned that strategic risks and the danger of a direct head-on clash between Russia and NATO are mounting, though the market continued its gradual decline as no immediate military actions occurred.
Russia’s Ryabkov says NATO‑Russia clash increasingly likely
June 30, 2026 dips to 2%3%
Russian Deputy Foreign Minister Sergei Ryabkov warned that Russia and NATO were “increasingly likely to engage in a direct clash with catastrophic consequences,” intensifying geopolitical tension and contributing to the market’s decline in “Yes” probability in late May.
Russia conducts large-scale nuclear exercises amid rising tensions
From May 19 to 21, Russia conducted surprise nuclear exercises involving over 64,000 personnel and extensive military hardware, signaling military readiness and posturing strength. Russian Deputy Foreign Minister warned of increasing likelihood of direct clash with NATO, raising geopolitical tensions but no direct US-Russia military engagement occurred.
Russian Deputy Foreign Minister warns of direct Russia-NATO clash risk
December 31, 2026 dips to 4%2%
Sergei Ryabkov claimed that Russia and NATO are increasingly likely to engage in a direct clash due to nuclear provocations, briefly keeping the market's perceived risk from bottoming out.
Russia Baltic Tensions Escalate Over Accusations of Complicity in Ukrainian Drone Strikes
December 31, 2026 dips to 4%2%
The escalation of rhetoric and threats of retaliatory strikes raised geopolitical tensions, but the US response focused on deterrence and collective defense, keeping the likelihood of a direct clash low.
Reports Reveal PLA Secretly Trained Russian Military Personnel on Drone Operations
December 31, 2026 dips to 4%2%
Intelligence reports revealed that China's PLA secretly trained Russian military personnel on drone operations in late 2025. While showing deep Sino-Russian military cooperation, the focus on localized drone warfare in Ukraine kept the conflict contained, contributing to a steady decline in direct US-Russia clash probabilities.
Russia launches massive drone and missile attack on Kyiv
December 31, 2026 dips to 6%4%
Russia conducted its most intense drone and missile strikes on Kyiv in 2026, causing civilian casualties but not involving US forces directly, thus not meeting criteria for US-Russia military clash.
Russia launches largest drone and missile attack on Kyiv in 2026
December 31, 2026 dips to 6%1%
On May 14, 2026, Russia conducted a massive drone and missile strike on Kyiv, killing civilians and damaging infrastructure. This marked a significant escalation in the Russia-Ukraine conflict but did not involve US forces directly, keeping the market's probability for a US-Russia military clash low.
Russian missile strikes damage Kyiv amid ongoing Ukraine conflict
December 31, 2026 dips to 7%1%
On May 13, Russian forces launched missile strikes damaging multiple locations in Kyiv, killing civilians and escalating the conflict in Ukraine. This intensified fighting raised tensions but did not involve US forces directly, thus not qualifying as a US-Russia military clash.
Russian forces suffer net territorial losses in Ukraine amid ongoing conflict
December 31, 2026 dips to 7%1%
Between May 5-12, 2026, Russian forces recorded a net loss of 12 square miles of Ukrainian territory, indicating Ukrainian counteroffensives. This development suggested continued conflict without escalation to direct US-Russia military encounters, contributing to the market's downward adjustment of the probability for such a clash.
US Central Command announces joint military exercises with Central and South Asian countries
December 31, 2026 rises to 8%1%
CENTCOM announced upcoming military exercises involving the US and nearly 10 Central and South Asian countries, signaling ongoing US military activity but not direct conflict with Russia. This contributed to market uncertainty but did not increase direct clash probability.
US Plans to Reduce NATO Military Support, Lowering Direct Clash Risks
Reports emerged that the United States plans to reduce its military support for NATO, specifically cutting strategic assets available in a crisis. This strategic shift was interpreted by the market as making a direct US-Russia military confrontation less likely.
Putin hails test‑launch of new Sarmat intercontinental ballistic missile
Putin hailed the successful test‑flight of the new Sarmat ICBM, describing it as the world’s most powerful missile. While the announcement briefly raised concerns about a potential US‑Russia showdown, the market quickly absorbed the news, leaving the “December 31 2026” probability essentially unchanged at its low level.
Russia Targets U.S. Corporate Facilities in Ukraine with Missile and Drone Strikes
December 31, 2026 dips to 8%1%
Reports emerged that Russia has been systematically targeting major American corporate facilities in Ukraine, including Boeing and Philip Morris, raising concerns about economic warfare and potential escalatory risks.
Putin announces successful test of RS-28 Sarmat ICBM amid ongoing Ukraine conflict
On May 12, 2026, Russian President Putin claimed a successful test of the RS-28 Sarmat ICBM, signaling nuclear saber-rattling to project strength amid Russia's battlefield difficulties in Ukraine. This heightened rhetoric did not translate into direct US-Russia military engagement, contributing to market uncertainty but no increase in clash probability.
Continued fighting reported between Ukraine and Russia despite US-mediated ceasefire
December 31, 2026 dips to 6%2%
Despite a US-mediated ceasefire, fighting continued along the Ukraine-Russia front line with artillery and drone strikes, maintaining proxy conflict tensions but no direct US-Russia military engagement, keeping market prices low.
Russia and Ukraine Report Continued Fighting Despite U.S.-Mediated Ceasefire
December 31, 2026 rises to 9%3%
As the three-day ceasefire neared its end, both sides reported ongoing battlefield clashes and traded blame for violations. While the ceasefire did not hold perfectly, the active U.S. mediation role continued to anchor expectations around diplomatic management rather than direct military escalation.
Fighting continues between Russia and Ukraine despite US-mediated ceasefire
December 31, 2026 dips to 8%3%
Despite a US-mediated ceasefire, Russia and Ukraine reported ongoing clashes with drone and artillery strikes. While this sustained conflict raised concerns, it did not involve direct US-Russia military engagement, keeping market odds for a clash low.
US-mediated ceasefire between Ukraine and Russia holds despite ongoing clashes
December 31, 2026 dips to 7%1%
From May 9 to May 11, 2026, a US-mediated ceasefire was agreed upon between Ukraine and Russia, reducing immediate conflict intensity and lowering market expectations of a US-Russia military clash during this period.
Fighting continues despite US-mediated ceasefire in Ukraine conflict
December 31, 2026 rises to 7%1%
Despite the US-mediated ceasefire from May 9 to May 11, Russian and Ukrainian forces continued fighting with drone and artillery strikes reported. This ongoing conflict did not escalate into direct US-Russia military engagement, maintaining low market odds for a US-Russia clash.
Putin signals focus on final defeat in Ukraine, no indication of US-Russia direct clash
December 31, 2026 dips to 7%1%
Russian President Putin stated the military must focus on defeating Ukraine, with no mention of direct conflict with US forces. This reinforced market views that while the Ukraine war continues, a direct US-Russia military clash remains unlikely in the near term.
Russia and Ukraine Report Fighting Along Front Line Despite US-Mediated Ceasefire
December 31, 2026 dips to 6%1%
Despite ongoing localized clashes, the implementation of a US-mediated ceasefire framework and active diplomatic engagement signaled a push toward conflict management, lowering the immediate risk of broader escalation.
Russia and Ukraine report ongoing fighting despite US-mediated ceasefire
December 31, 2026 dips to 6%1%
On May 11, 2026, reports confirmed continued fighting between Russia and Ukraine despite a US-mediated ceasefire, with artillery and drone strikes on both sides. This sustained conflict raised concerns about potential escalation but did not involve direct US-Russia military engagement.
Ukraine and Russia fight on despite US-mediated ceasefire
December 31, 2026 dips to 8%3%
Despite a US-mediated ceasefire, fighting continued between Russian and Ukrainian forces, including drone and artillery strikes. This ongoing conflict underscored the volatility of the region and the risk of escalation involving US interests, influencing market perceptions of a potential US-Russia military encounter.
Russia and Ukraine Trade Blame for Violations as US-Mediated Ceasefire Nears End
December 31, 2026 dips to 7%1%
Despite the US-brokered ceasefire, both sides reported continued front-line clashes and drone strikes, highlighting the fragility of diplomatic efforts but keeping direct US-Russia military engagement risks low.
Fighting continues along Ukraine-Russia front despite US-mediated ceasefire
December 31, 2026 dips to 8%3%
Despite a US-mediated ceasefire, both Russian and Ukrainian forces reported ongoing clashes involving drones and artillery. No direct US-Russia military encounters occurred, maintaining low market probabilities for a direct clash.
Continued fighting despite U.S.-mediated ceasefire with accusations of drone and artillery strikes
June 30, 2026 dips to 2%1%
On May 11, 2026, both Russia and Ukraine reported ongoing fighting and accused each other of drone and artillery strikes despite the ceasefire. This persistent conflict without direct US-Russia military engagement kept market expectations for a direct clash low and contributed to price declines.
Ukraine and Russia report fighting despite US-mediated ceasefire
December 31, 2026 dips to 7%1%
Despite a US-mediated ceasefire, fighting continued between Russia and Ukraine with drone and artillery strikes, highlighting ongoing conflict but no direct US-Russia military engagement. This sustained low market probabilities for a direct US-Russia clash.
Ukrainian President Zelenskiy states Russia has no intention to end war amid ongoing clashes
December 31, 2026 dips to 7%1%
Zelenskiy declared Russia's unwillingness to end the war and reported 180 battlefield clashes in 24 hours, highlighting continued intense conflict without direct US-Russia military encounters. This reinforced market expectations of no US-Russia military clash in the near term.
U.S.-Mediated Ceasefire Collapses as Russia and Ukraine Report Hundreds of Violations
December 31, 2026 rises to 8%1%
The temporary ceasefire collapsed within hours as both sides reported active battlefield clashes and drone strikes, demonstrating the fragility of diplomatic efforts but keeping direct U.S. forces out of the combat.
Russian forces continue limited assaults amid truce in eastern Ukraine
Despite a truce, Russian forces maintained shelling and drone strikes without significant advances, indicating a stalemate rather than escalation. This maintained low market expectations for a US-Russia military clash in the near term.
Trump announces Russia and Ukraine agree to 3-day ceasefire
December 31, 2026 dips to 7%1%
US President Trump announced a ceasefire agreement between Russia and Ukraine, brokered through US diplomatic efforts, reducing immediate conflict escalation risks involving US and Russia.
Russia and Ukraine agree to U.S.-mediated three-day ceasefire amid ongoing conflict
December 31, 2026 dips to 8%4%
On May 9, 2026, Russia and Ukraine agreed to a U.S.-brokered ceasefire from May 9 to May 11, aiming to reduce hostilities. Despite the ceasefire, both sides accused each other of violations, but the agreement signaled a temporary de-escalation, reducing fears of a direct US-Russia military clash and contributing to a price decline in the market.
US-mediated three-day ceasefire between Russia and Ukraine announced
December 31, 2026 dips to 6%2%
US President Donald Trump announced a three-day ceasefire in the Russia-Ukraine war from May 9 to May 11, aiming to reduce hostilities. Despite the ceasefire, limited fighting continued, but no direct military encounters between US and Russian forces occurred, reducing market expectations of a US-Russia clash.
Ukraine and Russia Agree to Temporary Ceasefire Brokered by US
June 30, 2026 dips to 1%2%
A brief US-mediated ceasefire from May 9 to May 11 was established, temporarily lowering direct conflict anxieties despite subsequent violations.
Trump announces US-mediated ceasefire agreement between Russia and Ukraine
December 31, 2026 dips to 7%4%
President Trump announced a US-mediated ceasefire between Russia and Ukraine, signaling diplomatic progress and reducing the likelihood of escalation involving US and Russian forces. This contributed to the market's low probability of a direct US-Russia military clash.
US-Mediated Ceasefire Agreed Between Ukraine and Russia
December 31, 2026 dips to 6%1%
Ukraine and Russia agreed to a temporary ceasefire from May 9 to May 11 under a U.S.-led push for peace by President Donald Trump, significantly lowering the immediate risk of escalation and direct superpower conflict.
Ukrainian forces intensify strikes on Russian military assets amid ongoing conflict
On May 8, 2026, Ukrainian forces increased mid-range strikes against Russian military logistics and assets in occupied territories, further pressuring Russian forces but without direct US-Russia military engagement. This sustained conflict dynamic contributed to market uncertainty but no direct clash between US and Russian forces.
Ukraine and Russia Agree to U.S.-Mediated Ceasefire Brokered Under President Trump
December 31, 2026 dips to 7%4%
The announcement of a U.S.-mediated ceasefire from May 9 to May 11 signaled active diplomatic mediation by the Trump administration, reducing the immediate risk of escalation and direct superpower clash.
Trump Intervenes to Broker Three-Day Ceasefire Between Russia and Ukraine
December 31, 2026 dips to 6%2%
U.S. President Donald Trump mediated a temporary ceasefire between Russia and Ukraine scheduled from May 9 to May 11. This active diplomatic intervention by the U.S. administration signaled a push for peace, lowering the perceived risk of an escalatory spiral leading to a direct U.S.-Russia clash.
U.S. Secretary of State Rubio says NATO allies block U.S. base use for Iran ops
December 31, 2026 dips to 8%1%
During a European tour, U.S. Secretary of State Marco Rubio reported that several NATO allies were refusing U.S. permission to use their bases for operations against Iran, signalling a de‑escalation of U.S. forward‑deployed posture in the region. The news was interpreted as a broader easing of U.S.‑Russia tensions, pushing the market’s “December 31 2026” odds lower.
Trump announces US-mediated ceasefire agreement between Russia and Ukraine
June 30, 2026 dips to 1%2%
A three-day ceasefire was agreed upon between Russia and Ukraine through US mediation, signaling diplomatic progress and reducing immediate escalation risks involving US and Russian forces directly.
Trump Announces Three-Day Ceasefire and Major Prisoner Swap Between Russia and Ukraine
June 30, 2026 dips to 2%1%
President Donald Trump announced a US-mediated 72-hour ceasefire and a 1,000-prisoner exchange, signaling active US diplomatic mediation and temporarily lowering the risk of escalatory military incidents.
Trump announces three-day ceasefire between Ukraine and Russia
December 31, 2026 rises to 8%1%
U.S. President Donald Trump announced a temporary three-day ceasefire from May 9 to May 11 to mark the end of World War Two, signaling active U.S. diplomatic mediation that reduced immediate escalation risks.
Russian forces suffer net territorial losses in Ukraine amid intensified fighting
December 31, 2026 dips to 7%4%
Reports indicated Russian forces lost significant territory in Ukraine, highlighting ongoing conflict but no direct military engagement with US forces, maintaining low market probabilities for a US-Russia clash.
Russian missile strikes kill civilians amid ongoing Ukraine conflict
December 31, 2026 dips to 6%2%
On May 5-6, 2026, Russian forces launched missile strikes on Ukrainian cities including Zaporizhzhia and Kramatorsk, causing civilian casualties. These attacks underscored the ongoing war intensity but did not involve US forces directly, leading to a decline in market probability for a US-Russia military clash.
Russia conducts missile strikes on Ukraine during ceasefire period
December 31, 2026 dips to 6%2%
Despite a US-mediated ceasefire from May 9 to May 11, Russia launched deadly missile and drone attacks on Ukraine, demonstrating ongoing conflict but no direct military engagement with US forces. This maintained market skepticism about escalation to a US-Russia clash.
Ukrainian strikes inflict significant damage on Russian military assets and infrastructure
December 31, 2026 dips to 8%3%
On May 5, 2026, Ukrainian forces confirmed long-range strikes against Russian military assets in Crimea and other regions, causing substantial damage. These actions intensified the conflict but did not involve US forces directly, thus not triggering a US-Russia military clash.
Ukrainian forces conduct successful strikes on Russian military assets in Crimea and Russia
December 31, 2026 dips to 6%2%
Ukraine confirmed long-range strikes destroying Russian amphibious aircraft, landing boats, and oil refinery infrastructure, inflicting significant damage. These strikes demonstrated ongoing conflict escalation in Ukraine but no direct US-Russia military engagement, influencing market sentiment downward.
Ukrainian long‑range strike damages Russian Tuapse oil refinery
December 31, 2026 dips to 8%2%
Ukrainian long‑range strikes damaged the Tuapse oil refinery and port infrastructure in Russia, underscoring Ukraine’s ability to hit Russian targets deep inside its territory. Analysts noted that such strikes reduce the perceived need for a US‑Russian direct clash, nudging the market probability down further.
Ukrainian forces strike Russian military assets in Crimea and Russian cities
December 31, 2026 dips to 8%3%
On May 5, 2026, Ukrainian forces conducted long-range strikes against Russian military assets in occupied Crimea and several Russian cities, demonstrating Ukraine's capability to hit deep into Russian territory. This intensified the conflict but did not involve US forces directly, maintaining low market expectations for a US-Russia clash.
Ukraine intensifies long-range strikes on Russian military assets and infrastructure
On May 5, 2026, Ukraine reported significant damage to Russian military assets and infrastructure from long-range strikes, including in Crimea and Russian cities, escalating conflict but without direct US-Russia military engagement.
Drone strike damages Moscow's Mosfilm Tower amid increased Ukrainian attacks
December 31, 2026 dips to 6%2%
Ukraine intensified its long-range drone strike campaign, including a notable strike on Moscow City, raising concerns about Russian internal security but not escalating to direct US-Russia military conflict. This contributed to market uncertainty but did not increase clash probabilities significantly.
US releases $400 million military aid to Ukraine after months of delay
The release of substantial US military aid to Ukraine signaled continued US indirect involvement, supporting Ukraine without direct US-Russia military engagement, further lowering clash odds.
US releases $400 million military aid to Ukraine amid ongoing conflict
June 30, 2026 rises to 8%4%
After months of withholding funds, the US released significant military aid to Ukraine, signaling continued support but no direct military engagement with Russian forces, which helped maintain low market odds for a US-Russia military clash.
Russian forces claim limited territorial gains amid Ukrainian counterattacks
December 31, 2026 dips to 8%4%
Russian Ministry of Defense claimed seizure of Myropillya, but evidence showed Russian forces losing territory overall in April 2026 due to Ukrainian counterattacks and strikes. This indicated ongoing conflict without direct US-Russia military encounters, contributing to market decline in clash probability.
Ukrainian air defenses neutralize majority of Russian drone attacks
Ukrainian air defenses successfully intercepted most Russian drones attacking the country, indicating ongoing conflict but no direct US-Russia military engagement.
ISW reports slowing Russian advances and increased infiltration tactics
December 31, 2026 dips to 8%4%
The Institute for the Study of War noted a steady decline in Russian territorial gains and a shift towards infiltration tactics rather than large-scale offensives. This suggested a protracted conflict with less likelihood of direct US-Russia military engagement, influencing market prices downward.
ISW Reports Russian Forces Suffered Net Loss of Territory in April 2026
December 31, 2026 dips to 8%3%
The Institute for the Study of War reported that Russian forces suffered a net loss of territory in Ukraine for the first time since August 2024, signaling a stalled Russian offensive.
Ukrainian forces repel Russian drone attacks and maintain defensive positions
December 31, 2026 dips to 7%4%
Ukrainian air defenses successfully neutralized most Russian drones on May 2, 2026, and Russian offensives stalled with significant territorial losses, reducing immediate risk of escalation to direct US-Russia military clash.
Russian Ministry of Defense claims territorial gains in Ukraine amid ongoing conflict
December 31, 2026 dips to 11%1%
On May 2, 2026, the Russian Ministry of Defense claimed seizure of Myropillya near Sumy City, reflecting continued ground operations in Ukraine. Despite these claims, no direct military engagement with US forces was reported, maintaining low market confidence in a US-Russia clash.
ISW Reports Russia Suffered First Net Loss of Controlled Territory in Ukraine Since August 2024
December 31, 2026 dips to 8%3%
The Institute for the Study of War assessed that Russian forces lost a net 116 square kilometers in April 2026, signaling a declining rate of advance and reducing immediate fears of rapid Russian expansion that could trigger a direct clash with the West.
Russian advances stall amid Ukrainian counterattacks and worsening weather
December 31, 2026 dips to 8%3%
By May 2, 2026, Russian military advances had slowed significantly due to Ukrainian counterattacks, mid-range strikes, and adverse weather conditions. Russian forces suffered a net loss of territory in April 2026, indicating a stalemate without escalation to direct US-Russia military conflict, which influenced market prices downward.
Ukrainian forces strike Russian oil infrastructure in multiple regions
December 31, 2026 dips to 8%3%
Ukrainian drone strikes targeted Russian oil refineries and military assets deep inside Russia, causing significant damage but involving no direct US military engagement with Russian forces. These strikes underscored ongoing hostilities but did not meet the criteria for a US-Russia military clash.
Robert Kagan warns of geopolitical fallout from Iran war affecting US-Russia relations
December 31, 2026 dips to 6%2%
Analysis highlighted the costly and prolonged nature of US and Russian conflicts in Iran and Ukraine, damaging their military credibility and increasing risks of miscalculation. This tempered market expectations for direct US-Russia military clashes in the near term.
Ukrainian forces strike Russian military assets in occupied territories
December 31, 2026 dips to 8%2%
On April 30, 2026, Ukrainian forces conducted strikes against Russian military facilities and vessels, intensifying the conflict. This event maintained market caution but did not escalate to US-Russia direct military conflict.
Russia cancels military hardware from Victory Day parade
December 31, 2026 dips to 10%1%
Russia announced that the 2026 Victory Day parade in Moscow would be held without any military equipment or cadet participation, citing the “current operational situation.” The downgrade of a high‑visibility Russian military display lowered expectations of a direct US‑Russia confrontation, contributing to the drop in the “December 31 2026” probability that week.
Trump and Putin support brief ceasefire in Ukraine around May 9 holiday
December 31, 2026 dips to 8%4%
On April 29, 2026, Trump and Russian President Putin expressed support for a temporary ceasefire in Ukraine coinciding with a Russian holiday, signaling a potential de-escalation and reducing immediate risk of direct US-Russia military conflict, which influenced market prices downward.
Russia downgrades May 9 Victory Day parade amid ongoing Ukraine war
December 31, 2026 rises to 12%3%
The Russian Ministry of Defense announced a scaled-back Victory Day parade in Moscow without military equipment due to the operational situation, signaling ongoing intense conflict in Ukraine but no escalation involving US forces. This reflected continued war pressures but no direct US-Russia military engagement.
U.S. Releases $400 Million in Previously Allocated Security Assistance Funds for Ukraine
December 31, 2026 rises to 12%4%
The United States released $400 million in funds through the Ukraine Security Assistance Initiative to purchase weapons from U.S. defense firms, maintaining support for Ukraine while avoiding direct military involvement.
Putin reiterates war aims in call with US President amid ongoing Ukraine conflict
On April 29, 2026, Russian President Vladimir Putin reaffirmed his commitment to his original war aims in Ukraine during a phone call with US President Donald Trump, while Ukrainian forces continued to deny significant Russian advances. This reinforced the ongoing conflict focus on Ukraine rather than direct US-Russia military engagement, contributing to a slight market price decrease for a US-Russia clash.
Trump and Putin express support for brief ceasefire in Ukraine
June 30, 2026 dips to 2%1%
On April 29, 2026, US President Trump and Russian President Putin expressed support for a brief ceasefire in Ukraine, signaling a temporary de-escalation in hostilities. This diplomatic gesture likely reduced market expectations of a direct US-Russia military clash.
High number of battlefield clashes reported along Ukraine front line despite ceasefire
December 31, 2026 rises to 12%3%
On April 28-29, 2026, Ukrainian military reported 180 battlefield clashes along the front line, indicating ongoing hostilities between Russia and Ukraine. The continued fighting maintained tensions but did not escalate to direct US-Russia military engagement, contributing to market uncertainty and price fluctuations.
Opinion piece warns of potential Russian aggression amid NATO tensions
December 31, 2026 dips to 11%1%
An opinion article highlighted Russia's military strength and strategic positioning in Europe, noting increased Russian troop deployments near NATO borders and the Kremlin's intent to fortify its power. This raised market concerns about possible escalation involving Russia but did not indicate direct US-Russia military conflict.
Ukrainian forces conduct long-range strikes on Russian military assets deep inside Russia
December 31, 2026 rises to 12%4%
Ukrainian forces launched multiple drone and missile strikes targeting Russian military helicopters and oil infrastructure far from the frontline, demonstrating ongoing conflict but no direct US-Russia military engagement. This intensified strike campaign contributed to market reassessment of direct US-Russia conflict likelihood.
Russian forces attack Izmail port causing fires and secondary explosions
December 31, 2026 rises to 12%2%
On April 29, 2026, Russian forces attacked the Izmail port, damaging military facilities and causing fires and secondary detonations. This heightened regional tensions but did not involve US forces directly, thus not qualifying as a US-Russia military clash.
Russia Downgrades Victory Day Parade and Reports Stymied Advances
December 31, 2026 dips to 11%1%
The Kremlin announced a significantly scaled-back May 9 Victory Day parade due to the operational situation, while reports highlighted that Ukraine had largely stymied the Russian Spring-Summer offensive, lowering overall escalatory pressures.
US and Allies Accelerate Space Defenses Amid Russian Anti-Satellite Threats
December 31, 2026 rises to 11%1%
Reports highlighted growing concerns over Russian nuclear-armed anti-satellite developments, prompting US commanders to prepare for potential space-based military clashes.
Russian Ministry of Defense announces reduced Victory Day parade due to operational situation
On April 29, 2026, Russia announced a scaled-back May 9 Victory Day parade, signaling ongoing military pressures from the Ukraine conflict and reflecting the Kremlin's acknowledgment of a challenging operational environment. This underscored the intensity of the conflict but did not indicate direct US-Russia military engagement, contributing to a moderate market reassessment.
Russia Scales Back Victory Day Parade Due to Security Concerns
December 31, 2026 dips to 11%1%
The Russian Ministry of Defense announced that the annual May 9 Victory Day parade in Moscow would be significantly scaled back, omitting military equipment and student marches due to the operational situation. This signal of defensive caution and vulnerability to deep-rear drone strikes reduced immediate fears of aggressive military posturing.
US Navy announces deployment of advanced naval assets amid rising tensions
December 31, 2026 rises to 12%2%
On April 28, 2026, the US Navy announced deployment of advanced naval assets, reflecting ongoing military readiness but no direct engagement with Russian forces, contributing to market uncertainty but no spike in clash probability.
Ukraine intensifies drone and artillery strikes amid ongoing conflict
December 31, 2026 dips to 8%2%
Ukraine conducted numerous drone and artillery strikes against Russian positions and infrastructure, increasing military tensions in the region but without involving US forces directly against Russia. This sustained conflict influenced market perceptions of broader instability but did not indicate a US-Russia military clash.
Heightened geopolitical tensions raise fears of US-Russia military clash
December 31, 2026 surges to 52%42%
Around April 28, 2026, the market price for a US-Russia military clash peaked at 52%, reflecting increased fears of direct conflict amid ongoing geopolitical tensions and military posturing. This spike likely corresponds to intensified rhetoric and concerns about escalation, although no direct military engagement occurred.
Ukrainian Drone Strikes Cause State of Emergency at Tuapse Oil Refinery
December 31, 2026 dips to 9%1%
Ukrainian forces launched successful long-range drone strikes damaging the Tuapse Oil Refinery, forcing the Kremlin to acknowledge the impact and prompting Putin to dispatch his emergency minister to the scene.
Russian forces conduct extensive airstrikes and drone attacks in Ukraine
December 31, 2026 dips to 8%2%
On April 28, 2026, Russian forces carried out 76 airstrikes, dropped 247 guided aerial bombs, deployed 6,251 kamikaze drones, and conducted 2,283 shelling attacks on Ukrainian positions. This intense military activity underscored ongoing conflict but did not involve US forces, thus not qualifying as a US-Russia military clash.
Ukrainian strikes cause fires at Russian Tuapse oil refinery
December 31, 2026 surges to 52%42%
Ukrainian forces conducted mid-range strikes on Russian military assets including the Tuapse oil refinery, causing fires and environmental damage. This intensified conflict in Ukraine but did not involve direct US-Russia military engagement, influencing market perceptions of ongoing hostilities without escalation to US-Russia clash.
Market spikes amid reports of intensified Russian military activity and increased global tensions
December 31, 2026 surges to 52%42%
The market price surged to a peak of 52% on April 28, 2026, reflecting heightened fears of direct conflict due to Russia's military buildup and ongoing tensions, though no direct US-Russia military clash was reported.
Ukrainian Drone Strikes Target Tuapse Oil Refinery and Deep Russian Infrastructure
December 31, 2026 rises to 12%3%
Ukrainian forces escalated their long-range strike campaign, hitting the Tuapse Oil Refinery and other deep rear targets. This demonstrated Ukraine's independent strike capabilities, reducing the perceived necessity of direct Western or U.S. military intervention.
Ukraine intensifies strikes on Russian Black Sea oil facilities
Ukraine launched attacks on Russian energy infrastructure in the Black Sea, escalating conflict but not involving US-Russia direct military engagement, maintaining low market odds for a clash.
Russian offensive in Ukraine stalls with net territorial losses
December 31, 2026 dips to 10%1%
The Institute for the Study of War reported that Russian forces lost more territory than they gained in April 2026, indicating a stalled offensive and weakening Russian military momentum. This reduced the risk of escalation into direct US-Russia military clashes, as Russian forces were on the defensive.
Ukraine and Russia report ongoing fighting despite US-mediated ceasefire
December 31, 2026 surges to 52%42%
Despite a US-mediated ceasefire, fighting continued along the Ukraine-Russia front line with drone and artillery strikes, maintaining regional tensions but no direct US-Russia military clash.
Ukrainian and Russian forces report ongoing clashes despite US-mediated ceasefire
December 31, 2026 rises to 12%2%
Despite a US-mediated ceasefire agreed for May 9-11, fighting continued along the Ukraine-Russia front line with numerous battlefield clashes reported. This indicated persistent conflict but no direct US-Russia military engagement, maintaining low market expectations for a US-Russia clash.
Russian attacks kill civilians in Ukraine amid ongoing conflict
Reports of Russian attacks causing civilian casualties in Ukraine highlighted the ongoing war but did not involve direct US-Russia military engagement, sustaining low market odds for a direct clash.
Continued fighting reported between Ukraine and Russia despite US-mediated ceasefire
Ongoing clashes along the Ukraine-Russia front line persisted despite ceasefire efforts, maintaining regional instability but no direct US-Russia military engagement, contributing to market uncertainty.
No direct US-Russia military engagement reported amid ongoing Ukraine conflict
December 31, 2026 dips to 10%1%
Despite ongoing hostilities in Ukraine, no incidents meeting the criteria for a US-Russia military clash were reported, leading to a slight decrease in market prices reflecting reduced perceived risk of direct confrontation.
Russian forces intensify strikes in Ukraine amid ongoing conflict
On April 24, 2026, Russian forces targeted Ukrainian logistics and introduced advanced drones, escalating the Ukraine conflict. This sustained fighting contributed to market uncertainty but did not involve US-Russia direct military engagement.
Iran war drains US military munitions, impacting readiness
The ongoing war with Iran has significantly depleted US military munitions stocks, including critical weapons systems, reducing US readiness for other conflicts. This strain likely lowered market expectations for US direct military engagement with Russia during the analysis window.
Dutch Intelligence Warns Russia Preparing for Potential Conflict With NATO Within a Year of Ukraine War Ending
The Dutch military intelligence service (MIVD) warned that Russia is actively preparing for a potential regional conflict with NATO, aiming to divide the alliance through limited territorial gains once hostilities in Ukraine conclude.
Ukraine’s SBU hits three Russian warships in Crimea
December 31, 2026 rises to 12%2%
Ukraine’s special forces attacked Russian naval assets in Crimea, escalating the proxy war but without direct US-Russia military engagement, maintaining low market odds for a direct clash.
Russian military intelligence group Fancy Bear identified spying on military targets
December 31, 2026 rises to 12%2%
Western security services reported Russian military intelligence conducting cyber espionage, indicating ongoing covert conflict but no direct military engagement with the US, which did not increase market odds for a clash.
Ukraine’s SBU hits Russian warships in Crimea, escalating conflict without US-Russia direct clash
December 31, 2026 dips to 10%1%
Ukraine attacked Russian naval assets in Crimea, increasing conflict intensity but without direct US-Russia military engagement, which kept market odds for a direct clash low.
Ukraine’s SBU hits multiple Russian warships and radar installations in Crimea
December 31, 2026 dips to 11%3%
Ukraine’s attacks on Russian naval assets in Crimea increased conflict intensity but did not involve US forces directly, maintaining low probability of US-Russia military clash.
Ukraine’s special forces strike Russian warships in Crimea
December 31, 2026 rises to 14%4%
Ukraine’s special forces attacked Russian landing ships and military infrastructure in Crimea, escalating the conflict regionally but not involving direct US-Russia military engagement.
US Military Completes Withdrawal from Syria, Handing Over Last Major Base
June 30, 2026 dips to 3%1%
The United States finalized the evacuation of its troops from the Qasrak base in northeastern Syria, ending over a decade of military presence and significantly reducing the risk of a direct clash with Russian forces operating in the country.
United States Finalizes Troop Withdrawal and Base Handovers in Syria
June 30, 2026 dips to 3%1%
The United States completed the redeployment of its military forces out of Syria and handed over its remaining bases to the interim government, significantly reducing the risk of direct military friction with Russian forces operating in the region.
Reports of Russian preparations for large-scale offensive in Donetsk
December 31, 2026 jumps to 16%6%
Intelligence indicated Russia's buildup for a major offensive in eastern Ukraine, increasing regional tensions but no direct US-Russia military engagement, keeping market probabilities low for a direct clash.
Russia launches massive missile and drone strikes across Ukraine killing civilians
December 31, 2026 rises to 12%1%
On April 16, Russia conducted its deadliest attack of the year on Ukrainian cities including Kyiv, using over 700 drones and missiles, killing at least 17 people. This escalation highlighted ongoing intense conflict but did not involve US forces, thus not qualifying as a US-Russia military clash. The market likely reacted to increased regional tensions but no direct US-Russia engagement.
Russian missile and drone attacks kill at least 15 in Ukraine
December 31, 2026 dips to 8%3%
Russia launched a large-scale missile and drone attack across Ukraine, causing civilian casualties and infrastructure damage. Despite the intensity of the conflict, there was no direct military engagement between US and Russian forces, keeping the market's probability low.
US announces reduction in NATO military support amid tensions
The US declared plans to cut strategic bombers and warships available to NATO, reflecting a strategic shift away from direct military confrontation with Russia. This news contributed to a decrease in market pricing for a military clash by June 30, 2026, indicating lowered expectations of imminent conflict.
Russian forces conduct large missile and drone strikes on Ukraine amid ongoing conflict
December 31, 2026 rises to 11%1%
On April 14-15, 2026, Russian forces launched extensive missile and drone attacks on Ukrainian positions, intensifying the conflict but without involving US forces directly. This sustained conflict in Ukraine influenced market perceptions of broader military risks but did not indicate a direct US-Russia clash.
Russian forces continue offensive operations in Ukraine amid ceasefire claims
December 31, 2026 rises to 11%2%
Russian forces engaged in multiple attacks and territorial fighting in Ukraine, with no reported direct military encounters involving US forces. This sustained conflict influenced market perceptions of broader military tensions but did not increase likelihood of US-Russia direct clash.
US Justice Department disrupts Russian military intelligence DNS hijacking network
The US disrupted a Russian military intelligence cyber network, reflecting ongoing hybrid warfare and cyber conflict but no direct military clash between US and Russian forces.
Ukraine strikes Russian Black Sea oil terminal and naval assets
December 31, 2026 dips to 7%3%
Ukraine conducted drone and missile strikes on Russian oil infrastructure and naval assets in the Black Sea, including the port of Novorossiysk and the Tuapse refinery, causing significant damage and environmental impact. These attacks pressured Russian military capabilities but did not provoke direct US-Russia military engagement.
Swedish special forces detain and release Russian oil tanker Flora 1
Swedish forces detained a Russian oil tanker suspected of violating sanctions but released it after insufficient evidence. This incident highlighted ongoing tensions and covert operations but did not escalate to military conflict between the US and Russia, keeping market probabilities low.
Syrian government reports on internal violence and ongoing instability
December 31, 2026 dips to 11%1%
The Syrian National Investigation Committee submitted a report on violence in southern Syria, highlighting ongoing internal conflicts but no direct US-Russia military clashes. This underscored the complex regional dynamics without escalating to direct confrontation between the two powers.
Ukrainian President Zelensky tours Gulf countries amid Iran conflict
Zelensky's diplomatic tour to Gulf countries under attack from Iran aimed to build defense and security cooperation, reflecting the broader regional conflict involving US allies but not direct US-Russia military clashes. This sustained low market expectations for a direct US-Russia military encounter.
Reports of Russian military aid to Iran amid US-Iran conflict
December 31, 2026 rises to 11%3%
In late March 2026, reports emerged that Russia was providing military cooperation and intelligence support to Iran during the US-Iran conflict. This raised concerns about indirect escalation risks between the US and Russia, contributing to market uncertainty about potential direct clashes.
Analysis highlights ongoing Ukraine conflict and missile supply concerns
December 31, 2026 jumps to 16%5%
Military analysts noted Ukraine's reliance on US interceptor missiles and Russia's missile advancements, underscoring continued proxy conflict without direct US-Russia military engagement, maintaining low market odds for a direct clash.
US and Russian Delegations Meet in Riyadh for De-escalation Talks
December 31, 2026 dips to 10%4%
US and Russian officials met in Saudi Arabia to discuss temporary ceasefires on long-range strikes and maritime security, helping to defuse immediate direct military confrontation risks.
NATO launches Sea Shield 2026 exercises in Black Sea region
NATO conducted large-scale naval exercises in Romania to deter Russian hybrid maritime threats, signaling alliance readiness but avoiding direct confrontation, which kept market probabilities low.
NATO launches Sea Shield 2026 exercises in the Black Sea region
June 30, 2026 rises to 8%3%
NATO began large-scale naval exercises in the Black Sea involving multiple member states, aiming to deter Russian aggression and address hybrid threats. Despite increased military activity, no direct US-Russia military engagement occurred, maintaining low market probabilities for a clash.
Ukrainian forces strike key Russian military facilities amid ongoing war
December 31, 2026 rises to 15%4%
Ukrainian military operations targeted Russian military production and logistics sites, escalating the conflict in Ukraine. This increased fears of broader regional instability and potential US-Russia military entanglement, briefly raising market odds.
Russian forces intensify offensive in Ukraine amid US-Ukraine peace talks
December 31, 2026 drops to 9%5%
Russian military intensified ground assaults in Ukraine while US and Ukrainian delegations held talks toward a peace agreement. This increased concerns about broader conflict escalation involving Russia, impacting market prices.
Russian forces launch Spring-Summer offensive in Ukraine; US-Ukraine peace talks held
December 31, 2026 rises to 14%1%
Russian military intensified operations in Ukraine while US and Ukrainian delegations held talks on peace, indicating ongoing conflict but no direct US-Russia military engagement, which kept market odds low for a clash.
US and Ukrainian delegations hold bilateral meeting amid Russian offensive
December 31, 2026 rises to 12%4%
US and Ukrainian officials met in Miami to discuss peace efforts while Russian forces intensified their offensive in Ukraine, maintaining conflict but no direct US-Russia military engagement, keeping the market's probability for clash low.
Russia deepens military and intelligence cooperation with Iran
December 31, 2026 dips to 10%3%
Russia significantly expanded military and intelligence cooperation with Iran, providing satellite imagery and upgraded drone technology to aid Iranian strikes on US forces in the Middle East. This deepening alliance increased regional tensions but did not result in direct US-Russia military encounters.
Russian fighter jet violates Estonian airspace, NATO responds
December 31, 2026 rises to 13%4%
A Russian SU-30 fighter briefly entered Estonian airspace, triggering NATO Baltic Air Policing response and diplomatic protests, escalating tensions but not direct US-Russia military engagement.
US Intelligence Warns of Sharpened Russia Escalation and Direct NATO Clash Risks
December 31, 2026 rises to 13%4%
The 2026 Annual Threat Assessment highlighted explicit concerns over deliberate escalatory spirals that could lead to direct hostilities between Russia and NATO forces.
US Intelligence Assessment Highlights Escalation Concerns but Maintains Deterrence
December 31, 2026 dips to 7%4%
The 2026 US intelligence assessment emphasized the risk of escalation in ongoing conflicts but noted that nuclear deterrence and diplomatic channels under the Trump administration helped maintain separation between US and Russian forces, reducing the likelihood of direct military clashes.
US Intelligence Threat Assessment Warns of Sharpened Russia Escalation Risks
December 31, 2026 dips to 10%1%
The newly released 2026 Annual Threat Assessment highlighted explicit concerns over deliberate or inadvertent military escalation with Russia.
US Intelligence Community Releases 2026 Annual Threat Assessment
The newly released US intelligence assessment highlighted that the most dangerous threat posed by Russia remains an escalatory spiral leading to direct hostilities.
US intelligence report highlights increased risk of Russia-NATO escalation
June 30, 2026 rises to 7%3%
The 2026 US intelligence assessment emphasized heightened risks of both inadvertent and deliberate escalation with Russia, including potential direct conflict with NATO, raising market concerns about military clashes.
2026 U.S. threat assessment raises escalation concerns but stops short of predicting direct clash
December 31, 2026 drops to 5%6%
The 2026 Annual Threat Assessment highlighted an increased risk of inadvertent escalation with Russia but stopped short of forecasting a direct U.S.–Russia clash. The nuanced language lowered panic, contributing to the steady decline of the December 31 2026 price from 11 % in early March to 5 % by late May.
US Intelligence Community Releases 2026 Annual Threat Assessment
June 30, 2026 dips to 4%3%
The US intelligence assessment highlighted heightened concerns over escalatory spirals with Russia, though direct conflict remains mitigated by diplomatic channels.
US intelligence community presents 2026 threat assessment emphasizing regional over country-specific threats
December 31, 2026 jumps to 12%5%
The 2026 US intelligence threat assessment presented on March 18 emphasized regional threats rather than focusing on Russia specifically, signaling a strategic recalibration and contributing to market confidence that direct US-Russia military clashes were less likely.
US intelligence community reduces focus on Russia but expresses concern over escalation
December 31, 2026 dips to 10%2%
The March 18, 2026 US intelligence assessment showed less emphasis on Russia but highlighted the risk of escalation in ongoing conflicts, reflecting cautious optimism about avoiding direct US-Russia military clashes.
US intelligence report highlights risk of direct conflict with Russia
December 31, 2026 dips to 11%3%
A 2026 US intelligence assessment emphasized the danger of escalation with Russia, including the possibility of direct conflict with NATO. This report increased market concerns about a potential military clash, contributing to price volatility.
Reports Confirm Russia Providing Intelligence to Help Iran Strike US Targets
December 31, 2026 rises to 14%3%
Reports emerged that Russia was actively providing intelligence and satellite imagery to Iran to assist in targeting US military assets in the Middle East, significantly raising the risk of a proxy or direct clash.
Ukrainian special forces strike Russian warship in Crimea, escalating conflict
December 31, 2026 rises to 14%3%
A Ukrainian operation likely involving US-trained special forces struck a Russian corvette, increasing tensions but still avoiding direct US-Russia military engagement, causing minor market fluctuations.
US Temporarily Eases Sanctions on Stranded Russian Oil Tankers
December 31, 2026 rises to 16%2%
The US Treasury issued a 30-day waiver allowing the purchase of Russian oil already loaded on tankers at sea to stabilize global energy markets, temporarily easing economic tensions.
Russian forces launch ballistic missile and over 100 strike drones at Ukraine
December 31, 2026 dips to 4%4%
Russian military intensified attacks on Ukraine with missile and drone strikes, escalating proxy conflict but not involving direct US-Russia military engagement, which kept the market probability low.
US Lifts Sanctions on Russian Oil Already at Sea
December 31, 2026 dips to 11%3%
The United States eased sanctions on Russian oil already on tankers, providing a temporary economic buffer for Russia and signaling a desire to manage economic fallout amid the wider Middle East conflict.
US partially eases sanctions on Russian oil amid ongoing conflicts
December 31, 2026 rises to 16%2%
On March 13, 2026, the US lifted sanctions on Russian oil already on tankers at sea until April 11, providing economic relief to Russia. This decision was controversial and seen as a strategic move amid ongoing conflicts, including the Ukraine war and tensions involving Iran, influencing market perceptions of US-Russia relations.
Russian forces launch combined missile and drone attacks on Ukraine
December 31, 2026 rises to 7%1%
Russian military intensified attacks on Ukraine using ballistic missiles and strike drones, increasing conflict intensity but without direct US-Russia military engagement. This maintained conflict risk but did not raise the probability of a US-Russia clash, reflected in stable low market prices.
US and allies clash with Russia and China at UN over Iran nuclear program
On March 12, 2026, the US and Western allies clashed with Russia and China at the UN over Iran's nuclear program, reflecting geopolitical tensions but not direct military conflict. This event maintained tensions but did not escalate to military engagement, contributing to stable or slightly declining market prices.
US and allies clash with Russia and China at UN over Iran nuclear program
December 31, 2026 dips to 10%1%
At the UN, the US and Western allies confronted Russia and China over Iran's nuclear intentions amid ongoing US-Iran conflict, highlighting geopolitical tensions but no direct US-Russia military engagement. This maintained a low market probability for a direct clash.
U.S. temporarily lifts sanctions on Russian oil already on tankers
December 31, 2026 rises to 15%4%
The U.S. Office of Foreign Assets Control temporarily authorized the sale of Russian crude already at sea (March 12‑April 11). Analysts said the waiver would provide Russia with much‑needed revenue, potentially enabling a more aggressive war effort and raising the perceived chance of a U.S.–Russia military clash, which coincided with a sharp rise in the market’s “Yes” odds in mid‑March.
US temporarily lifts sanctions on Russian oil amid Iran war
December 31, 2026 rises to 11%1%
The US temporarily eased sanctions on Russian oil shipments already loaded on tankers to stabilize global energy markets amid the Iran conflict. This move indirectly benefited Russia financially, potentially supporting its military budget and prolonging its war effort in Ukraine, which affected market perceptions of ongoing geopolitical risks.
US and Western Allies Clash with Russia and China at UN Over Iran War
June 30, 2026 dips to 3%4%
Tensions flared at the UN Security Council as Russia accused the US of launching a military venture in Iran, highlighting deep diplomatic rifts.
US and Western allies clash with Russia and China at UN over Iran nuclear program
On March 12, 2026, the US and its allies confronted Russia and China at the UN regarding Iran's nuclear intentions, escalating geopolitical tensions but stopping short of direct military conflict. This event highlighted ongoing strategic rivalries involving Russia but did not indicate imminent US-Russia military engagement, contributing to cautious market sentiment.
US and Russia Clash at UN Security Council Over Iran War
June 30, 2026 rises to 8%4%
The US and Western allies clashed sharply with Russia and China at the UN over Iran's nuclear intentions and the US military campaign launched against Tehran.
US, Russia clash at UN over Iran nuclear program amid ongoing Middle East conflict
December 31, 2026 rises to 13%3%
At the United Nations, the US and Russia sharply disagreed over Iran's nuclear intentions, reflecting broader geopolitical tensions. While this diplomatic clash heightened regional risks, it did not translate into direct US-Russia military engagement, keeping market odds low.
United States Temporarily Lifts Sanctions on Stranded Russian Oil
December 31, 2026 dips to 11%3%
The US temporarily authorized the sale of Russian oil stranded at sea to stabilize global energy markets amid the Iran conflict, easing immediate economic and diplomatic friction between Washington and Moscow.
US and Russia clash diplomatically at UN over Iran nuclear program
December 31, 2026 dips to 8%2%
At the United Nations, the US and Russia engaged in sharp diplomatic disputes over Iran's nuclear intentions, reflecting ongoing geopolitical tensions but no direct military engagement between US and Russian forces, maintaining low market probabilities for a clash.
U.S. and allies clash with Russia and China at UN over Iran nuclear program
At the United Nations, the U.S. and Western allies clashed with Russia and China over Iran's nuclear intentions amid the ongoing U.S. war on Iran. Russia accused the U.S. of fabricating hysteria to justify military action, escalating diplomatic tensions but not leading to direct military engagement between the U.S. and Russia.
US Temporarily Lifts Sanctions on Russian Oil Already at Sea
June 30, 2026 dips to 4%3%
The US decision to temporarily ease sanctions on Russian oil already on tankers at sea reduced immediate economic and maritime friction between the two powers.
US and Russia clash at UN over Iran nuclear program amid ongoing tensions
At the United Nations, the US and Russia clashed over Iran's nuclear intentions, reflecting ongoing geopolitical tensions. However, this diplomatic confrontation did not escalate into direct military engagement between US and Russian forces.
U.S. and Russia Clash at UN Security Council Over Iran War Justification
Tensions flared at the UN as Russia accused the U.S. of launching a military venture in Iran under false pretenses, slightly reversing the downward trend in clash probabilities.
Russia expands military forces near NATO borders, warns Lithuania
December 31, 2026 rises to 11%1%
Lithuanian intelligence reported Russia expanding brigades into divisions and forming new units near NATO borders, increasing military pressure but not triggering direct conflict, maintaining market caution but not raising clash probability.
Renewed Russian hybrid warfare tactics escalate tensions without direct US-Russia military clash
June 30, 2026 rises to 8%4%
In early 2026, Russia intensified hybrid warfare tactics targeting Europe and Ukraine, aiming to avoid direct military confrontation with the US while applying pressure. This sustained tension kept market prices low but stable, reflecting ongoing risk without direct clash.
Russia allegedly provides Iran with intelligence aiding attacks on US forces
December 31, 2026 rises to 14%3%
Reports emerged that Russia shared intelligence with Iran to support attacks on US military targets in the Middle East, increasing geopolitical tensions but not causing direct US-Russia military clashes.
Reports Emerge of Russia Providing Military Intelligence to Iran to Target US Forces
December 31, 2026 rises to 11%4%
Reports that Russia was supplying real-time targeting data and satellite imagery to Iran during the US-Iran conflict raised concerns about indirect escalation risks, causing a minor upward tick in clash probabilities.
Russia shares intelligence with Iran against US forces in Middle East
December 31, 2026 rises to 14%3%
Russia reportedly shared intelligence with Iran to support attacks against US forces, increasing proxy conflict risks but not direct US-Russia military engagement. This contributed to geopolitical tensions without triggering a direct military clash.
Russia Reportedly Providing Iran with Intelligence to Target U.S. Forces
December 31, 2026 jumps to 16%5%
U.S. officials revealed that Russia has been providing Iran with targeting information, including the locations of U.S. warships and aircraft, to facilitate strikes against American forces in the Middle East.
Reports of Russian intelligence sharing with Iran against US forces in Middle East
December 31, 2026 dips to 12%2%
On March 6, 2026, reports emerged that Russia shared intelligence with Iran targeting US military assets in the Middle East, indicating proxy conflict but no direct US-Russia military engagement, thus not triggering a market increase for a direct clash.
Reports of Russia sharing intelligence with Iran to target US forces in Middle East
December 31, 2026 jumps to 11%5%
On March 6, 2026, reports emerged that Russia was providing Iran with targeting information to attack US forces in the Middle East, indicating indirect conflict dynamics but no direct US-Russia military engagement, which kept the market cautious but not alarmed about a direct clash.
Kremlin blames US for potential Ukraine peace talks collapse
December 31, 2026 dips to 11%3%
Russian Foreign Minister Sergey Lavrov accused the US of destabilizing the Middle East and obstructing peace negotiations with Ukraine, aiming to shift blame for any failure in talks. This diplomatic tension increased market uncertainty but did not translate into direct military conflict between US and Russian forces.
Russia Reportedly Shares Targeting Intelligence with Iran to Strike US Forces
December 31, 2026 dips to 15%1%
Reports emerged that Russia has been providing Iran with the locations of US military assets, including warships and aircraft, to aid targeting in the Middle East, raising direct escalation risks.
Russia Accused of Providing Iran with US Military Intelligence
June 30, 2026 jumps to 9%5%
Reports emerged that Russia was providing targeting and positioning intelligence to Iran to facilitate attacks on US forces in the Middle East. This indirect intervention raised concerns of a proxy conflict escalating into a direct clash, causing a temporary spike in YES prices.
Russia provides Iran with intelligence to target US military forces
December 31, 2026 rises to 11%1%
US intelligence revealed that Russia has been sharing targeting information with Iran about the locations and movements of US troops, ships, and aircraft in the Middle East. This indirect involvement heightened tensions and concerns about escalation risks involving Russia and the US, influencing market perceptions of conflict probability.
Russia Reportedly Shares US Military Targeting Data with Iran
December 31, 2026 rises to 13%2%
Reports emerged that Russia provided intelligence on US military assets to Iran following US-Israeli strikes, slightly raising geopolitical friction and direct clash concerns.
US accuses Russia of providing Iran with intelligence to target American forces
On March 6, 2026, US officials reported that Russia was providing Iran with targeting information to attack American forces in the Middle East. While this heightened tensions, it did not result in direct military engagement between US and Russian forces, thus not fulfilling the market's criteria for a military clash.
Reports that Russia shared US military asset locations with Iran after US-Israeli strikes
December 31, 2026 dips to 11%3%
US officials reported that Russia provided Iran with locations of US military assets following US-Israeli strikes on Iran, escalating indirect conflict risks but not direct US-Russia military engagement. This contributed to market uncertainty but did not increase direct clash probabilities significantly.
NORAD intercepts two Russian Tu-142 aircraft near Alaska in international airspace
On March 4, 2026, NORAD scrambled US and Canadian fighters to intercept Russian military aircraft operating in the Alaskan Air Defense Identification Zone, with no airspace violation or direct military engagement occurring, easing fears of conflict.
NORAD intercepts two Russian reconnaissance aircraft near Alaska
December 31, 2026 rises to 13%2%
NORAD detected and tracked two Russian Tu-142 maritime patrol aircraft operating in the Alaskan and Canadian ADIZ in international airspace. U.S. and Canadian fighter jets intercepted and monitored the aircraft without any direct military engagement, reinforcing the pattern of provocative but non-combative encounters.
NORAD launches 12‑aircraft scramble to intercept Russian Tu‑142s near Alaska
December 31, 2026 surges to 52%41%
Two Russian Tu‑142 maritime patrol aircraft entered the Alaskan and Canadian ADIZ. The North American Aerospace Defense Command launched a 12‑aircraft response, including F‑35, F‑22, and AWACS platforms, to positively identify and monitor the planes. The scale of the response, larger than the February incident, created a sharp market swing upward in late April.
NORAD intercepts Russian Tu-142 maritime patrol aircraft near Alaska
December 31, 2026 rises to 13%3%
NORAD detected and intercepted Russian Tu-142 aircraft in the Alaskan Air Defense Identification Zone, marking a second such incident in a month, maintaining tension but no direct conflict.
NORAD Intercepts Russian Reconnaissance Aircraft Near Alaska
June 30, 2026 rises to 8%3%
US F-35 fighters intercepted Russian Tu-142 military aircraft in the Alaskan ADIZ. The routine nature of the intercept kept the June 30, 2026 market option stable at low single digits.
Russian communications disrupted by loss of Starlink in Ukraine
December 31, 2026 dips to 11%3%
Russian forces in Ukraine suffered significant communication and coordination challenges after losing access to Starlink services, impacting their drone operations and battlefield effectiveness. This development reduced the likelihood of escalations involving US forces directly engaging Russia, as it indicated Russian operational difficulties rather than provocations against the US.
Russian forces prepare large-scale offensive in Donetsk region with troop buildup
December 31, 2026 jumps to 11%5%
Intelligence reports indicated Russia was planning a major offensive in eastern Ukraine, adding 20,000 troops and increasing military presence, raising concerns about escalation and potential US involvement.
US and Israel launch coordinated strikes on Iran after nuclear talks fail
December 31, 2026 dips to 5%3%
In late February 2026, the United States and Israel conducted joint military strikes against Iran following the collapse of nuclear negotiations. While this increased regional tensions, it did not involve direct military engagement between US and Russian forces, thus not fulfilling the market's criteria for a clash.
Russian Foreign Minister Lavrov criticizes US military actions amid Middle East tensions
Lavrov accused the US of destabilizing the Middle East and conducting military operations against countries it was negotiating with, increasing diplomatic tensions and market fears of broader conflict involving Russia and the US.
United States and Israel Launch Joint Military Operation Against Iran
December 31, 2026 jumps to 11%5%
The launch of a major joint military campaign against Iran by the US and Israel dramatically increased geopolitical tensions and raised the risk of proxy or direct clashes with Russia, which maintains close ties with Tehran.
Russia Slams US-Flagged Boat Incident Off Cuba as Aggressive Provocation
December 31, 2026 jumps to 11%5%
A shootout off the coast of Cuba involving a US-registered speedboat and Cuban border guards led to four deaths. Russian Foreign Ministry Spokeswoman Maria Zakharova condemned the incident as a US provocation, briefly raising regional tensions.
US Military Begins Withdrawing from Key Bases in Northeastern Syria
The US military initiated its withdrawal from key bases in northeastern Syria, including al-Shaddadi and al-Tanf, significantly reducing the physical proximity and potential friction points between US and Russian-backed forces.
US Fighter Jets Intercept Russian Military Aircraft Off Alaskan Coast
NORAD scrambled US fighter jets to intercept and escort five Russian military aircraft operating in the Alaskan ADIZ. The incident was handled routinely without violence, reinforcing the low probability of a clash.
NORAD intercepts Russian Tu‑95s, Su‑35s and A‑50 near Alaska
December 31, 2026 rises to 7%2%
NORAD detected and tracked two Russian Tu‑95 bombers, two Su‑35 fighters and an A‑50 early‑warning plane in the Alaskan ADIZ. The U.S. scrambled F‑22 and F‑35 fighters and escorted the Russian aircraft out of the zone. The interception, while not involving weapons, was the first such large‑scale air encounter of 2026 and lifted market sentiment toward a possible clash.
U.S. fighter jets intercept Russian warplanes off Alaskan coast
December 31, 2026 drops to 9%5%
NORAD scrambled U.S. fighter jets to intercept multiple Russian bombers and fighters operating near Alaska in the Air Defense Identification Zone (ADIZ), but the Russian aircraft did not enter U.S. sovereign airspace or engage in combat. This routine interception underscored ongoing tensions but did not escalate to a military clash, contributing to market skepticism about a direct conflict.
Russia's violation of NATO airspace surges 200% in 2025
December 31, 2026 drops to 7%8%
Reports revealed a sharp increase in Russian airspace violations of NATO countries in 2025, tripling from the previous year. While these incidents increased tensions and tested NATO's defenses, they remained below the threshold of armed attack and did not involve direct military clashes with U.S. forces, influencing market sentiment toward a lower probability of military conflict.
US, Ukraine, and Russia hold trilateral talks in Geneva amid ongoing war
December 31, 2026 dips to 5%2%
Trilateral meetings aimed at negotiating ceasefire and prisoner exchanges took place, reflecting diplomatic efforts to de-escalate conflict and lowering market expectations of a US-Russia military clash.
Trilateral US-Ukraine-Russia peace talks held in Geneva amid ongoing conflict
December 31, 2026 jumps to 13%7%
The US, Ukraine, and Russia held trilateral peace negotiations in Geneva to discuss ceasefire monitoring and prisoner exchanges amid the ongoing war in Ukraine. The talks reflected diplomatic efforts to de-escalate tensions but failed to produce a ceasefire, maintaining the status quo without direct US-Russia military engagement.
US, Ukraine, and Russia hold trilateral peace talks in Geneva
June 30, 2026 dips to 3%1%
On February 17-18, 2026, the US, Ukraine, and Russia held trilateral talks in Geneva aiming to negotiate ceasefire and peace terms. The talks indicated diplomatic efforts to resolve conflicts and reduce the risk of direct US-Russia military confrontation, influencing market sentiment downward.
US, Russia, and Ukraine hold trilateral peace talks in Geneva
December 31, 2026 dips to 5%2%
The Geneva meetings aimed to negotiate ceasefire terms and prisoner exchanges amid the ongoing Ukraine conflict, signaling diplomatic efforts to avoid direct US-Russia military confrontation. This reduced market expectations for a direct clash in the near term.
US-mediated Russia-Ukraine peace talks held in Geneva
December 31, 2026 rises to 10%1%
Trilateral peace talks involving the US, Russia, and Ukraine took place in Geneva on February 17-18, 2026, focusing on ceasefire and humanitarian issues but failing to produce a breakthrough on territorial disputes. The talks maintained diplomatic engagement but underscored ongoing conflict risks, influencing market sentiment about the low likelihood of direct US-Russia military clashes.
Trilateral peace talks between US, Russia, and Ukraine in Geneva
December 31, 2026 dips to 6%2%
US, Russian, and Ukrainian delegations met in Geneva for peace talks focusing on military and political issues. Despite difficulties, these talks indicated ongoing diplomatic efforts to resolve the conflict, further reducing the likelihood of a direct US-Russia military clash during the period.
Russian Black Sea port hit in drone strike before peace talks
December 31, 2026 rises to 11%4%
A drone attack damaged Russian infrastructure in the Black Sea region, escalating tensions but remaining below the threshold of direct US-Russia military conflict.
Russia significantly increases ammunition production and imports
Reports indicated Russia ramped up ammunition production and imported millions of shells from Iran and North Korea, signaling preparation for prolonged conflict but not direct US-Russia military engagement, which tempered market expectations.
Report: Russia increases ammunition production and imports from Iran and North Korea
December 31, 2026 dips to 5%2%
Estonian intelligence reported Russia significantly ramped up ammunition production and imports, indicating preparation for future conflicts but no immediate escalation involving US forces, supporting the market's low probability for a US-Russia clash.
NATO Secretary General reports high Russian casualties but slow advance
December 31, 2026 dips to 7%1%
NATO Secretary General Mark Rutte highlighted the slow Russian military advance and heavy casualties, underscoring the ongoing conflict's attritional nature but no escalation to direct US-Russia military clashes, reinforcing market expectations of low probability for such an event.
Report reveals Russia significantly increases ammunition production and imports for future wars
December 31, 2026 dips to 7%4%
Russia's ramp-up in ammunition production and imports from Iran and North Korea indicated preparation for prolonged conflict but not direct US engagement, reducing immediate clash expectations.
Munich Security Conference warns Russia likely preparing war against Baltic states
December 31, 2026 dips to 6%1%
The conference report indicated Russia's preparations for conflict with Baltic states within six months, raising regional tensions but not directly involving US forces, thus having limited impact on the US-Russia clash market which remained low.
Russian Foreign Minister Lavrov blames US for stalled Ukraine peace progress
December 31, 2026 plunges to 15%35%
Lavrov publicly blamed the US for lack of progress in ending the war in Ukraine and reiterated Russia's demands over Ukraine's post-war government and military. This hardened rhetoric maintained tensions but did not escalate to direct US-Russia military engagement, keeping clash probabilities low.
Lavrov Accuses US of Reneging on Alaska Summit Peace Proposals
December 31, 2026 rises to 7%3%
Russian Foreign Minister Sergei Lavrov blamed the US for a lack of progress in ending the war in Ukraine, citing new US sanctions and shadow fleet seizures as barriers to cooperation.
US pushes for Russia-Ukraine war to end by summer amid ongoing strikes
December 31, 2026 dips to 7%1%
US President Trump announced efforts to end the Russia-Ukraine war by summer 2026, with ongoing negotiations and ceasefire proposals, which contributed to market expectations of reduced risk of direct US-Russia military conflict.
Zelenskiy Says US Pushes for Russia-Ukraine Peace Agreement by Summer
Ukrainian President Volodymyr Zelenskiy revealed that the US is pushing for a resolution to the war by summer, further signaling a diplomatic path that reduces direct US-Russia clash risks.
US sets June deadline for Ukraine and Russia to reach war-ending agreement
On February 7, 2026, Ukrainian President Zelenskyy announced that the US had given Ukraine and Russia a June deadline to reach a peace deal. This diplomatic pressure aimed at ending the war contributed to market expectations of reduced likelihood of direct US-Russia military confrontation.
US and Russia agree to re-establish military dialogue after Ukraine peace talks in Abu Dhabi
December 31, 2026 dips to 7%1%
Following talks in Abu Dhabi, the US and Russia agreed to resume military communication hotlines, further reducing tensions and the risk of direct military encounters between their forces during the ongoing Ukraine conflict.
New START nuclear arms treaty expires, raising nuclear tensions
December 31, 2026 dips to 7%1%
The expiration of the New START treaty removed treaty-bound limits on US and Russian strategic nuclear weapons, increasing nuclear risks but not triggering direct military conflict. This heightened strategic uncertainty but did not lead to a military encounter as defined by the market.
Expiration of New START nuclear arms treaty between US and Russia
December 31, 2026 dips to 7%1%
The New START treaty, which limited deployed strategic nuclear warheads, expired on February 5, 2026. The expiration removed treaty-bound limits on US and Russian nuclear arsenals, raising concerns about a new arms race but also coinciding with renewed military dialogue to manage tensions.
US and Russia reestablish military dialogue after Ukraine talks
December 31, 2026 dips to 4%3%
The reestablishment of military dialogue was confirmed as a sign of warming relations and an effort to avoid collisions between US and Russian forces amid the ongoing Ukraine conflict. This contributed to a further decline in market odds for a military clash.
US and Russia officially resume military dialogue after Ukraine peace talks
December 31, 2026 dips to 5%1%
The resumption of military hotlines was announced as part of efforts to ease tensions and avoid collisions between US and Russian forces amid ongoing Ukraine conflict negotiations. This reinforced market sentiment that direct military clashes were less likely in the near term.
Russian forces prepare for anticipated summer 2026 offensive in Ukraine
On February 6, 2026, assessments indicated that Russian forces were preparing for a summer offensive in Ukraine, focusing on key directions. While this suggested ongoing conflict, it did not directly increase the risk of a US-Russia military clash, as diplomatic channels remained open and active.
U.S. and Russia Agree to Reestablish High-Level Military Dialogue
December 31, 2026 dips to 7%2%
In a major de-escalation milestone, the U.S. and Russia agreed to restore direct high-level military communication channels to avoid miscalculations and unintended escalation.
New START nuclear treaty expires; U.S. and Russia no longer bound by limits
December 31, 2026 jumps to 16%9%
The New START nuclear arms‑control treaty between the United States and Russia expired. Both sides announced they would no longer be bound by its limits, reviving strategic‑risk concerns. Traders interpreted the loss of the last bilateral nuclear restraint as a catalyst for a possible future U.S.–Russia military escalation, pushing the market’s “Yes” odds upward in March.
United States and Russia agree to reestablish high-level military-to-military dialogue
December 31, 2026 dips to 5%3%
Following talks in Abu Dhabi, the US and Russia agreed to resume high-level military communications that had been suspended since the 2022 invasion of Ukraine. This agreement established a direct channel for de-escalation, driving the probability of an accidental or direct military clash to its lowest levels.
Expiration of New START nuclear arms treaty between US and Russia
The New START treaty expired on February 5, 2026, ending decades of legally binding limits on US and Russian strategic nuclear arsenals. While this raised global security concerns, it did not immediately lead to a military clash, but contributed to market uncertainty.
US and Russia agree to reestablish high-level military-to-military dialogue
December 31, 2026 plunges to 13%37%
On February 5, 2026, the US and Russia agreed to resume high-level military communications for the first time since 2021, aiming to reduce tensions and avoid accidental clashes amid ongoing conflicts. This diplomatic move contributed to a sharp drop in market odds for a military clash by December 31, 2026, from 50% to around 13%.
U.S. and Russia re‑establish high‑level military dialogue in Abu Dhabi
June 30, 2026 dips to 3%1%
The United States and Russia announced the restoration of high‑level military‑to‑military dialogue in Abu Dhabi after months of silence. The move was interpreted as a de‑escalation step, sharply reducing perceived clash risk and driving market odds down to 3 % on 13 May 2026.
U.S. and Russia Close in on Deal to Observe Expiring New START Treaty
June 30, 2026 dips to 3%2%
Parallel to the military hotline agreement, negotiators in Abu Dhabi agreed to continue observing the limits of the expiring New START nuclear pact, further reducing strategic friction.
New START treaty expires, raising nuclear risk concerns
December 31, 2026 rises to 14%3%
The New START treaty expired, removing formal limits on strategic nuclear arsenals. Analysts warned this could heighten the risk of direct conflict, pushing the market’s “Yes” price to a short‑term peak of 14 % on 2026‑03‑15 before it fell back.
US and Russia to resume high-level military talks amid normalization efforts
June 30, 2026 dips to 6%3%
Officials confirmed the resumption of military dialogue between the US and Russia, reflecting efforts to normalize relations despite ongoing tensions, which contributed to a decline in market odds for a military clash.
US and Russia agree to reestablish high-level military-to-military dialogue
June 30, 2026 dips to 3%2%
The US and Russia agreed to resume high-level military talks after a hiatus since before the Ukraine invasion, signaling a potential de-escalation and normalization of military communications. This development reduced market fears of direct US-Russia military conflict, causing a sharp drop in the probability of a clash by June 30, 2026.
US and Russia announce resumption of high-level military talks
December 31, 2026 dips to 7%4%
The US and Russia agreed to resume military-to-military dialogue suspended since 2022, signaling a move toward normalized relations and reducing immediate fears of direct military clashes, which lowered market odds.
New START treaty lapses amid US calls for broader arms control including China
December 31, 2026 dips to 10%4%
The lapse of the New START treaty on February 5, 2026, and US President Trump's call for a new, improved treaty including China, increased diplomatic tensions but did not escalate to direct military conflict, influencing market prices downward for a US-Russia clash.
US and Russia resume high-level military talks after hiatus
December 31, 2026 dips to 6%2%
The United States and Russia announced the resumption of high-level military-to-military dialogue suspended since before the 2022 Ukraine invasion. This development suggested a potential de-escalation channel, temporarily reducing fears of direct military conflict, reflected in market price movements.
New START nuclear‑arms treaty expires as U.S. and Russia resume military talks
The New START treaty expired on 5 Feb 2026, ending the last formal arms‑control constraint between the two nuclear powers. Analysts flagged the lapse as increasing long‑term escalation risk, but the simultaneous dialogue restoration mitigated immediate market impact, leaving odds stable around 3 %.
New START nuclear arms treaty expires without extension
December 31, 2026 dips to 5%2%
The New START treaty, the last major arms control agreement between the US and Russia, expired on February 5, 2026, removing formal limits on deployed strategic nuclear warheads. Despite the expiration, both sides indicated willingness to maintain restraint temporarily, which helped prevent immediate escalation and contributed to lowering market expectations of a US-Russia military clash.
US, Ukraine, and Europe discuss multi-layered security guarantees for post-war Ukraine
December 31, 2026 drops to 8%6%
Discussions among the US, Ukraine, and Europe on security guarantees aimed at deterring renewed Russian aggression indicated ongoing diplomatic efforts to stabilize the conflict, lowering the likelihood of direct US-Russia military engagement.
Russia resumes missile and drone strikes on Ukrainian energy infrastructure
December 31, 2026 dips to 8%2%
Despite ongoing peace talks, Russia launched a significant missile and drone strike on Ukraine's energy infrastructure, demonstrating continued conflict but no direct US-Russia military engagement, which kept the market cautious but not alarmed about a direct clash.
Special Inspector General reports limited Russian advances in Ukraine
December 31, 2026 dips to 10%4%
The report detailed limited Russian territorial gains and ongoing US support to Ukraine, indicating a protracted conflict without direct US-Russia military engagement, which further reduced market expectations of a direct clash.
Kremlin confirms Putin agreed to Trump’s request to refrain from striking Kyiv until Feb 1
December 31, 2026 dips to 14%1%
Kremlin spokesperson Dmitry Peskov acknowledged that Putin made a personal commitment to US President Trump to avoid strikes on Kyiv until February 1, reflecting a temporary de-escalation and reducing immediate risk of US-Russia military escalation.
Russian military recruiters face criticism amid intensified recruitment efforts
December 31, 2026 dips to 12%1%
Reports emerged of Russian military recruiters misleading recruits about assignments, reflecting internal challenges in Russia’s military. This indicated Russia’s ongoing military strain but did not signal direct conflict with US forces, supporting the market’s low probability for a US-Russia military clash.
Reports of Russian military recruitment intensify amid ongoing conflict
Russian military recruitment efforts increased, suggesting continued conflict readiness but no direct US-Russia military engagement. This maintained market skepticism about a clash but did not significantly raise odds.
Russia admits sinking of Moskva cruiser in Black Sea
December 31, 2026 dips to 13%2%
Russia officially acknowledged the sinking of its Moskva cruiser, a significant naval loss in the Black Sea, highlighting ongoing conflict with Ukraine but no direct US-Russia military engagement.
Russia begins withdrawing troops from northeastern Syria airport
December 31, 2026 dips to 13%3%
Russia started pulling back military forces from Qamishli airport in northeastern Syria, signaling a reduction of its military presence in the region amid Syrian government efforts to regain control. This de-escalation reduced the risk of direct US-Russia military encounters in Syria, influencing market sentiment downward.
Russian Forces Begin Withdrawal from Northeast Syria Airport
December 31, 2026 drops to 9%5%
Russian troops began pulling out of Qamishli airport in northeastern Syria, reducing the footprint of Russian forces in areas where US forces were also operating and lowering the risk of accidental clashes.
US suspends intelligence sharing with Ukraine amid shifting policy
December 31, 2026 dips to 10%4%
The US paused intelligence sharing with Ukraine, signaling a cautious approach to escalation and reducing the likelihood of direct US-Russia military encounters, contributing to market price declines in late January 2026.
US Envoy Confirms Productive Abu Dhabi Talks and Plans for Next Round
June 30, 2026 rises to 7%4%
Reports that the trilateral talks in Abu Dhabi were productive and would continue next week helped stabilize and lower the perceived risk of a direct clash.
US, Russia, and Ukraine Conclude First Trilateral Peace Talks in Abu Dhabi
June 30, 2026 dips to 3%4%
Delegations from the US, Russia, and Ukraine wrapped up historic, direct trilateral security talks in the UAE. The constructive nature of the meetings further reduced the likelihood of a near-term military clash between the US and Russia.
US, Russian, and Ukrainian delegations hold productive talks in Abu Dhabi
December 31, 2026 dips to 14%1%
Trilateral talks involving US, Russia, and Ukraine in Abu Dhabi were described as very productive, indicating ongoing diplomatic engagement that reduced the likelihood of direct US-Russia military clashes.
Trilateral talks on Ukraine security issues held in Abu Dhabi with US, Russia, and Ukraine
December 31, 2026 rises to 16%1%
On January 23-24, 2026, trilateral working group meetings took place in Abu Dhabi involving US, Russian, and Ukrainian officials to discuss security issues, indicating diplomatic engagement aimed at conflict resolution and reducing the risk of direct US-Russia military confrontation.
Kremlin states no hope for long-term Ukraine war settlement without territorial resolution
December 31, 2026 rises to 16%3%
After Putin's meeting with the US delegation, Kremlin officials expressed skepticism about peace prospects without resolving territorial issues, maintaining a hard stance that could prolong conflict but not escalate to direct US-Russia military engagement.
Putin meets US delegation, agrees to trilateral working group with Ukraine and US
December 31, 2026 dips to 15%2%
Russian President Putin met with US envoys and agreed to form a trilateral working group with Ukraine and the US to discuss security issues, indicating diplomatic efforts to manage conflict and lowering market expectations of a military clash.
2026 U.S. National Defense Strategy identifies Russia as threat but stresses deterrence
June 30, 2026 dips to 4%4%
The 2026 National Defense Strategy listed Russia as a primary threat but emphasized a focus on deterrence rather than offensive operations. The clarification reduced market fears of a sudden U.S.–Russia clash, moving the June 30 2026 price from 8 % down to 4 % over the following week.
US releases 2026 National Defense Strategy highlighting Russia as a threat
December 31, 2026 dips to 11%2%
The US Department of Defense published its National Defense Strategy emphasizing Russia as a key threat, signaling continued vigilance but no immediate military confrontation with Russia.
US, Russia, and Ukraine hold trilateral security talks in Abu Dhabi
June 30, 2026 drops to 3%5%
On January 23-24, 2026, senior officials from the US, Russia, and Ukraine met in Abu Dhabi to discuss security issues and potential conflict resolution, signaling a diplomatic effort to reduce tensions and the risk of direct military confrontation. This meeting contributed to a market price drop for a US-Russia military clash by June 30, 2026, from 8% to 3%.
US Department of Defense releases 2026 National Defense Strategy focusing on China and Russia threats
December 31, 2026 plunges to 16%34%
The DoD's strategy outlined increased conventional war capabilities but emphasized strategic competition with Russia and China without direct military confrontation, signaling preparedness but not imminent clash, contributing to market price decline.
Russia, US, and Ukraine agree to trilateral security talks in Abu Dhabi
December 31, 2026 dips to 14%2%
Russian and US officials agreed to meet with Ukraine in Abu Dhabi to discuss security issues, indicating diplomatic efforts to manage the conflict and reduce the risk of direct US-Russia military clashes. This contributed to a decline in market probability for a military encounter.
U.S. releases 2026 National Defense Strategy emphasizing threats from Russia
December 31, 2026 dips to 14%2%
The U.S. Department of Defense published its National Defense Strategy highlighting Russia as a key threat but focusing on homeland and Western Hemisphere priorities. This strategic posture suggested preparedness without immediate escalation, influencing market perceptions.
US, Ukraine, and Russia Agree to Trilateral Peace Talks in UAE
June 30, 2026 dips to 2%4%
President Zelensky announced that representatives from the US, Ukraine, and Russia would hold three-way peace talks in Abu Dhabi. This diplomatic progress signaled a strong push toward de-escalation, lowering the probability of a direct military clash.
US Envoys and Putin Agree to Trilateral Security Talks in Abu Dhabi
June 30, 2026 rises to 5%1%
Russian President Vladimir Putin met with US envoys Steve Witkoff and Jared Kushner, agreeing to hold trilateral security working group meetings in Abu Dhabi, signaling a shift toward diplomatic resolution.
Trilateral US-Russia-Ukraine working group formed to discuss security issues
December 31, 2026 dips to 13%1%
On January 23, Putin agreed to trilateral working group meetings with the US and Ukraine in Abu Dhabi to discuss security issues, signaling a diplomatic approach to conflict resolution and reducing market expectations of a military clash.
Department of Defense Releases 2026 National Defense Strategy
December 31, 2026 drops to 9%5%
The Pentagon released its updated defense strategy prioritizing homeland defense and identifying Russia and China as key threats, stabilizing the market's long-term clash expectations.
2026 US National Defense Strategy emphasizes threats from Russia and prioritizes homeland defense
December 31, 2026 plunges to 15%35%
The US Department of Defense released its National Defense Strategy highlighting Russia as a key threat but focusing on strategic deterrence and defense, which contributed to market confidence that direct military clashes would be avoided.
Trilateral talks on security issues held in Abu Dhabi with US, Russia, Ukraine
December 31, 2026 dips to 13%3%
Russia, the US, and Ukraine held trilateral working group meetings to discuss security issues, indicating diplomatic engagement and efforts to reduce conflict risks. This contributed to lowering market odds for a direct US-Russia military clash.
U.S. and Russia agree to reestablish military dialogue after Ukraine talks
December 31, 2026 dips to 14%2%
Following diplomatic talks involving Ukraine, the U.S. and Russia agreed to reestablish military dialogue to discuss security issues, reducing the risk of unintended military clashes. This diplomatic engagement contributed to market confidence that a direct military encounter was less likely in the near term.
US, Russian, and Ukrainian officials plan trilateral talks in Abu Dhabi
In late January 2026, US, Russian, and Ukrainian officials planned trilateral working group meetings in Abu Dhabi to discuss security issues, indicating diplomatic engagement that may reduce the risk of direct US-Russia military conflict. This contributed to market sentiment shifting away from a clash.
US-brokered Russia-Ukraine talks in Abu Dhabi end with no breakthrough
December 31, 2026 dips to 13%3%
The US facilitated talks between Russia and Ukraine in Abu Dhabi aimed at ending the war, attended by military intelligence officials. Although no agreement was reached, the willingness to continue dialogue reduced market expectations of a direct US-Russia military clash in the near term.
US and Russian Delegations Agree to Trilateral Security Meetings in Abu Dhabi
December 31, 2026 drops to 9%5%
Russian President Vladimir Putin met with a US delegation in Moscow and agreed to hold trilateral working group meetings with Ukraine and the United States in Abu Dhabi to discuss security issues.
Putin agrees to trilateral US-Russia-Ukraine security talks in Abu Dhabi
December 31, 2026 dips to 11%3%
Russian President Putin met with US envoys and agreed to trilateral working group meetings with the US and Ukraine to discuss security issues, signaling diplomatic engagement and reducing immediate risk of direct US-Russia military clash.
US, Russia, and Ukraine hold trilateral talks in Abu Dhabi to discuss security issues
December 31, 2026 dips to 13%1%
On January 23-24, 2026, senior officials from the US, Russia, and Ukraine met in Abu Dhabi for trilateral talks aimed at ending the war and discussing security guarantees. These talks, involving military and diplomatic representatives, contributed to market optimism about de-escalation and reduced the perceived risk of direct US-Russia military conflict.
US, Russia, and Ukraine Agree to Trilateral Security Talks in Abu Dhabi
December 31, 2026 dips to 10%4%
Russian President Vladimir Putin met with a US delegation and agreed to hold trilateral working group meetings in Abu Dhabi to discuss security issues, fostering diplomatic engagement.
US and Russia Agree to Trilateral Security Talks in Abu Dhabi
June 30, 2026 rises to 7%4%
Russia agreed to meet with Ukraine and the United States for trilateral working group meetings to discuss security issues, signaling a diplomatic path forward.
Putin meets US envoy and agrees to trilateral security talks in Abu Dhabi
December 31, 2026 plunges to 17%33%
Russian President Putin met with US Special Envoy Steve Witkoff and others, agreeing to trilateral working group meetings with the US and Ukraine to discuss security issues, signaling diplomatic efforts to manage tensions and reduce the risk of direct US-Russia military conflict.
Putin agrees to trilateral security talks with US and Ukraine in Abu Dhabi
December 31, 2026 dips to 12%4%
Russian Presidential Aide Yuriy Ushakov announced that Putin agreed to meet with US and Ukrainian officials in Abu Dhabi to discuss security issues, indicating diplomatic engagement that reduced immediate fears of direct US-Russia military conflict.
Putin agrees to trilateral security talks with US and Ukraine in Abu Dhabi
June 30, 2026 dips to 4%2%
Russian President Putin agreed to meet with US and Ukrainian officials in Abu Dhabi to discuss security issues, signaling diplomatic engagement and reducing immediate risk of direct US-Russia military conflict. This contributed to a decline in market probability for a military clash by June 30, 2026.
Putin agrees to trilateral security talks with US and Ukraine in Abu Dhabi
December 31, 2026 dips to 13%3%
Russian President Putin agreed to meet with US and Ukrainian officials in January 2026 to discuss security issues, signaling diplomatic engagement rather than military confrontation. This diplomatic development contributed to lowering market expectations of a direct US-Russia military clash.
Putin meets US envoy, agrees to trilateral security talks with Ukraine in Abu Dhabi
December 31, 2026 dips to 13%1%
Russian President Putin met with US and Ukrainian officials, agreeing to trilateral working group meetings to discuss security issues, signaling diplomatic engagement and reducing immediate risk of direct US-Russia military clash.
Zelensky Announces Trilateral Peace Talks in UAE Involving US and Russia
June 30, 2026 drops to 2%5%
The announcement of upcoming trilateral talks in Abu Dhabi involving US, Ukrainian, and Russian delegations signaled a diplomatic path forward, reducing the immediate risk of escalation.
US and Russia agree to reestablish high-level military dialogue after Ukraine talks
December 31, 2026 plunges to 17%33%
Following meetings in the UAE, the US and Russia agreed to restore military-to-military communication channels for the first time in over four years, signaling a de-escalation and reducing the likelihood of direct military conflict, which led to a sharp drop in market odds.
US Envoys Meet Vladimir Putin in Moscow to Negotiate Ukraine Peace Plan
December 31, 2026 dips to 13%3%
US Special Envoy Steve Witkoff and Jared Kushner held late-night talks with Russian President Vladimir Putin in Moscow. The diplomatic engagement signaled a mutual preference for negotiation over direct military confrontation, driving down the probability of a clash.
US and Russian officials hold peace talks amid ongoing Ukraine conflict
December 31, 2026 dips to 14%1%
On January 21-22, US officials met with Russian President Putin and Ukrainian officials to discuss peace negotiations. These diplomatic efforts contributed to a gradual market decline in the probability of a military clash, reflecting hopes for de-escalation.
US officials to meet Russian President Putin to continue peace negotiations
December 31, 2026 dips to 13%3%
US officials planned meetings with Russian President Putin and Ukrainian officials to advance peace talks, signaling diplomatic efforts to reduce conflict risks. This contributed to a decline in market odds for a US-Russia military clash.
US Southern Command Seizes Russian Oil-Transporting Tanker Sagitta
December 31, 2026 drops to 9%5%
US forces apprehended another sanctioned tanker, the Sagitta, in the Caribbean Sea, continuing the high-stakes maritime blockade without triggering direct military retaliation from Russia.
US Southern Command Seizes Sanctioned Tanker Sagitta in Caribbean Sea
December 31, 2026 rises to 16%2%
US Southern Command seized the sanctioned tanker Sagitta as part of a quarantine of vessels transporting Russian crude oil, maintaining high geopolitical tension but without triggering a direct military clash.
US Southern Command Seizes Russian Oil Tanker Sagitta in Caribbean Sea
December 31, 2026 rises to 14%1%
US forces seized the sanctioned tanker Sagitta as part of a quarantine of vessels transporting Russian crude oil, maintaining pressure without triggering a direct military clash.
US Forces Seize Another Russian Shadow Fleet Tanker Sagitta in Caribbean
December 31, 2026 rises to 16%3%
US Southern Command announced the apprehension of the tanker Sagitta under President Trump's quarantine of sanctioned vessels, continuing the aggressive enforcement campaign without triggering a military clash.
Russia intensifies cross-border attacks and cognitive warfare campaigns near Ukraine border
In late December 2025 and early January 2026, Russia conducted limited cross-border attacks near the Ukraine border and launched a cognitive warfare campaign to portray a broad new offensive. These actions increased tensions but did not escalate into direct US-Russia military conflict, influencing market perceptions of risk.
US accuses Russia of dangerous escalation over Oreshnik missile launch
December 31, 2026 dips to 15%2%
At a UN Security Council meeting, the US Deputy Ambassador condemned Russia's launch of the nuclear-capable Oreshnik missile near Ukraine's border with Poland, calling it a dangerous escalation amid ongoing peace negotiations. This heightened diplomatic tensions but did not lead to direct military conflict between US and Russian forces.
US condemns Russia's missile strike near Ukraine-Poland border as dangerous escalation
The US condemned Russia's launch of a nuclear-capable ballistic missile near Ukraine's border with Poland, calling it a dangerous and inexplicable escalation amid ongoing peace efforts. Despite heightened tensions, no direct military engagement between US and Russian forces occurred, keeping the market's probability for a direct clash low.
US condemns Russia's 'dangerous escalation' in Ukraine amid missile strikes
The US accused Russia of escalating the war in Ukraine with missile strikes, increasing geopolitical tensions. Despite the harsh rhetoric, no direct US-Russia military engagement occurred, contributing to market uncertainty but not a spike in clash probability.
US condemns Russia’s escalation in Ukraine amid deadly strikes
On January 13, 2026, the US criticized Russia for escalating military actions in Ukraine, including the use of a nuclear-capable missile, which heightened tensions but did not lead to direct US-Russia military engagement. This event maintained market caution but did not reverse the downward trend in clash probability.
US condemns Russia's Oreshnik missile strike as tensions flare over seized oil tanker
December 31, 2026 plunges to 15%35%
The Trump administration denounced Russia's use of a nuclear-capable Oreshnik missile in Ukraine, while the Kremlin condemned the US military seizure of a Russian-flagged oil tanker in the North Atlantic. This brief escalation of rhetoric and maritime action temporarily kept the perceived risk of direct confrontation elevated.
Kuleba states war unlikely to end in 2026 despite diplomatic efforts
December 31, 2026 dips to 15%2%
Ukraine's foreign minister emphasized that despite intensified diplomacy, the war with Russia would not end in 2026, with Russia committed to fighting on. This statement reinforced expectations of continued conflict without direct US-Russia military clashes, influencing market prices downward.
US Forces Seize Russian-Flagged Oil Tanker in Caribbean Blockade
December 31, 2026 dips to 14%2%
The US military seized the Russian-flagged Marinera (formerly Bella-1) as part of its maximum pressure campaign, raising maritime tensions but remaining below the threshold of direct military engagement.
Russia Fires Hypersonic Oreshnik Ballistic Missile at Western Ukraine
June 30, 2026 rises to 9%1%
Russia launched its advanced, nuclear-capable Oreshnik intermediate-range ballistic missile at Lviv, near the Polish border. While highly escalatory, the strike was framed as a signal to NATO rather than a direct attack on Western forces, keeping clash probabilities low.
US military seizes Russian-flagged oil tanker in North Atlantic, escalating tensions
On January 9, 2026, the US military seized a Russian-flagged oil tanker in international waters, heightening tensions but not involving direct military force between US and Russian armed forces, thus not qualifying as a military clash.
Russia uses new Oreshnik hypersonic missile in major attack on Ukraine
Russia launched a nuclear-capable hypersonic missile near Ukraine's border with Poland, causing international condemnation and raising fears of escalation, but no direct US-Russia military clash occurred.
Russia uses nuclear-capable Oreshnik missile in large attack on Ukraine
December 31, 2026 dips to 15%2%
Russia launched the hypersonic Oreshnik missile at Ukraine, near NATO borders, signaling escalation but not direct US-Russia military engagement. The US condemned the strike as a dangerous escalation, but the event did not meet the market's criteria for a US-Russia military clash, influencing the market to lower the probability of direct conflict.
Russia Launches Hypersonic Oreshnik Missile in Major Attack on Ukraine
December 31, 2026 rises to 17%4%
Russia fired its nuclear-capable Oreshnik ballistic missile near the Polish border, prompting a US condemnation of a 'dangerous escalation' and briefly raising geopolitical tensions.
Russia fires nuclear-capable Oreshnik hypersonic missile at Ukraine near NATO border
December 31, 2026 dips to 16%1%
Russia launched the Oreshnik missile at a target in western Ukraine near the NATO border, marking a rare use of this advanced weapon. The strike was interpreted as a strategic signal to the West rather than an escalation towards direct US-Russia military conflict, impacting market sentiment by not increasing the probability of a direct clash.
US seizes Russian-flagged oil tanker amid Venezuela pressure campaign
On January 9, 2026, US military forces seized a Russian-flagged oil tanker as part of a pressure campaign against Venezuela, escalating tensions but not involving direct military engagement between US and Russian forces. This event maintained market caution but did not increase odds of a clash significantly.
Russia uses new hypersonic Oreshnik missile in major attack on Ukraine
December 31, 2026 plunges to 10%40%
Russia launched its nuclear-capable hypersonic Oreshnik missile from Kapustin Yar targeting civilian infrastructure in Ukraine, marking the second operational use of this missile. The US condemned this as a dangerous escalation, but the attack was directed at Ukraine, not US forces, thus not qualifying as a direct US-Russia military encounter. This event contributed to market uncertainty but did not increase the probability of a direct clash.
Russian President Putin proposes extension of New START nuclear treaty limits
December 31, 2026 plunges to 17%33%
Putin proposed a 12-month extension to adhere to New START treaty limits on deployed nuclear warheads, signaling a willingness to maintain strategic arms control and reduce immediate nuclear tensions between the US and Russia. This helped ease fears of escalation, contributing to a drop in market odds for a military clash.
Russia condemns US tanker seizure, warns of spike in tensions
December 31, 2026 dips to 14%2%
Russia strongly condemned the US seizure of the oil tanker, accusing Washington of stoking military and political tensions. Despite the harsh rhetoric, Russian officials remained muted publicly, and no direct military response occurred, contributing to market uncertainty.
US Forces Seize Russian Oil Tanker off Iceland Coast
December 31, 2026 rises to 15%1%
US Coast Guard personnel boarded and seized the Russian-flagged oil tanker Marinera in the North Atlantic to enforce sanctions. Although the boarding occurred without violent resistance, it sparked sharp diplomatic protests from Moscow, briefly keeping clash probabilities elevated.
Trump states 'If it expires, it expires' on New START nuclear treaty
US President Donald Trump indicated he would allow the last US-Russia strategic arms control treaty, New START, to expire on February 5, 2026, without accepting Russia's offer to extend it. This raised concerns about a potential unconstrained nuclear arms race and increased geopolitical tensions, contributing to market uncertainty about US-Russia relations but not directly causing a military clash.
Russia accuses US of stoking military-political tension with tanker seizure
December 31, 2026 plunges to 16%34%
On January 8, 2026, Russia publicly accused the United States of escalating military-political tensions following the US seizure of oil tankers, including a Russian-flagged vessel, in the Caribbean. This rare open confrontation between Washington and Moscow heightened tensions but did not escalate to direct military engagement, contributing to market uncertainty.
Russia Condemns Tanker Seizure, Warning of Escalation in Military-Political Tensions
The Russian Foreign Ministry strongly condemned the US seizure of the Marinera, warning it would lower the threshold for the use of force against shipping, though Moscow refrained from immediate military retaliation.
US seizes Russian-flagged oil tanker in North Atlantic in military operation
December 31, 2026 plunges to 16%34%
The US conducted a military operation involving a Navy P-8 aircraft and AC-130 gunships to seize a Russian-flagged oil tanker, escalating tensions with Russia. This event initially increased market uncertainty about a potential US-Russia military clash, reflected in price movements.
Ukraine war expected to continue with no positive military forecasts for 2026
December 31, 2026 plunges to 14%36%
Analyses forecast an inertial scenario for the Ukraine conflict in 2026, with continued missile and drone attacks but no escalation to direct US-Russia military engagements. This outlook further dampened market expectations for a US-Russia military clash by the end of 2026.
Russia condemns US seizure of Russian-flagged oil tanker, warns of rising tensions
December 31, 2026 plunges to 15%35%
The US seized a Russian-flagged oil tanker in the North Atlantic for sanctions violations, prompting Russia to accuse the US of escalating military-political tensions. This incident raised concerns about increased hostility but did not escalate to direct military conflict, contributing to market uncertainty and a price drop.
Russian lawmaker calls for torpedo attacks on US Navy ships following tanker seizure
December 31, 2026 rises to 14%4%
Following the seizure of the Marinera, Russian lawmaker Aleksey Zhuravlev called for torpedo strikes against US warships, raising concerns of a direct naval escalation.
U.S. and Russia Agree to Re-establish High-Level Military Dialogue Following Ukraine Talks
December 31, 2026 plunges to 16%34%
The United States and Russia agreed to resume direct military-to-military communications for the first time in over four years, significantly lowering the risk of accidental military clashes.
Russia harshly condemns US seizure of oil tanker, warns of spike in tensions
December 31, 2026 dips to 15%2%
Russia condemned the US seizure of the tanker as a violation of international law, warning it could escalate military and political tensions. This reinforced market concerns but did not lead to direct military engagement, contributing to continued price decline.
Russian Lawmaker Warns US of Military and Nuclear Response After Tanker Seizure
December 31, 2026 rises to 15%1%
A senior Russian lawmaker described the US seizure of the Marinera as 'outright piracy' and called for a harsh military response, invoking Russia's nuclear doctrine. This escalated rhetorical tensions but did not lead to immediate physical retaliation.
Russian lawmaker threatens torpedo attacks on U.S. ships after tanker seizure
June 30, 2026 rises to 5%2%
A Russian lawmaker warned that the Russian navy could torpedo U.S. vessels if the U.S. continued to seize its tankers. The rhetoric heightened expectations of a possible naval clash and contributed to a short‑term rise in the market’s “Yes” price.
Market reacts to absence of direct US-Russia military clashes amid ongoing Ukraine conflict
June 30, 2026 rises to 9%4%
Despite ongoing proxy conflicts in Ukraine, no direct military engagement between US and Russian forces occurred, leading to market price declines for both June 30 and December 31, 2026 outcomes, reflecting reduced likelihood of a direct clash.
US intelligence community releases 2026 threat assessment with reduced focus on Russia
December 31, 2026 plunges to 15%35%
The US intelligence community's 2026 Annual Threat Assessment, released on March 18, 2026, showed a diminished emphasis on Russia compared to 2025, indicating a strategic shift and possibly lower expectations of direct conflict. This contributed to a sharp market price drop from 50% to 15% for the December 31, 2026 outcome around early January.
US Special Forces Seize Russian-Flagged Tanker Marinera
December 31, 2026 plunges to 16%34%
US special forces boarded and seized the Russian-flagged oil tanker Marinera (formerly Bella-1) in the North Atlantic, drawing a sharp diplomatic rebuke from Moscow but no military retaliation.
US seizes Russian-flagged oil tanker in North Atlantic after weeks-long pursuit
June 30, 2026 dips to 4%2%
The US military seized a Russian-flagged oil tanker, Marinera, in the North Atlantic after a prolonged pursuit, involving US Coast Guard and military forces. This unprecedented action heightened US-Russia tensions, with Russia condemning the seizure as a violation of international law, but it did not escalate into direct military conflict. The event caused a sharp drop in the market's probability for a US-Russia military clash by June 30, 2026.
US Military Seizes Russian-Flagged Oil Tanker in North Atlantic
December 31, 2026 plunges to 17%33%
The US military announced the seizure of the Russian-flagged tanker Marinera (formerly Bella 1) in the North Atlantic for sanctions violations, prompting warnings of a potential maritime war from Russian officials.
US Military Seizes Russian-Flagged Oil Tanker Marinera in North Atlantic
June 30, 2026 jumps to 10%5%
US special forces boarded and seized the Russian-flagged tanker Marinera in the North Atlantic despite Russia deploying a submarine to escort it. This direct maritime friction raised fears of a military clash, causing the June 30, 2026 outcome to peak at 10% on January 7.
US Forces Seize Russian-Flagged Oil Tanker in North Atlantic
December 31, 2026 plunges to 13%37%
The US military announced the seizure of a Russian-flagged shadow fleet tanker for sanctions violations. Despite initial fears of a military escalation or retaliatory clash, the Kremlin's response remained muted, leading to a sharp drop in the perceived risk of a direct clash.
U.S. forces seize Russian‑flagged tanker Marinera in Atlantic
June 30, 2026 rises to 5%4%
U.S. Coast Guard and Navy seized the Russian‑flagged oil tanker Marinera (formerly Bella 1) in the North Atlantic, citing sanctions violations. Russia protested, calling the act “piracy” and dispatched naval assets to escort the ship. The direct seizure of a Russian‑registered vessel by U.S. forces was interpreted by traders as a concrete U.S.–Russia military confrontation, pushing the “Yes” probability upward.
US seizes Russian-flagged oil tanker in North Atlantic for sanctions violations
December 31, 2026 plunges to 16%34%
The US military announced the seizure of a Russian-flagged oil tanker, the Marinera, after a multi-week pursuit, which Russia condemned as illegal and a potential act of war. This event heightened tensions and briefly increased market uncertainty about a possible US-Russia military clash.
US Navy and Coast Guard seize Russian-flagged oil tanker Marinera in Atlantic
December 31, 2026 plunges to 10%40%
The US military seized the Russian-flagged oil tanker Marinera (formerly Bella 1) in the Atlantic Ocean after a weekslong pursuit, despite reports that Russia had deployed a submarine to escort the vessel.
U.S. military seizes Russian‑flagged tanker Marinera in the North Atlantic
December 31, 2026 rises to 7%1%
U.S. forces boarded the re‑flagged Russian tanker Marinera in the North Atlantic, citing sanctions violations. Russia protested, saying the seizure violated UNCLOS. The incident heightened the risk of a U.S.–Russian clash, nudging odds upward to 7 % on 13 May 2026.
US seizes Russian-flagged oil tanker in North Atlantic amid tensions
December 31, 2026 dips to 4%1%
The US conducted a military operation involving Navy aircraft and gunships to seize a Russian-flagged oil tanker, escalating tensions but stopping short of direct military conflict. This action initially raised market concerns about a clash but did not lead to armed engagement.
Russian forces continue offensive operations in Ukraine without confirmed advances
Russian military operations in Ukraine continued with multiple attacks and clashes reported, but no confirmed advances or direct military encounters with US forces. This ongoing conflict contributed to the geopolitical context but did not trigger a US-Russia military clash, maintaining low market probabilities for such an event.
US-Russia military clash fears peak amid heightened tensions
On January 6, 2026, market prices peaked at 50% for a military clash, reflecting heightened fears possibly driven by military simulations and escalating rhetoric. This peak was short-lived as subsequent diplomatic efforts began to ease tensions.
Reports confirm heavy Russian military losses exceeding 1.2 million personnel
December 31, 2026 plunges to 14%36%
The Ukrainian General Staff reported severe Russian casualties and depletion of combat-ready forces, indicating a weakening Russian military capacity and reducing the likelihood of direct US-Russia military confrontation in 2026.
US Destroys Russian-Supplied Buk-M2E Missile System in Venezuela Airstrike
December 31, 2026 rises to 15%1%
US forces targeted and destroyed a Russian-supplied surface-to-air missile system at La Carlota airbase in Caracas, Venezuela, during a major military operation. This direct strike on Russian-supplied strategic hardware raised immediate concerns of a military escalation between the US and Russia.
US Military Operation in Venezuela Prompts Muted Response from Russia
December 31, 2026 plunges to 17%33%
The US military launched a major operation in Venezuela, capturing leader Nicolas Maduro. Despite historical ties, Russia's official response was notably muted, signaling a desire to avoid direct military escalation with the incoming Trump administration.
First-ever US-Russia-Ukraine trilateral meeting to seek end to war
December 31, 2026 plunges to 15%35%
The historic trilateral talks involving military experts aimed at troop disengagement and ceasefire discussions, reducing immediate risks of US-Russia military conflict and contributing to market price declines.
US destroys Russian-supplied missile system in Venezuela airstrike
December 31, 2026 plunges to 15%35%
US forces conducted an airstrike destroying a Russian-supplied Buk-M2E missile system in Venezuela, escalating tensions but without direct US-Russia military engagement, contributing to market volatility and a temporary increase in clash fears.
US forces capture Venezuelan leader Nicolas Maduro in large-scale strike
US forces launched a large-scale strike on Venezuela and captured Nicolas Maduro, prompting strong condemnation from Russia and escalating geopolitical tensions between Washington and Moscow.
US Forces Destroy Russian-Supplied Missile System in Venezuela Airstrike
December 31, 2026 plunges to 14%36%
US forces targeted and destroyed a Russian-supplied Buk-M2E surface-to-air missile system at La Carlota airbase in Caracas during a major military operation in Venezuela. This direct destruction of Russian military hardware raised immediate concerns about potential Russian retaliation or direct friction.
US military operation captures Venezuelan leader Maduro
December 31, 2026 plunges to 17%33%
The US launched a special operation to capture Venezuelan President Nicolas Maduro, signaling a significant geopolitical event. Russia's response was muted, indicating a strategic choice to avoid direct confrontation with the US, reflecting a balancing act in its foreign policy amid the Ukraine war. This event influenced market perceptions by reducing the likelihood of immediate US-Russia military clash.
US and Russia clash diplomatically over China's military drills near Taiwan
December 31, 2026 rises to 8%3%
The US condemned China's live-fire exercises near Taiwan as provocative, while Russia supported China's stance, highlighting their deepening partnership. This heightened regional tensions but did not escalate to direct US-Russia military conflict, influencing market perceptions of risk.
US warns China over military drills near Taiwan; Russia backs Beijing's stance
December 31, 2026 plunges to 17%33%
The US issued a formal warning to China about its provocative military exercises near Taiwan, while Russia publicly supported China's position, highlighting the deepening Sino-Russian partnership. This heightened geopolitical tensions but did not involve direct US-Russia military engagement, contributing to market uncertainty but not increasing clash probabilities.
U.S. declares total blockade of sanctioned oil tankers linked to Russia and Venezuela
The United States announced a new sanctions‑based “blockade” of oil tankers linked to Russia and Venezuela, intensifying economic pressure on Moscow and raising threat perception of U.S. use of force, keeping odds at a modest 5 % on 30 Dec 2025.
OAR publishes quarterly report on U.S. support to Ukraine
December 31, 2026 drops to 8%6%
The OAR quarterly report summarised a continuation of massive U.S. military aid to Ukraine and warned of growing Russian ammunition production. Analysts saw the report as a sign of sustained U.S. support, pulling the “Yes” odds down to 8 % on 2026‑02‑05.
Russian military losses exceed 1.2 million personnel, indicating exhaustion
December 31, 2026 rises to 15%2%
On December 30, Ukrainian General Staff reported Russian losses exceeding 1.2 million personnel, highlighting severe depletion of Russian military capacity. This diminished the likelihood of Russia engaging US forces directly, contributing to the market's sharp drop in probability for a US-Russia military clash.
Russia attacks Ukraine's Black Sea ports and civilian ships, Kyiv says
December 31, 2026 plunges to 15%35%
Russia intensified attacks on Ukrainian Black Sea ports and civilian shipping infrastructure, escalating maritime conflict in the region. Although this increased regional military tensions, it did not involve direct military engagement between U.S. and Russian forces, thus not fulfilling the market's criteria for a military clash.
Revelations of US-Ukraine intelligence sharing against Russian defense targets
On December 30, 2025, reports revealed ongoing CIA and military assistance to Ukraine for drone strikes on Russian defense industrial bases, indicating indirect conflict but no direct US-Russia military engagement, reducing the likelihood of a direct clash.
Report Details Factions and Unraveling of U.S.-Ukraine Partnership
December 31, 2026 plunges to 15%35%
An extensive investigation revealed deep divisions within the White House and Pentagon over the handling of the war, as President Trump sought a peace deal while some factions restricted the Ukrainian war effort.
Russia unable to accelerate offensive but remains committed to Donbas and Zaporizhzhia
Reports indicated Russia's military exhaustion and inability to open new fronts or expand attacks, limiting escalation risks. This reinforced market sentiment that a direct US-Russia military clash was unlikely in the near term.
Putin says Russia will continue its ‘special military operation’ in Ukraine
Putin affirmed that Russia would continue its “special military operation” in Ukraine, but gave no indication of expanding the fight to NATO territories. The reassurance that the war remained confined to Ukraine helped keep the market’s confidence low, maintaining the June 30 2026 price near 5 %.
Russia unable to accelerate offensive in 2026, limiting escalation risks
Reports indicated that Russia would not be able to accelerate its offensive in 2026 due to limited military reserves and operational constraints, reducing the likelihood of broader conflict involving US forces. This assessment contributed to a decline in market expectations for a US-Russia military clash by mid-2026.
Putin affirms continuation of Russia's military operation in Ukraine
December 31, 2026 plunges to 15%35%
Russian President Vladimir Putin declared that Russia would continue its 'special military operation' in Ukraine according to the General Staff's plans, signaling ongoing conflict but no direct military engagement with US forces. This maintained tension but did not increase the likelihood of a US-Russia clash, contributing to the market's downward trend.
Russia fires Iskander missile and 99 drones at Ukraine
June 30, 2026 rises to 6%1%
Russia launched an Iskander‑M ballistic missile and 99 attack drones against Ukraine, the biggest conventional strike of the period. The event temporarily raised the market’s “Yes” probability, lifting the price from 5 % to 6 % on 2026‑01‑01.
Russia launches missile and drone attacks on Ukraine
December 31, 2026 dips to 13%2%
Russia conducted an attack using an Iskander-M ballistic missile and nearly 100 drones against Ukraine, escalating the conflict but not involving direct US-Russia military engagement.
Russia launches large-scale missile and drone attack on Ukraine
On December 26, Russia attacked Ukraine with an Iskander-M ballistic missile and nearly 100 drones, most of which were intercepted by Ukrainian air defenses. This escalation in the Russia-Ukraine conflict increased tensions but did not involve US forces, leading to a slight market reassessment of direct US-Russia military clash likelihood.
Russia attacks Ukraine with Iskander missile and nearly 100 drones
Russia launched a significant attack on Ukraine using ballistic missiles and drones, but these actions were confined to Ukraine and did not involve US forces directly, maintaining the low probability of a US-Russia military clash.
Analysis highlights devastating potential of US-Russia military clash but notes current military weaknesses
A detailed analysis published on December 24, 2025, emphasized the catastrophic consequences of a US-Russia military clash but noted cracks in Russian military strength and US technological advantages. This set the context for market expectations of a low likelihood of direct conflict.
US Military Boards Russian-Flagged Oil Tanker Bella-1 in North Atlantic
US forces, in a joint operation with the UK, boarded a Russian-flagged oil tanker linked to Venezuela, temporarily raising maritime tensions between Washington and Moscow.
Analysis highlights devastating potential of US-Russia military clash but no direct conflict
June 30, 2026 dips to 5%1%
A December analysis emphasized the catastrophic consequences of a US-Russia military clash but noted no direct engagements had occurred, reinforcing market consensus that such a clash was unlikely in the near term, stabilizing the low market price.
Russia revises military plans, pushing back potential actions against Europe to 2027
June 30, 2026 rises to 5%2%
Russian military plans were revised to delay potential actions against Europe to 2027, suggesting a strategic pause in aggressive military operations.
Moscow delays potential military actions against Europe until 2027
Ukraine's intelligence chief reported that Russia has postponed plans for further aggression against Europe, pushing back potential military actions to 2027. This reduced immediate expectations of direct conflict involving Russia and NATO, impacting market sentiment.
Russia Pushes Back Potential Military Actions Against Europe to 2027
December 31, 2026 plunges to 16%34%
Ukrainian intelligence reported that Russia revised its military plans, delaying potential actions against Europe to 2027, which reduced immediate fears of a direct clash with NATO forces.
Moscow delays potential military actions against Europe until 2027
June 30, 2026 dips to 3%3%
Ukraine's intelligence chief reported that Russia revised its military plans, pushing back any potential aggressive actions against Europe, including NATO countries, to 2027. This news reduced market expectations of imminent US-Russia military clashes, contributing to a price drop in the June 30, 2026 outcome from 6% to 3%.
US anticipates Ukraine-Russia agreement and proposes trilateral meeting
The US expressed optimism about a peace agreement between Ukraine and Russia by year-end and suggested a trilateral meeting with national security advisers, indicating diplomatic efforts to de-escalate the conflict and reduce chances of direct US-Russia military engagement.
Moscow delays military actions against Europe until 2027, reducing immediate clash risk
December 31, 2026 plunges to 14%36%
Russian military plans were revised to postpone potential actions against Europe to 2027, signaling a lower likelihood of direct military conflict with the US in 2025. This news caused a sharp drop in market prices reflecting reduced chances of a US-Russia military encounter within the year.
Moscow postpones potential military actions against Europe to 2027
Russian military plans were revised to delay any potential actions against Europe until 2027, signaling a reduced immediate threat of escalation involving NATO countries, including the US. This lowered market expectations for a US-Russia military clash in 2025-2026.
Moscow postpones potential actions against Europe to 2027
December 31, 2026 plunges to 15%35%
Budanov disclosed that Russia had pushed back any planned offensive against the Baltic states to 2027, indicating a strategic pause. Analysts interpreted this as a reduction in near‑term Russian aggression toward NATO, causing the market’s December 31 2026 odds to slide from 50 % to 15 % within a week.
Russia revises military plans, delays potential actions against Europe to 2027
June 30, 2026 rises to 5%1%
Russian military plans were revised to push back potential actions against Europe to 2027, indicating a strategic pause in aggressive military operations.
DNI Gabbard calls Russian attack warnings “lies and propaganda”
December 31, 2026 dips to 10%4%
Gabbard publicly dismissed Russian‑sponsored media claims of imminent Russian attacks on the Baltic states as “propaganda”. The dismissal reduced perceived Russian aggression, causing the market’s “Yes” price to slide from 14 % to 10 % on 2026‑01‑29.
US anticipates Ukraine-Russia agreement by year-end, proposes trilateral meeting
June 30, 2026 dips to 5%1%
The US suggested a trilateral meeting with Ukraine and Russia to negotiate peace, signaling diplomatic efforts to resolve the conflict without direct US-Russia military clashes. This contributed to maintaining the market's low probability for a military encounter.
U.S. Coast Guard tries to board Russian‑flagged tanker Bella‑1 off Venezuela
December 31, 2026 rises to 6%1%
U.S. Coast Guard attempted to board the Russian‑flagged oil tanker Bella‑1 in the Caribbean, initiating a multi‑week pursuit that later culminated in a seizure on 7 Jan 2026. The action was framed as a direct confrontation over sanctions, lifting market odds to ~6 % on 30 Dec 2025.
U.S. Coast Guard seizes Russian‑flagged oil tanker in North Atlantic
June 30, 2026 rises to 9%3%
U.S. Coast Guard seized a Russian‑flagged oil tanker in the North Atlantic, prompting a Russian protest. The escalation briefly lifted the “Yes” probability, bumping the price from 6 % to 9 % on 2026‑01‑07 before it fell again.
US intelligence confirms Putin's unchanged war aims in Ukraine
June 30, 2026 dips to 5%1%
US intelligence reports indicated Putin has not abandoned aims to capture all of Ukraine, suggesting ongoing conflict focus on Ukraine rather than direct US-Russia military clash, reinforcing market's low probability for such an encounter.
US intelligence reports Putin's war aims remain unchanged
June 30, 2026 dips to 5%1%
US intelligence indicated Putin has not abandoned aims to capture all of Ukraine and parts of Europe, despite peace negotiations. This suggested continued conflict but no direct US-Russia military engagement, reinforcing market's low probability for a clash.
US Intelligence Warns Putin's Core War Aims in Ukraine Remain Unchanged
US intelligence reports warned that Putin has not abandoned his goal of capturing all of Ukraine, contrasting with the more optimistic peace-negotiation narratives pushed by US peace negotiators, keeping the market stable at a low 5% probability.
US intelligence confirms Russia seeks to avoid larger war with Europe
June 30, 2026 dips to 5%1%
US intelligence briefings indicated Russian President Putin aims to avoid broader conflict with Europe and lacks capacity to overrun all Ukraine or Europe, reducing likelihood of direct US-Russia military clash in 2025.
Russia launches 82 drone attacks on Ukraine
June 30, 2026 drops to 4%7%
Russian forces deployed 82 attack drones against Ukraine, with Ukrainian air defenses shooting down 63, marking a significant escalation in drone warfare.
New US National Security Strategy De-emphasizes Russian Threat to Europe
June 30, 2026 dips to 5%1%
The newly released US National Security Strategy shifted focus toward the US homeland and economic competition with China, explicitly reducing emphasis on potential Russian threats to European security.
Russia attacks Ukraine with 82 attack drones, Ukrainian air defense shoots down 63
June 30, 2026 dips to 3%2%
Russia launched a large drone attack on Ukraine, which was partially repelled by Ukrainian air defenses, indicating ongoing military escalation in the Ukraine conflict.
US government releases report on support to Ukraine and NATO amid Russia invasion
The Special Inspector General for Operation Atlantic Resolve published a report detailing US military, diplomatic, and humanitarian support to Ukraine and NATO partners, emphasizing indirect involvement without direct US-Russia military engagement. This reassured markets that US involvement remained indirect, reducing clash probability.
General Staff reports heavy combat losses for Russia, no US-Russia direct engagement
June 30, 2026 dips to 5%1%
Despite intense fighting and significant Russian losses reported by Ukrainian forces, there was no indication of direct military engagement between US and Russian forces, reinforcing the market's low probability for a clash.
Ukraine strikes Russian submarine base in Novorossiysk, no US-Russia clash
June 30, 2026 dips to 5%2%
Ukraine conducted a significant strike on a Russian submarine base, escalating regional conflict but without involving US forces directly. This maintained the market's low probability of a US-Russia military encounter.
Russia shelled 11 settlements in Sumy region
June 30, 2026 dips to 3%2%
Russian forces carried out shelling attacks on border areas of Sumy region, continuing their military operations against Ukraine.
Russian forces launch large-scale missile and drone strikes in Ukraine
June 30, 2026 dips to 5%1%
Russian military intensified strikes on Ukrainian energy infrastructure with thousands of drones and missiles, escalating the conflict but without direct US-Russia military engagement. This sustained the market's low probability for a direct clash.
Russian offensive campaign continues in Ukraine with no US-Russia direct clash
June 30, 2026 dips to 5%1%
On December 15, Russian forces continued offensive operations in Ukraine with significant military activity but no direct military encounters with US forces. This ongoing conflict without US-Russia direct engagement further reduced market expectations of a military clash.
Ukrainian strike hits Russian submarine base in Novorossiysk, no US-Russia clash
Ukraine conducted a significant strike on a Russian submarine base, escalating the conflict but without involving US forces directly, thus not meeting the criteria for a US-Russia military encounter and keeping market prices low around 5%.
Russian troop redeployments to southern Ukraine via Crimea and Azov coast
Russian forces increased movement of personnel and equipment to southern Ukraine through Crimea and the Azov Sea coast, with Ukrainian forces striking logistical routes. Despite active military operations, no direct US-Russia military encounters were reported, maintaining market consensus against a direct clash.
Lavrov rejects key elements of 28-point peace plan, signaling continued conflict
On December 11, Russian Foreign Minister Lavrov rejected key elements of a proposed peace plan, indicating Russia's unwillingness to compromise and prolonging the conflict. This diplomatic stance suggested ongoing hostilities but no direct US-Russia military clash, keeping market probability low.
Ukrainian strikes damage Russian energy assets, no US-Russia direct military clash
December 10 reports showed Ukrainian forces striking Russian energy infrastructure and ongoing conflict, but no direct military encounters between US and Russian forces. This sustained the market's low probability for a US-Russia military clash.
Ukrainian forces strike Russian shadow fleet oil tankers with unmanned surface vehicles
In early December, Ukrainian forces used unmanned surface vehicles to strike Russian oil tankers in the Black Sea, escalating maritime conflict but without direct US-Russia military engagement. Market remained low at 5%.
Russia attacks Dnipropetrovsk region with drones and artillery
June 30, 2026 dips to 4%1%
Russian forces conducted drone and artillery strikes in Ukraine, escalating the conflict but without involving direct US-Russian military engagement, consistent with the market's low probability for a clash.
Ukrainian drone strike hits Russian military-industrial site in Cheboksary
Ukrainian forces struck a Russian military equipment producer with drones, causing a state of emergency in the region. Despite this escalation in the Ukraine-Russia conflict, no direct US-Russia military engagement occurred, maintaining low market probability for a clash.
Ukrainian forces eliminate 810 Russian soldiers and hundreds of drones
June 30, 2026 plunges to 5%25%
Ukrainian Defense Forces inflicted significant losses on Russian forces, including 810 personnel and hundreds of drones, further weakening Russia's military capabilities.
Russian forces continue drone and artillery attacks on Ukrainian regions
June 30, 2026 dips to 5%4%
Russia conducted multiple drone and artillery strikes on Ukrainian territories, including Dnipropetrovsk and Sumy regions, but no direct military engagement with US forces occurred. These ongoing hostilities underscored the conflict's persistence without escalation to US-Russia direct clashes, supporting the market's low probability for such an event.
Kremlin Welcomes Donald Trump's New US National Security Strategy
Kremlin spokesperson Dmitry Peskov stated that the adjustments in Trump's new National Security Strategy are 'largely consistent' with Moscow's vision, further reducing the perceived risk of a direct military confrontation.
Kremlin welcomes new US National Security Strategy as largely consistent with Russia's vision
Russia publicly welcomed the US National Security Strategy, which did not cast Russia as a direct threat and emphasized cooperation, signaling reduced likelihood of direct military conflict and contributing to market price decline.
Russia welcomes new US National Security Strategy as largely consistent with its vision
June 30, 2026 dips to 5%1%
Russia publicly welcomed the US National Security Strategy, signaling some alignment and reducing immediate risk of direct military clash between US and Russia during ongoing Ukraine conflict.
Russia condemns US military buildup near Venezuela amid rising tensions
June 30, 2026 dips to 5%1%
On December 7, Russia condemned US military actions in the Caribbean near Venezuela, accusing Washington of excessive force. While escalating geopolitical tensions, this did not escalate to direct military engagement between US and Russian forces, maintaining low market probability for clash.
Russia launches major missile and drone attack on Ukraine amid peace talks
Russia conducted a large missile and drone strike campaign against Ukraine while US and Ukrainian officials engaged in talks to end the war. Despite the escalation in Ukraine, no direct US-Russia military encounter occurred, reinforcing market expectations of no clash.
Ukrainian forces repel Russian assault in Donbas with heavy Russian losses
Ukrainian troops successfully defended against a Russian offensive in Donbas, inflicting casualties but with no involvement of US forces. This continued pattern of conflict without US-Russia direct military engagement maintained market confidence in a low chance of a clash.
NATO increases presence on Eastern flank amid Russia tensions
June 30, 2026 dips to 5%2%
Romania's foreign minister called for increased NATO presence in Eastern Europe due to Russian military pressure, reflecting ongoing tensions but no direct US-Russia military engagement. This maintained low market probability for a direct clash.
Putin rejects key points in US peace proposal to end Ukraine war
Russian President Putin publicly rejected parts of a US peace plan for Ukraine, indicating ongoing conflict and diplomatic stalemate. This maintained tensions but did not lead to direct US-Russia military clashes, supporting the market's low probability for a clash.
Russian military continues strikes in Ukraine but no US-Russia direct military engagement
Russian forces conducted extensive strikes on Ukrainian infrastructure and military targets, but there were no reported incidents involving direct military force between US and Russian forces, keeping the market's probability for a US-Russia clash very low.
Russian military reports extensive strikes on Ukrainian targets, no US-Russia clashes
June 30, 2026 dips to 5%1%
Russian forces continued extensive military operations against Ukraine, including airstrikes and drone attacks, but no incidents of direct military engagement with US forces were reported, maintaining low market expectations for a US-Russia clash.
Putin warns Russia is ready for war with Europe, no U.S. clash mentioned
June 30, 2026 dips to 3%2%
Russia’s Guardian report highlighted that President Putin warned Russia was ready for war with Europe, but there was no indication of a direct U.S.–Russia military engagement. The absence of any new confrontation helped keep the market’s “Yes” odds at a historic low of 3 %.
Russian officials publicly reject US-Ukrainian peace plan demands
June 30, 2026 dips to 5%1%
Despite ongoing talks, high-ranking Kremlin officials including Putin rejected the peace plan as it did not meet Russia's maximalist demands. However, no military engagement with US forces occurred, maintaining low market probability for a US-Russia clash.
US and Russian delegations meet but Russia rejects peace plan concessions
On December 2, US and Russian officials met but Russia publicly rejected key concessions in the US-Ukrainian peace proposal, continuing the diplomatic stalemate. Despite ongoing military operations in Ukraine, no direct US-Russia military encounter occurred, keeping market probability for such an event very low.
US-Russian talks held but no breakthrough; Russia threatens retaliatory strikes
June 30, 2026 dips to 4%1%
On December 2, 2025, US and Russian delegations met but agreed not to disclose details, with Russia rejecting the peace plan and threatening expanded strikes on Ukrainian ports and vessels aiding Ukraine. Despite military threats, no direct US-Russia military engagement occurred, reinforcing market expectations of no clash.
Russian officials reject US-Ukrainian peace proposal in Moscow talks
June 30, 2026 dips to 5%4%
During US-Russian talks in Moscow, Russian officials, including Putin, rejected the US-Ukrainian peace plan as it did not meet Russia's maximalist demands, indicating continued conflict but no direct US-Russia military clash, further lowering market odds.
US and Russian delegations hold secretive peace talks in Moscow
On December 2, US and Russian delegations met in Moscow to discuss peace proposals for Ukraine, signaling diplomatic efforts to reduce conflict escalation. The talks, kept confidential, contributed to market declines in the probability of a direct US-Russia military clash.
Russian forces intensify strikes in Ukraine; peace talks continue without breakthrough
June 30, 2026 dips to 4%1%
Russian military continued heavy strikes in Ukraine, while Kremlin officials rejected peace proposals. Despite ongoing conflict, no direct US-Russia military engagement occurred, reinforcing market's low probability of clash at 4-5%.
US and Russian Delegations Hold High-Stakes Meeting to Discuss Peace Proposal
June 30, 2026 dips to 4%1%
US and Russian delegations met directly to discuss the peace proposal, agreeing to keep details confidential. This direct engagement reinforced the market's expectation that both powers were prioritizing negotiations over military confrontation.
Putin meets Russian commanders, reaffirms military campaign amid peace plan rejection
June 30, 2026 dips to 5%1%
Putin held a meeting with military commanders reaffirming Russia's military efforts and rejecting US-Ukrainian peace proposals, signaling continuation of hostilities but no direct US-Russia military engagement, sustaining low market probability of a clash.
Russia rejects US peace plan demands ahead of US-Russia meeting
June 30, 2026 drops to 5%6%
Russian officials, including Putin, publicly rejected the US-proposed peace plan as it did not meet Russia's maximalist demands. This hardened Russia's stance but did not escalate to direct US-Russia military conflict, maintaining low market probability for such an event.
Russian officials reject US peace plan ahead of US-Russia talks
June 30, 2026 dips to 4%1%
Ahead of a US-Russia meeting on December 2, Russian officials publicly rejected the US-proposed 28-point peace plan, reaffirming maximalist war demands and signaling no imminent direct military confrontation with the US. This reinforced market consensus of low probability for a US-Russia military clash.
Russia rejects US-Ukrainian peace proposal ahead of US-Russia meeting
High-ranking Kremlin officials, including Putin, consistently rejected the 28-point peace plan as it did not concede to all of Russia's maximalist war demands, indicating ongoing hostilities without escalation to direct US-Russia military clash, keeping market probability low.
Putin meets Russian commanders amid ongoing Ukraine conflict, no US-Russia clash
June 30, 2026 dips to 5%4%
On December 2, Putin met with military commanders highlighting battlefield successes in Ukraine, but no reports indicated direct military engagement with US forces. This reinforced market sentiment against a US-Russia military clash in the near term.
Ukrainian forces repel Russian advances in Pokrovsk urban warfare
June 30, 2026 dips to 5%4%
Ukrainian reports indicated Russian forces bogged down in urban combat in Pokrovsk with heavy Russian casualties, showing no escalation to US-Russia direct military conflict. This sustained market's low probability for US-Russia clash.
Russian forces engage in urban warfare in Ukraine but no US-Russia direct clash
December 1 reports detailed intense Russian military operations in Ukraine, including urban combat, but no incidents involving direct US-Russian military force. This maintained low market probability for a US-Russia military encounter.
US-Ukrainian talks continue amid ongoing Russian offensives
Diplomatic talks between US and Ukraine proceeded while Russian forces remained engaged in urban warfare and infiltration tactics in Ukraine. No reports indicated direct US-Russia military clashes, reinforcing market expectations of no direct encounter.
Ukrainian forces report heavy Russian casualties in Pokrovsk, ongoing urban warfare
Ukrainian reports of intense fighting and heavy Russian losses in Pokrovsk indicated continued conflict in Ukraine but no direct US-Russia military engagement. This maintained the market's low probability for a US-Russia clash.
Russian drone strike kills civilian in Sumy Oblast, no US involvement
A Russian drone struck a civilian car in Sumy Oblast, killing one person. This incident involved Russian and Ukrainian territories but no US forces, reinforcing the market's low probability of US-Russia military clash.
Ukraine General Staff reports no Russian large-scale offensive capacity on Chernihiv
June 30, 2026 dips to 5%2%
Ukraine's General Staff stated Russia lacked capacity for a large-scale offensive in Chernihiv, focusing instead on shelling and drone attacks. This indicated limited escalation and no direct US-Russia military confrontation, supporting market decline in clash probability.
Russian Pacific Fleet reorganizes 155th Naval Infantry Brigade into 55th Naval Infantry Division
June 30, 2026 dips to 5%1%
On December 1, the Russian Pacific Fleet announced the reorganization of its 155th Naval Infantry Brigade into a division, signaling military restructuring and preparation for future conflicts. Despite this buildup, no direct US-Russia military encounters occurred, maintaining low market probability.
Russian officials publicly reject US-proposed peace plan, but military conflict continues without US-Russia direct clash
June 30, 2026 dips to 3%4%
Despite Russian rejection of the peace plan, fighting continued in Ukraine without any direct military engagement between US and Russian forces, reinforcing market belief that a US-Russia military clash was unlikely, pushing prices to near zero.
Russian forces continue slow advances in Ukraine, no US-Russia clash
June 30, 2026 dips to 5%4%
Russian military operations in Ukraine intensified with slow advances and urban warfare, but no direct military engagement with US forces occurred. This ongoing conflict without US-Russia clashes further lowered market probability.
Kremlin rejects ceasefire and peace plan iterations, commits to military means
June 30, 2026 dips to 5%2%
Russian officials publicly rejected US-proposed peace plans and emphasized achieving war aims through military means, but no direct US-Russia military encounters occurred, maintaining low market prices for a clash.
Russian forces pause ground operations in Kherson due to fog, rely on artillery strikes
On November 30, Russian forces temporarily paused ground operations in Kherson due to weather, relying on artillery strikes. This indicated ongoing conflict but no direct US-Russia military engagement, supporting market's low probability for clash.
Russian officials reject US-proposed peace plan, reaffirm military approach
June 30, 2026 dips to 4%3%
Russian voices publicly rejected the US peace plan and emphasized achieving war aims through military means, but no direct US-Russia military engagement occurred. This maintained low market probability for a military clash.
US submits coordinated peace plan to Russia; Kremlin prepares for talks
June 30, 2026 dips to 5%3%
The US submitted a peace plan to Russia, coordinated with Ukraine, and Moscow announced plans to discuss it, indicating diplomatic engagement and reducing expectations of direct military conflict between US and Russian forces.
Ukrainian forces eliminate 1,100 Russian soldiers in 24 hours
June 30, 2026 drops to 30%10%
Ukrainian General Staff reported massive Russian losses, including 1,100 personnel killed in a single day, indicating a significant deterioration in Russian military strength.
Ukrainian Naval Drones Strike Russian Shadow Fleet Tankers in the Black Sea
Ukraine launched naval drone attacks on Russian-linked oil tankers in the Black Sea. While the attacks escalated maritime security concerns, they did not involve direct US military forces, keeping the clash probability low.
US submits peace plan to Russia, Kremlin prepares for discussions
June 30, 2026 dips to 7%2%
The US formally submitted a peace plan to Russia, coordinated with Ukraine, and Moscow announced plans to discuss it, signaling diplomatic progress and reducing the likelihood of a US-Russia military clash during the market window.
Ukrainian forces report heavy Russian losses amid ongoing conflict
June 30, 2026 dips to 7%2%
Ukraine reported significant Russian military casualties and equipment losses, indicating intense fighting but no direct US-Russia military engagement. This sustained low market probability of a US-Russia clash.
Putin threatens military action if Ukraine does not withdraw from occupied territories
June 30, 2026 dips to 9%2%
Russian President Putin stated that if Ukrainian troops do not withdraw from Russian-claimed territories, Russia will achieve its goals by military means, reinforcing Russia's hardline stance but not indicating direct US-Russia military engagement, which kept market odds low.
Putin reiterates hardline stance amid US peace drive
Russian President Putin repeated hardline demands and threatened military action if Ukraine does not withdraw from claimed territories, indicating Russia's unwillingness to compromise and maintaining low probability of direct US-Russia military clash.
Putin Outlines Strict Conditions for Peace Agreements in Ukraine
June 30, 2026 dips to 6%1%
Russian President Vladimir Putin stated that Russia is only interested in signing peace agreements with a pro-Russian government in Ukraine, reinforcing that Russia's focus remains on political and territorial concessions from Ukraine rather than engaging in a direct military conflict with the US.
Putin signals willingness to use force if Ukraine does not withdraw from claimed territories
Putin stated that if Ukrainian troops do not withdraw from territories claimed by Russia, military action will continue. This hardened stance increased tensions but did not lead to direct US-Russia military engagement, keeping market probability low.
Putin says US peace plan could be basis for deal but threatens military action if Ukraine resists
June 30, 2026 dips to 9%2%
On November 27, Putin acknowledged the US peace plan as a potential basis for agreements but threatened to use military means if Ukraine does not withdraw from occupied territories. This reinforced Russia's hardline stance but did not indicate direct US-Russia military engagement, maintaining low market probability for such a clash.
Putin rejects US peace plan, threatens military action if Ukraine does not withdraw
June 30, 2026 dips to 9%1%
Putin publicly rejected the US-proposed peace plan and threatened to take land by force if Ukrainian troops do not withdraw, maintaining conflict intensity but no direct US-Russia military engagement.
Putin reiterates hardline stance on Ukraine peace plan
June 30, 2026 dips to 9%3%
Russian President Putin repeated hardline demands including Ukrainian troop withdrawal from claimed territories and threatened military action if Kyiv does not comply, signaling continued conflict but no direct US-Russia military engagement, sustaining low market probability.
US-Backed 28-Point Peace Plan for Ukraine Revealed to Draw Directly from Russian Document
June 30, 2026 dips to 4%3%
Reports emerged that the US peace plan was heavily influenced by a Russian-authored paper, reinforcing expectations of a negotiated settlement that would prevent direct US-Russia military clashes.
Putin Addresses US-Proposed Peace Plan and Demands Ukrainian Withdrawal
June 30, 2026 dips to 4%3%
Russian President Vladimir Putin made his most extensive comments on the US-proposed peace plan, stating that military action would stop if Ukrainian troops withdrew from claimed territories, signaling that negotiations were actively being discussed.
US military officials visit Kyiv amid stalled peace talks
June 30, 2026 dips to 7%2%
US Army Secretary Daniel Driscoll and senior Pentagon officials visited Kyiv to discuss efforts to end the war, indicating ongoing diplomatic engagement without escalation. Russian maximalist demands and rejection of peace proposals kept market expectations for direct US-Russia military clash low.
US and Russia engage in secret peace plan talks involving Ukraine
June 30, 2026 rises to 12%3%
US Special Envoy and Secretary of State worked on a peace plan with Russia and Ukraine since mid-October, aiming to resolve conflict diplomatically. Despite ongoing hostilities, these talks reduced market expectations of a direct US-Russia military clash.
Trump announces progress on 28-point peace plan with Russia and Ukraine
June 30, 2026 dips to 7%2%
President Trump stated that the US and Ukraine fine-tuned a peace plan with input from Russia, with only a few disagreements remaining. This diplomatic progress further lowered market expectations of a US-Russia military clash.
Trump States US and Ukraine Fine-Tuned Peace Plan with Input from Russia
June 30, 2026 dips to 4%3%
President Donald Trump announced that the 28-point peace plan was being actively fine-tuned with input from both sides, and directed envoys to meet with Putin and Ukrainian officials, further cementing expectations of a diplomatic freeze.
Trump Confirms Peace Plan Fine-Tuned with Input from Russia and Ukraine
June 30, 2026 dips to 5%2%
Donald Trump announced that the peace plan had been fine-tuned with direct input from both Russia and Ukraine, and that envoys were dispatched to meet with Putin and Ukrainian officials.
US and Ukraine fine-tune 28-point peace plan with Russia amid ongoing conflict
June 30, 2026 dips to 7%4%
US President Trump announced progress on a peace plan involving Russia and Ukraine, with ongoing diplomatic engagement reducing the likelihood of direct US-Russia military conflict. This contributed to a market price drop reflecting lower perceived risk of a US-Russia military encounter.
US President Trump announces progress on US-Russia-Ukraine peace plan talks
President Trump stated that the US and Ukraine "fine-tuned" a 28-point peace plan with input from Russia and Ukraine, with only a few points of disagreement remaining. This reinforced market confidence in diplomatic resolution and lowered chances of US-Russia military clash.
US and Russian officials draft peace plan amid stalled negotiations
June 30, 2026 dips to 7%2%
Reports emerged of a US-Russian peace plan requiring Ukrainian concessions, indicating diplomatic efforts to avoid escalation. This reduced market expectations of a direct US-Russia military clash, contributing to the continued price decline.
Trump announces progress on US-Ukraine-Russia peace plan talks
June 30, 2026 dips to 8%3%
US President Donald Trump stated that the US and Ukraine "fine-tuned" a 28-point peace plan with input from Russia and Ukraine, with only a few disagreements remaining. This indicated ongoing diplomatic engagement and reduced market expectations for a direct US-Russia military clash.
Moscow considers American peace plan acceptable amid media frenzy
June 30, 2026 dips to 9%1%
Kremlin spokesperson Dmitry Peskov described a media frenzy over the US peace plan, indicating Russia's willingness to consider the proposal, which contributed to market confidence that direct US-Russia military conflict was unlikely.
US threatens sanctions against Russia over Ukraine conflict
June 30, 2026 plunges to 11%39%
US Permanent Representative Mike Waltz announced potential sanctions against Russia for refusing to cease fire in Ukraine, signaling a tougher stance on Russian aggression.
UN: US threatens additional sanctions against Russia over Ukraine conflict
Yes drops to 40%10%
US Permanent Representative Mike Waltz announced potential new sanctions against Russia for refusing to cease fire in Ukraine, signaling continued US military support for Ukraine.
Russia fires missiles at own buildings during Ukrainian drone attack on Black Sea coast
June 30, 2026 dips to 8%1%
During a major Ukrainian drone attack on Russia's Black Sea coast near Novorossiysk, Russian air defenses mistakenly fired missiles that hit their own residential buildings. This incident highlighted ongoing conflict but did not involve US forces, thus not qualifying as a US-Russia military clash.
US threatens Russia with sanctions if fighting continues in Ukraine
US UN representative warned of additional sanctions against Russia if it does not cease fire, while Russia indicated willingness to continue war. Despite tensions, no direct US-Russia military engagement occurred, maintaining low clash probability.
UN sanctions threat against Russia over Ukraine ceasefire refusal
Yes drops to 40%10%
US Permanent Representative Mike Waltz warned of additional sanctions if Russia did not cease fire in Ukraine, signaling increased US military and economic pressure on Moscow.
Russia launches missile and drone strikes on Ukraine amid stalled peace talks
June 30, 2026 dips to 8%1%
Russia conducted combined missile and drone strikes on Ukrainian cities and energy infrastructure, intensifying the conflict but without direct military engagement with US forces, maintaining the low probability of a US-Russia clash.
Russia mistakenly fires missiles at its own buildings during Ukrainian drone attack
June 30, 2026 dips to 6%3%
During a major Ukrainian drone attack on Russia's Black Sea coast, Russian air defenses mistakenly struck residential buildings. This incident highlighted the ongoing conflict but did not involve direct US-Russia military engagement, further lowering market odds.
US threatens additional sanctions if Russia refuses ceasefire in Ukraine
June 30, 2026 dips to 8%3%
US Permanent Representative to the UN warned of more sanctions against Russia if fighting continues, signaling diplomatic pressure rather than military escalation, which contributed to market confidence that direct US-Russia military clash was unlikely.
US Army Secretary Dan Driscoll Meets Russian Delegation in Abu Dhabi for Peace Talks
June 30, 2026 dips to 7%1%
US Army Secretary Dan Driscoll initiated direct, high-level talks with a Russian delegation in Abu Dhabi to negotiate the peace framework, further easing geopolitical tensions and lowering the probability of a direct clash.
European and US Envoys Meet in Geneva to Discuss Trump's Peace Proposal
European, Ukrainian, and US envoys, including Marco Rubio, met in Geneva to negotiate the peace framework, reinforcing international efforts to freeze the conflict and prevent superpower clashes.
US and Ukrainian Officials Report Progress on Peace Plan in Geneva
June 30, 2026 dips to 8%1%
US Secretary of State Marco Rubio and Ukrainian officials met in Geneva to refine the peace proposal, reinforcing the market's shift toward a diplomatic resolution.
US, European, and Ukrainian Envoys Meet in Geneva to Discuss Peace Plan
June 30, 2026 dips to 4%4%
Envoys met in Geneva to negotiate the US-proposed peace framework, reinforcing the market's expectation of a diplomatic resolution rather than military escalation. This caused the probability of a clash to drop further to 4%.
Putin publicly rejects US peace plan, demands full Russian war aims
June 30, 2026 dips to 9%2%
Russian President Putin and Kremlin officials consistently rejected the US-proposed peace plan in November 2025, insisting on maximalist war demands including annexation of Donetsk and Luhansk oblasts. This hardened stance reduced prospects for direct US-Russia military confrontation, as diplomatic channels remained open but strained.
US presents Ukraine with 28-point peace plan to end war
The US offered Ukraine a detailed 28-point peace proposal aimed at ending the war, emphasizing Ukraine's sovereignty and independence, which further reduced market expectations of a US-Russia military clash.
NATO conducts military exercise near Russia with reduced US role
NATO's Neptune Strike exercise involved the US and allies practicing long-range strikes near Russia, emphasizing deterrence but not direct conflict. The US's smaller role suggested caution, which likely contributed to lowering market expectations of a US-Russia clash.
NATO conducts Neptune Strike exercise with reduced US role near Russia
June 30, 2026 dips to 9%2%
On November 21, NATO held the Neptune Strike military exercise involving the US and nine allies practicing long-range strikes near Russia. The US played a smaller role than in previous years, emphasizing deterrence rather than direct confrontation, which reassured markets about the low risk of a US-Russia military clash.
US and Russia engaged equally in developing a peace plan for Ukraine conflict
US Special Envoy and Secretary of State engaged both Russia and Ukraine equally in a peace plan effort, indicating diplomatic progress and lowering the likelihood of direct US-Russia military clashes, which pressured the market price downward.
US and Russia engaged in peace plan talks involving Ukraine, but Russia denies plan
June 30, 2026 dips to 9%2%
US Special Envoy and Secretary of State worked on a peace plan engaging Russia and Ukraine equally, signaling diplomatic efforts to reduce conflict escalation. Russian officials denied the plan, but the ongoing talks reduced market expectations of direct US-Russia military clashes.
US Presents 28-Point Peace Plan to Ukraine to End Conflict
The Trump administration presented a comprehensive 28-point peace proposal to President Zelensky, signaling a strong push for a diplomatic resolution and reducing the likelihood of direct US military involvement.
Senior US Military Officials Arrive in Kyiv to Discuss Peace Plan Framework
Senior Pentagon officials traveled to Kyiv to discuss a newly prepared US-Russia peace framework to end the war, signaling a strong shift toward diplomatic resolution and away from direct military escalation.
Senior Pentagon Officials Arrive in Kyiv to Discuss Ceasefire and Peace Framework
June 30, 2026 dips to 7%2%
US Army Secretary Dan Driscoll and senior military officials traveled to Kyiv to discuss efforts to end the war, signaling a strong push toward a diplomatic resolution and reducing the likelihood of direct US-Russia escalation.
US Drafts 28-Point Peace Plan to End Russia-Ukraine War
June 30, 2026 dips to 8%1%
Details emerged of a comprehensive 28-point peace plan drafted by the Trump administration's transition team to freeze the conflict. The active diplomatic push to end the war significantly reduced the long-term risk of a direct US-Russia military escalation.
US Special Envoy and Secretary of State engage Russia and Ukraine on peace plan
June 30, 2026 rises to 11%1%
US officials confirmed ongoing negotiations with Russia and Ukraine on a peace plan, signaling diplomatic efforts to avoid escalation. This reduced market expectations of a direct US-Russia military clash during the period.
US and Russia Prepare New Proposed Peace Framework to End Ukraine War
Senior Pentagon and US officials arrived in Kyiv to discuss a newly prepared 28-point peace framework developed by Steve Witkoff and Marco Rubio, signaling a shift toward diplomatic resolution and reducing the risk of direct US-Russia military escalation.
US and Russia engage in peace plan talks amid ongoing Ukraine war
June 30, 2026 dips to 8%1%
US officials confirmed ongoing peace plan development involving Russia and Ukraine, with Russia denying the plan. This diplomatic activity reduced fears of direct US-Russia military clash, supporting further market decline to around 8%.
US and Russian officials draft peace plan for Ukraine war
US and Russian officials worked on a peace plan requiring Ukraine to surrender territory and limit its military, but Russia rejected maximalist demands. This diplomatic effort reduced fears of direct US-Russia military clash, contributing to further market price decline.
Reports emerge of US-Russian draft peace plan requiring Ukrainian concessions
June 30, 2026 dips to 9%2%
On November 19, reports surfaced of a US-Russian draft peace plan demanding Ukraine surrender territory and limit its military, reflecting a push for negotiated settlement but also highlighting contentious terms. This news maintained low market confidence in a direct US-Russia clash, keeping prices near 9-11%.
Russia confirms interception of Ukrainian ATACMS missiles over Voronezh
June 30, 2026 dips to 9%2%
Russia's Defense Ministry reported intercepting four Ukrainian ATACMS missiles targeting Voronezh, with debris damaging civilian structures but no casualties. This confirmed Ukraine's strike but showed Russia's air defenses were effective, tempering fears of direct US-Russia conflict.
US Signals Ukraine Must Accept Peace Framework Involving Territorial Concessions
June 30, 2026 dips to 7%2%
The US pressured Ukraine to accept a draft peace framework to end the war, signaling a strong push by the Trump administration to de-escalate the conflict and avoid direct Western military involvement.
US Army Secretary Daniel Driscoll Arrives in Kyiv to Discuss Peace Plan
June 30, 2026 dips to 9%3%
The arrival of US Army Secretary Daniel Driscoll in Kyiv to discuss the 28-point peace framework solidified the diplomatic track, further easing fears of direct US-Russia military friction.
Ukraine fires US-made ATACMS missiles at Russian city Voronezh
June 30, 2026 plunges to 10%40%
Ukraine launched four US-supplied ATACMS missiles at Voronezh, Russia, marking a significant strike deep inside Russian territory. Russia claimed interception with no casualties. This event heightened tensions but did not involve US forces directly, leading to a sharp market drop from 50% to 10%.
US and Russian officials draft peace plan requiring Ukrainian concessions
June 30, 2026 plunges to 11%39%
US and Russian officials quietly drafted a peace plan demanding Ukraine surrender territory and limit its military, signaling diplomatic efforts to avoid escalation between US and Russia. This reduced market expectations of a direct US-Russia military clash.
Ukraine Strikes Military Targets Inside Russia Using US-Supplied ATACMS Missiles
June 30, 2026 dips to 9%1%
Ukraine launched US-supplied ATACMS missiles at targets inside Russia's Voronezh region. Despite the major policy shift, the lack of direct US military involvement or immediate Russian military retaliation against US forces kept the clash probability low.
Reports emerge of secret US-Russia peace plan on Ukraine conflict
June 30, 2026 plunges to 11%39%
News broke of a secret peace plan negotiated by the US and Russia aiming to end the Ukraine war, involving territorial concessions and military restrictions. This reduced market fears of direct US-Russia military conflict, causing a sharp price drop.
Ukraine Strikes Inside Russia Using US-Supplied ATACMS Missiles
June 30, 2026 dips to 9%3%
Ukraine launched its first strike inside Russian territory using US-supplied ATACMS missiles, targeting military facilities in Voronezh. While this marked a significant policy shift, the lack of direct US military involvement or immediate Russian military retaliation against US assets helped lower the perceived risk of a direct clash.
US military officials meet Ukrainian leaders amid reports of new peace plan
June 30, 2026 plunges to 10%40%
Senior US military officials met with Ukrainian President Zelensky as reports emerged of a US peace plan proposing territorial concessions and security guarantees, signaling diplomatic efforts to end the conflict and lowering expectations of US-Russia military clashes.
Ukraine fires US-supplied ATACMS missiles at targets inside Russia
June 30, 2026 dips to 8%3%
Ukraine launched US-supplied ATACMS missiles at military targets in Russia, marking a significant escalation in the Ukraine conflict. Despite this, there was no direct military engagement between US and Russian forces, which kept the market price declining.
Ukraine Launches First Ever ATACMS Ballistic Missile Strike on Russia Proper
June 30, 2026 dips to 9%2%
Ukraine publicly confirmed using US-supplied ATACMS missiles to strike military targets inside Russia's Voronezh region. Despite fears of direct US-Russia escalation, the lack of a direct military response from Moscow against US forces helped solidify the downward trend in clash probability.
Ukraine conducts first openly acknowledged ATACMS missile strike inside Russia
June 30, 2026 plunges to 11%39%
Ukraine publicly confirmed using US-supplied ATACMS missiles to strike military targets in Russia's Voronezh region, marking a significant escalation but still short of direct US-Russia military engagement. This event initially raised market fears of escalation, reflected in a price drop from 50% to 11%.
US-Russia secret Ukraine peace plan reported with territorial concessions
June 30, 2026 drops to 40%10%
Sources reported a secret US-Russia peace plan that would force Ukraine to make territorial concessions, sparking diplomatic backlash and market volatility.
UN reports rise in executions of Ukrainian soldiers by Russian forces
The UN Human Rights Monitoring Mission in Ukraine reported increased executions of Ukrainian soldiers by Russian forces, highlighting ongoing brutal conflict but no direct US-Russia military engagement. This reinforced market views that hostilities remain indirect, reducing chances of a US-Russia clash.
Ukraine conducts first public ATACMS missile strike inside Russia
June 30, 2026 plunges to 10%40%
Ukraine openly confirmed using US-supplied ATACMS missiles to strike military targets inside Russia, marking a significant escalation in long-range strike capabilities. Despite this, Russia intercepted the missiles and there was no direct US-Russia military engagement, leading to a market price drop reflecting lower odds of a direct clash.
Ukraine conducts significant ATACMS missile strikes on Russian military targets
June 30, 2026 dips to 8%1%
Ukraine openly acknowledged using US-supplied ATACMS missiles to strike military targets inside Russia, marking a significant escalation in the conflict. However, these strikes did not involve direct US military forces, and Russia denied any US involvement, maintaining the conflict as Ukraine-Russia only.
Reports emerge of US-Russia secret Ukraine peace plan involving territorial concessions
June 30, 2026 plunges to 10%40%
News broke of a secret US-Russia peace plan requiring Ukraine to make territorial concessions and limit military size, which suggested diplomatic progress and reduced the chance of direct US-Russia military conflict, causing market prices to drop sharply.
No direct US-Russia military engagements reported amid ongoing Ukraine conflict
June 30, 2026 dips to 9%3%
Despite intense fighting between Russia and Ukraine, no incidents involving direct military force between US and Russian forces were reported, reducing the likelihood of a US-Russia military clash and causing market prices to fall to around 9%.
US suspends Russia normalization talks despite Kremlin requests
Yes drops to 30%10%
The US suspended discussions on normalizing relations with Russia, though the Kremlin requested that Putin and Trump meetings resume.
US suspends normalization talks with Russia despite Kremlin requests
June 30, 2026 dips to 9%2%
The US halted discussions on normalizing relations with Russia, signaling stalled diplomatic engagement and reducing the chance of escalation into direct military conflict, contributing to market decline.
Venezuela mobilises troops as U.S. forces amass; Russia ships air‑defence kits
June 30, 2026 dips to 5%4%
Meduza reported that Venezuela announced a massive mobilization of its armed forces in response to a buildup of U.S. forces in the Caribbean, while Russia was delivering new air‑defence systems to Caracas. The news shifted market sentiment further down, keeping the “Yes” probability near the low‑single‑digit range.
Russia convicts two Colombians for mercenary activities in Ukraine
On November 6, a Russian court sentenced two Colombian citizens to 13 years in prison for mercenary activities fighting for Ukraine. This event highlighted the ongoing proxy nature of the conflict but did not involve direct US-Russia military engagement, maintaining low market expectations for a clash.
Russia Warns US Over Military Buildup and Strikes in the Caribbean
June 30, 2026 dips to 8%3%
Russia condemned the United States for using 'excessive military force' in the Caribbean under the guise of anti-narcotics missions, raising concerns of a potential proxy flashpoint as Venezuela requested Russian military assistance.
Russia condemns U.S. ‘excessive’ military force in Caribbean
June 30, 2026 plunges to 10%40%
Reuters reported that Russia’s foreign ministry denounced “excessive military force” by the United States in the Caribbean, a region where the U.S. had recently deployed a large naval task‑force. The statement heightened fears of a U.S.–Russia clash and pushed the market’s “Yes” probability down sharply from the 50 % level seen on Oct 27 to around 10 % the next day.
Ukraine Confirms Russia's First Use of Nuclear-Capable Novator Cruise Missiles
Ukrainian Foreign Minister Andriy Sybiha publicly acknowledged that Russian forces have begun using nuclear-capable 9M729 Novator ground-launched cruise missiles, violating the INF Treaty.
Russian Ministry of Defense announces unilateral micro-ceasefire near Kupyansk and Pokrovsk
June 30, 2026 dips to 10%1%
Russia declared a unilateral micro-ceasefire in key contested areas, signaling a potential de-escalation and reducing immediate risk of direct US-Russia military confrontation, contributing to the market price decline.
US President Trump calls for resuming nuclear tests amid Russian nuclear announcements
June 30, 2026 plunges to 10%40%
Trump's call to resume US nuclear tests in response to Russian nuclear tests heightened tensions but did not lead to direct military clashes, maintaining market uncertainty but not increasing likelihood of US-Russia military encounter.
Putin announces test of Poseidon nuclear-powered unmanned underwater vehicle
June 30, 2026 dips to 8%2%
On October 28, Russia tested the Poseidon nuclear-powered unmanned underwater vehicle, with President Putin highlighting its capabilities. This demonstration of advanced weaponry increased tensions but did not translate into direct US-Russia military engagement, contributing to market decline.
Putin Announces Nuclear-Powered Weapon Tests, Defying Trump's Calls to End Ukraine War
June 30, 2026 plunges to 10%15%
Russian President Vladimir Putin announced successful tests of the Poseidon underwater vehicle and Burevestnik missile, defying Donald Trump's calls to focus on ending the war and using nuclear threats to pressure the US.
Zelensky announces intensified long-range strikes deep inside Russia with US intelligence aid
June 30, 2026 plunges to 11%39%
Ukrainian President Zelensky declared plans to intensify attacks on Russian oil refineries with US intelligence support, signaling increased conflict intensity but without direct US-Russia military engagement. This heightened conflict yet maintained a buffer against direct US-Russia clashes, contributing to market price decline.
US intelligence assessment finds Putin committed to battlefield victory in Ukraine
A US intelligence report revealed Putin's strong commitment to military victory in Ukraine with no willingness to compromise, increasing tensions but not indicating direct US-Russia military engagement. This contributed to initial high market probability but also uncertainty about escalation.
Trump Instructs Pentagon to Resume Nuclear Testing in Nevada Amid Rising Tensions with Russia
June 30, 2026 drops to 11%14%
President Trump announced instructions to resume nuclear testing in response to Russian nuclear saber-rattling, causing a sharp adjustment in the perceived risk of direct military escalation.
Russian forces advance in Ukraine amid ongoing conflict
June 30, 2026 plunges to 11%39%
Russian forces made advances in southern Pokrovsk and northeastern Myrnohrad, continuing the war in Ukraine with heavy casualties and military operations, but no direct US-Russia military engagement occurred. This sustained conflict without US-Russia clash contributed to initial market price decline from 50%.
Putin announces testing of Poseidon nuclear-powered unmanned underwater vehicle
On October 29, Russian President Vladimir Putin announced the testing of the Poseidon nuclear-powered unmanned underwater vehicle, emphasizing Russia's advanced military capabilities. This announcement increased tensions but did not lead to direct US-Russia military engagement, contributing to market uncertainty.
Heavy Russian drone and missile strikes intensify in Ukraine
June 30, 2026 plunges to 11%39%
Russian forces launched thousands of drones and missiles targeting Ukrainian energy infrastructure and military positions, escalating the conflict but without involving US forces directly. This sustained conflict without US-Russia direct engagement contributed to market reassessment of clash likelihood.
Putin announces tests of nuclear-powered weapons amid Ukraine war
June 30, 2026 plunges to 10%40%
Putin publicized tests of Poseidon and Burevestnik nuclear-powered weapons, signaling military strength but defying US calls for ceasefire, increasing tensions but not direct US-Russia clash.
Reports highlight heavy Russian and Ukrainian casualties in Ukraine conflict
Reports from late October 2025 detailed severe Russian and Ukrainian military casualties and ongoing fighting in Ukraine, underscoring the intense conflict but with no indication of direct US-Russian military engagement. This context likely contributed to initial market uncertainty about a US-Russia clash.
Russia and Belarus prepare missile system deployment amid heightened tensions
June 30, 2026 dips to 8%3%
Belarus announced Oreshnik missile system deployment planned for December 2025, with Kremlin citing European militarization concerns. Despite increased military readiness, no direct US-Russia military engagement occurred, further lowering market odds.
Russia and Belarus Prepare to Deploy Oreshnik Missile System on Combat Duty
June 30, 2026 plunges to 11%39%
The Kremlin announced that Belarus would put the Oreshnik missile system on combat duty in December 2025, continuing its reflexive control campaign to undermine Western resolve. This saber-rattling did not lead to direct escalation, and the market began pricing down the likelihood of a direct US-Russia clash.
Belarus to Put Russian Oreshnik Missile System on Combat Duty in December
June 30, 2026 plunges to 25%25%
Belarus announced plans to deploy Russia's advanced Oreshnik missile system, highlighting strategic posturing but also signaling that military escalations remained focused on regional deterrence rather than direct US-Russia clashes.
Reports Emerge of Secret US-Russia Peace Plan for Ukraine Involving Territorial Concessions
June 30, 2026 plunges to 11%39%
Reports surfaced detailing a secret diplomatic initiative between the United States and Russia to establish a peace plan for Ukraine. This sudden shift toward diplomatic negotiations drastically reduced the perceived likelihood of a direct military confrontation, causing the market price to plummet.
Belarus to Put Oreshnik Missile System on Combat Duty in December
June 30, 2026 plunges to 25%25%
Belarusian officials announced the deployment of Russia's Oreshnik missile system, signaling heightened strategic posturing but shifting the focus toward deterrence rather than immediate direct conflict.
US Intelligence Assessment Concludes Putin Seeks Battlefield Victory with No Willingness to Compromise
June 30, 2026 plunges to 25%25%
A US intelligence assessment delivered to Congress indicated that Vladimir Putin remained highly committed to securing a decisive military victory in Ukraine, driving initial high tension and market volatility.
US and Russia engage in diplomatic talks on peace plan amid ongoing Ukraine conflict
June 30, 2026 plunges to 10%40%
US Secretary of State Marco Rubio and US Special Envoy Steve Witkoff have been working on a peace plan involving Russia and Ukraine since mid-October 2025, signaling diplomatic efforts to avoid escalation. This reduced market expectations of a direct US-Russia military clash.
Putin demands seizure of Pokrovsk by mid-November amid ongoing Ukraine conflict
June 30, 2026 plunges to 10%40%
Russian President Putin set a mid-November deadline for Russian forces to capture Pokrovsk, signaling continued intense military operations in Ukraine but no direct US-Russia military engagement. This heightened conflict risk initially supported market uncertainty but did not translate into a US-Russia clash.
US and Russian Officials Quietly Draft 28-Point Peace Plan to End Ukraine War
June 30, 2026 plunges to 25%25%
Reports began circulating of a quietly drafted 28-point peace framework developed by US and Russian representatives, signaling a major shift toward diplomacy and away from direct military escalation.
Russian forces intensify operations in Ukraine amid ongoing conflict
Russian military continued offensive operations in Ukraine, including strikes and territorial advances, but no direct military engagement with US forces was reported. This maintained market uncertainty about a US-Russia clash.
Trump Calls on Putin to Focus on Ending War in Ukraine Rather Than Testing Missiles
June 30, 2026 plunges to 10%40%
US President-elect Donald Trump urged Russian President Vladimir Putin to focus on ending the war in Ukraine, signaling a strong diplomatic push toward de-escalation and reducing the likelihood of a direct US-Russia military clash.
Russian forces launch battalion-sized mechanized assault near Dobropillya
June 30, 2026 plunges to 10%40%
On October 27, Russian forces conducted a battalion-sized mechanized assault in eastern Ukraine, advancing in several areas and engaging Ukrainian forces. This intensified fighting underscored ongoing conflict but did not involve US forces, reducing perceived likelihood of US-Russia direct military clash.
Reports Emerge of Secret US-Russia Peace Plan for Ukraine Involving Territorial Concessions
June 30, 2026 plunges to 11%39%
Reports of a secret joint peace plan between the US and Russia to resolve the Ukraine conflict significantly reduced fears of direct military escalation, causing the probability of a clash to plummet.
Russia Rejects Trump's Proposed Ceasefire, Demanding Full War Termination Agreement
June 30, 2026 plunges to 25%25%
Russian Foreign Minister Sergei Lavrov rejected US President Donald Trump's proposed ceasefire along the current front line, insisting instead on a full war termination agreement and reiterating Russia's maximalist demands.
Moscow revises military plans, delays actions against Europe until 2027
June 30, 2026 plunges to 11%39%
Russian military plans were officially pushed back to 2027, signaling a delay in potential aggressive moves against Europe and reducing immediate risk of direct US-Russia military conflict. This caused a sharp market drop from 50% to 11%.
Market starts at 50% amid high tensions over Ukraine conflict
At the start of the analysis window, the market price was at 50%, reflecting significant concern about a potential US-Russia military clash due to ongoing hostilities in Ukraine and escalating missile strikes. This set the baseline for subsequent price declines as no direct clashes occurred.
US and Russian officials develop draft peace plan requiring Ukrainian concessions
June 30, 2026 plunges to 10%40%
In late October 2025, US officials, including Special Envoy Steve Witkoff and Secretary of State Marco Rubio, engaged both Russia and Ukraine to draft a 28-point peace plan demanding Ukrainian territorial concessions and military limitations. This diplomatic initiative initially raised hopes for de-escalation, causing the market to price down the probability of a US-Russia military clash.
US military aid to Ukraine drops sharply under new administration
June 30, 2026 plunges to 10%40%
The US significantly reduced military aid to Ukraine in 2025 after Donald Trump's return to the White House, signaling a shift in US policy that lowered the likelihood of direct US-Russia military confrontation. This policy change contributed to the market's rapid decline in probability for a US-Russia military clash.
Putin rejects US ceasefire proposal, reiterates war aims in Ukraine
On October 27, Russian officials including Lavrov rejected a US-proposed ceasefire and reiterated demands for Ukrainian withdrawal from occupied territories, signaling continued conflict but no direct US-Russia military clash. This hardened stance contributed to initial market uncertainty but no escalation to direct US-Russia military engagement.
Moscow revises military plans, delaying potential European actions to 2027
June 30, 2026 plunges to 11%39%
Russian military plans were officially pushed back to 2027, signaling a delay in aggressive moves against Europe and reducing near-term risk of direct US-Russia military encounters. This contributed to a sharp market price drop from 50% to 11%.
US suspends normalization talks with Russia amid ongoing conflict
June 30, 2026 plunges to 10%40%
The US halted discussions on normalizing relations with Russia, despite Kremlin requests to resume meetings between Putin and Trump. This diplomatic freeze indicated low chances of de-escalation leading to direct US-Russia military conflict, contributing to the market's initial price drop from 50% to 10%.
Russian forces advance near Pokrovsk amid ongoing Ukraine conflict
June 30, 2026 plunges to 11%39%
On October 27, Russian forces advanced near Pokrovsk in Ukraine, with claims of encirclement of Ukrainian troops. This intensified conflict in Ukraine raised concerns about potential escalation involving US support for Ukraine, initially increasing market fears of a US-Russia clash.
Lavrov rejects US-proposed ceasefire, reiterates Russian war demands
June 30, 2026 plunges to 10%40%
Russian Foreign Minister Lavrov publicly rejected the US-proposed ceasefire plan, demanding Ukraine withdraw from occupied territories as a precondition, signaling Russia's unwillingness to compromise and reducing chances of escalation involving US forces. This contributed to market skepticism about a direct US-Russia military clash.
US Special Envoy and Secretary of State engage Russia and Ukraine on peace plan
June 30, 2026 plunges to 10%40%
By late October 2025, US officials including Special Envoy Steve Witkoff and Secretary of State Marco Rubio were actively working on a peace plan engaging both Russia and Ukraine equally, signaling diplomatic efforts to avoid escalation. This contributed to a sharp market drop from 50% to 10% as hopes for de-escalation rose.
Putin announces testing of nuclear-powered weapons amid Ukraine war
On October 27-29, Russian President Putin announced tests of nuclear-powered weapons, signaling escalation but no direct US-Russia military clash. This contributed to initial market uncertainty, with price at 50%.
Moscow delays potential military actions against Europe until 2027
June 30, 2026 plunges to 11%39%
Kyrylo Budanov, Ukrainian intelligence chief, reported that Russia revised its military plans, pushing back potential actions against Europe to 2027. This reduced the perceived likelihood of a US-Russia military clash in 2025, causing a sharp market price drop from 50% to 11%.
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