Ukrainian law requires a nationwide referendum for any territorial concessions in a peace agreement with Russia, and recent polls show 68% public support for such a vote to ratify terms. President Zelensky has signaled readiness for both elections and a referendum contingent on a ceasefire plus security guarantees, yet Russia has rejected proposals for even a 60-day truce and insists on a comprehensive deal instead. Ongoing U.S.-mediated talks remain stalled amid disputes over Donbas control and legitimacy issues, with no official scheduling announced despite constitutional thresholds for voter signatures. These barriers, combined with active martial law restrictions, underpin traders' low implied probability that a qualifying peace referendum will be scheduled in the near term.