On February 24, 2022, Russia invaded Ukraine in a major escalation of the Russo-Ukrainian War, which began in 2014. Peace negotiations between Russia and Ukraine took place on several occasions, but were suspended at times by the Ukrainian side. A bilateral cease-fire will be considered valid if it applies to the entire territory of Ukraine, including all regions currently involved in the conflict, and is acknowledged and accepted by both governments. For this market to resolve as "Yes", an official announcement of a ceasefire agreement must be made by December 31, 2023, regardless of its length. A cease-fire agreement will be considered valid if it stands for at least 30 days and no reliable sources report that the cease-fire has broken down or is no longer effective.