Ukraine recaptures nearly all territory Russia gained in 2026, says Zelensky

President Volodymyr Zelensky has announced that Ukraine has recaptured nearly all the territory gained by Russia in 2026. According to Zelensky, Russia captured approximately 890 square kilometers of Ukrainian territory this year, while Ukrainian forces have reclaimed around 800 square kilometers. This results in a net gain for Russia of only about 100 square kilometers, despite significant losses. This announcement underscores the dynamic nature of the ongoing conflict, with active engagements along the frontline and the absence of a ceasefire. Market participants appear to interpret this development as potentially diminishing the likelihood of Russia’s further territorial gains in Ukraine. Key Takeaways The announcement appears to suggest a strong Ukrainian military position, with significant recapture of territory achieved in 2026. Market pricing reflects a decrease in the perceived likelihood of Russian forces entering Sloviansk by the end of 2026. This development is consistent with scenarios where Ukrainian counterattacks are effectively offsetting Russian advances. What to Watch Market participants will be closely monitoring any further military developments along the Ukrain...