Ukrainian counteroffensive operations north of Lyman in early September 2026 represent the dominant recent factor shaping trader assessments. Open-source mapping indicates Ukrainian forces recaptured over 150 square kilometers, including villages such as Shandryholove and Serednje, severed a Russian salient west of the Zherebets River, and reduced encirclement risks to the city and nearby Sloviansk. Russian attempts to infiltrate Lyman earlier in 2026 produced only temporary flag placements without sustained control, while overall Russian territorial gains slowed markedly from prior periods. These battlefield shifts have tightened Ukrainian defensive lines and complicated Russian logistics along the Lyman axis. Scheduled winter conditions and ongoing force concentrations in the Donbas remain variables that could influence the pace of any renewed Russian push before year-end resolution.
สรุปจาก AI ทดลองที่อ้างอิงข้อมูลจาก Polymarket ไม่ใช่คำแนะนำในการเทรดและไม่มีผลต่อการตัดสินตลาดนี้ · อัปเดตแล้วUkrainian forces clear salient north of Lyman, capturing villages and territory
December 31 drops to 14%8%
In early September 2026, Ukrainian troops reportedly cleared the salient north of Lyman, capturing several villages and about 150 square kilometers, indicating continued Ukrainian control and diminishing prospects for Russian capture of the railroad station by year-end.
Ukrainian forces cut off Russian salient north of Lyman, liberate over 200 sq km
After months of counterattacks, Ukrainian 3rd Army Corps cut off a Russian salient north of Lyman and liberated more than 200 square kilometers, significantly weakening Russian positions and prospects of capturing Lyman's railroad station by year-end.
Ukraine liberates territory north of Lyman, cutting Russian salient and delaying offensive
December 31 plunges to 14%24%
On September 8, 2026, Ukrainian forces reportedly cleared a Russian salient north of Lyman, liberating over 200 square kilometers and several villages, significantly delaying Russian offensive plans and confirming Ukraine's control over the Lyman area including the railroad station.
Loss of Russian salient ends opportunity to capture Lyman in 2026
The loss of the salient north of Lyman means Russia has lost the opportunity to capture the town in 2026 following the lifting of the operational semi-encirclement. Ukrainian President Zelensky rejected Russian ultimatums, further collapsing negotiation rounds and solidifying Ukrainian control.
Loss of salient means Russia loses opportunity to take Lyman in 2026
Analysts concluded that the loss of the salient around Lyman means Russia has lost the chance to capture the city this year, confirming market price declines and a 'No' resolution likelihood.
Ukrainian commander films video in Sviatohirsk to refute Russian capture claim
December 31 drops to 14%14%
Brigadier General Andriy Biletskyi recorded a video from Sviatohirsk's center, disproving Russian President Putin's claim of Russian capture. Ukrainian forces maintained control of the area near Lyman, further undermining Russian claims of territorial gains including the railroad station.
Ukraine clears salient north of Lyman, diminishing Russian control prospects
December 31 drops to 14%14%
Ukrainian forces reportedly cleared the salient north of Lyman, capturing villages and territory, effectively squeezing Russian forces and reducing chances of Russian capture of Lyman station by year-end.
Ukrainian commander demonstrates control over Svyatohirsk near Lyman, refuting Russian claims
December 31 plunges to 38%16%
On September 7, 2026, Ukrainian General Andriy Biletskyi published video evidence showing Ukrainian control of Svyatohirsk, north of Lyman, disproving Russian claims of capture and indicating Russian forces remained distant from Lyman, supporting the view that Russia had not captured the Lyman railroad station.
Ukrainian counterattacks continue near Lyman, Russian advances stall
December 31 drops to 19%7%
By September 6, Russian forces failed to make confirmed advances as Ukrainian counterattacks persisted near Lyman, maintaining Ukrainian control over the area and undermining Russian efforts to capture the strategic railroad station.
Ukrainian forces advance on southern outskirts of Lyman, Russian claims of control disputed
December 31 drops to 20%8%
On September 5, Ukrainian troops launched counterattacks on the southern outskirts of Lyman, repelling Russian assaults and maintaining defensive lines. Russian claims of control over nearby settlements were not confirmed by geolocation data, indicating continued Ukrainian resistance.
Ukrainian forces strike Russian positions south of Lyman amid ongoing infiltration attempts
Geolocated footage showed Ukrainian strikes on Russian positions south of Lyman, with Russian forces struggling to enter the town itself, indicating continued Ukrainian control of key areas including the railroad station.
Russian claims of capturing Kozacha Lopan and other settlements refuted; Russian forces face setbacks near Lyman
ISW and Ukrainian officials refuted Russian claims of territorial gains near Lyman, including Kozacha Lopan, highlighting ongoing contested control and Russian operational difficulties in the area.
Ukrainian counteroffensive liberates territory near Lyman, Russian advances stall
December 31 drops to 19%9%
By early September 2026, Ukrainian counteroffensive operations liberated significant territory in the Lyman direction, while Russian forces failed to make advances. This reinforced assessments that Russian capture of Lyman railroad station by year-end was unlikely, reflected in the market's low probability prices.
Ukrainian forces continue counteroffensive near Lyman, liberating territory and repelling Russian advances
ISW reported ongoing Ukrainian counteroffensive operations in the Lyman direction with evidence of territory liberation and Russian forces suffering high casualties, reducing likelihood of Russian capture of the railroad station by year-end.
Ukrainian counterattacks push Russian forces back near Lyman, denying control
December 31 drops to 26%13%
On September 1, ISW reported Ukrainian counterattacks north and south of Lyman successfully repelled Russian advances, with Ukrainian forces liberating territory and preventing Russian capture of the town and railroad station.
Russia targets Lyman district railway infrastructure amid stalled offensive
December 31 drops to 14%11%
Russian strikes on railway infrastructure in Lyman district in early September 2026 aimed to disrupt Ukrainian logistics but did not translate into territorial gains. Market prices for Russian capture plummeted as Russian forces struggled to enter Lyman itself.
ISW reports Ukrainian counterattacks near Lyman prevent Russian advances
December 31 plunges to 16%23%
ISW reported that Ukrainian forces conducted counteroffensive operations in the Lyman direction in August and early September 2026, liberating territory and preventing Russian advances, confirming no Russian control of the Lyman railroad station by the resolution date.
Ukrainian counterattacks intensify north and south of Lyman, halting Russian advances
December 31 dips to 23%3%
Ukrainian forces launched counteroffensives around Lyman, preventing Russian advances and solidifying Ukrainian control, which contributed to the market price dropping to near its lowest levels.
Ukrainian drone strikes and counteroffensive operations encircle Russian forces near Lyman
December 31 drops to 16%6%
By early September, Ukrainian forces had encircled Russian troops in a salient near Lyman, cutting supply routes and conducting heavy drone strikes. This operational pressure made Russian capture of the Lyman railroad station unlikely before the market's resolution dates, reflected in the market's low prices.
Russia targets Ukraine’s rail network including Lyman district infrastructure
December 31 jumps to 41%13%
Russian strikes on railway infrastructure in Lyman district aimed to disrupt Ukrainian logistics, indicating ongoing conflict but no confirmed capture of the station, causing market uncertainty.
Ukrainian forces continue counterattacks north and south of Lyman, Russian advances stall
Ukrainian counteroffensive operations in the Lyman direction persisted into early September, with Russian forces failing to advance despite claims. ISW and other sources confirmed ongoing Ukrainian control and counterattacks, reinforcing market skepticism about Russian capture of Lyman by the end of 2026.
Ukrainian counteroffensive operations continue near Lyman, Russian advances stall
December 31 drops to 19%14%
In early September, Ukrainian forces continued counteroffensive operations in the Lyman direction, liberating territory and preventing Russian advances, which kept the city out of Russian control and pushed market prices lower.
Ukrainian counterattacks continue to repel Russian advances near Lyman
December 31 dips to 27%1%
On September 1, ISW reported that Russian forces did not advance near Lyman, with Ukrainian counterattacks ongoing both north and south of the town, maintaining Ukrainian control and preventing Russian capture of the railroad station.
Destroyed railway bridge in Lyman district highlights ongoing conflict and infrastructure damage
December 31 drops to 16%6%
A destroyed railway bridge in Lyman district was reported, illustrating the continued fighting and damage to critical infrastructure. This underscored the contested nature of the area and absence of clear Russian control over the railroad station, reinforcing market doubts about capture by deadlines.
Ukrainian counterattacks north and south of Lyman stall Russian advances
December 31 dips to 28%4%
On September 1, Ukrainian forces continued counterattacks north and south of Lyman, preventing Russian advances despite ongoing Russian offensive operations. ISW confirmed no Russian advance, maintaining Ukrainian control over key areas including the railroad station.
Railway infrastructure in Lyman district heavily damaged amid ongoing conflict
December 31 drops to 37%8%
Reports on September 1 noted destruction of railway bridges in the Lyman district, indicating ongoing fighting and damage to infrastructure. This suggests contested control and challenges for Russian forces to secure the train station, contributing to low market confidence in capture by year-end.
Ukrainian forces liberate significant territory near Lyman, refuting Russian claims
December 31 plunges to 14%27%
Ukrainian counteroffensive operations in August and early September liberated at least 130 square kilometers near Lyman, with Ukrainian commanders refuting Russian claims of capturing nearby Sviatohirsk. Russian forces failed to advance, and Ukrainian forces maintained control of Lyman's railroad station.
ISW reports ongoing Ukrainian counteroffensive and Russian failure to advance near Lyman
December 31 drops to 54%13%
ISW assessments in early September 2026 confirmed Ukrainian counterattacks north and south of Lyman, with Russian forces unable to advance or consolidate control, and Ukrainian forces liberating significant territory, indicating Russia had not captured the Lyman railroad station.
Ukrainian counterattacks intensify north and south of Lyman, halting Russian advances
December 31 plunges to 35%16%
By late August and early September, Ukrainian forces launched counteroffensives around Lyman, preventing Russian advances and maintaining control over key areas including the railroad station. Russian claims of seizing Lyman were contradicted by evidence of Ukrainian resistance and territorial control.
ISW reports Ukrainian forces liberated more territory than Russia captured in August including near Lyman
December 31 drops to 28%12%
ISW geolocated evidence showed Ukrainian forces liberated at least 129.81 square kilometers in August 2026, exceeding Russian gains, indicating Ukrainian dominance in the Lyman counteroffensive and no Russian capture of the railroad station.
Ukrainian forces advance near Lyman, intensifying counterattacks
December 31 plunges to 37%16%
Ukrainian advances east of Novoselivka and increased counterattacks in the Lyman direction made the frontline more dynamic, reducing Russian prospects of capturing Lyman railroad station. This contributed to a further decline in market confidence for a Russian capture by year-end.
Nexus OSINT confirms Ukrainian effective control of Lyman in late August 2026
December 31 drops to 23%5%
In late August 2026, OSINT reports confirmed that Ukrainian forces maintained effective control over Lyman, with Russian forces unable to hold positions despite pressure and infiltration attempts, indicating no Russian capture of the railroad station.
Ukrainian counterattacks increase dynamics in Lyman direction, Russian advances limited
December 31 dips to 25%3%
Ukrainian forces advanced east of Novoselivka northwest of Lyman, and the Lyman front became more dynamic due to Ukrainian counterattacks. Russian forces did not make confirmed advances, indicating continued Ukrainian control over Lyman and its railroad station.
Ukrainian court sentences railway engineer for spying on Lyman defenses for Russia
December 31 dips to 35%1%
On August 28, Ukraine sentenced a railway engineer to 15 years for spying on Lyman's defenses for Russia, highlighting ongoing intelligence and counterintelligence activities around Lyman but no indication of Russian control of the railroad station.
Russian sources acknowledge Ukrainian counterattacks and limited control in Lyman
December 31 plunges to 22%16%
Russian-affiliated milbloggers and sources acknowledged Ukrainian counterattacks southeast of Lyman and that Russian forces do not have significant presence in central Lyman. Ukrainian forces reportedly operate relatively freely in the city, indicating Russian failure to capture and hold Lyman. This admission reinforced market expectations that Russia would not capture Lyman by the end of 2025.
Ukrainian forces conduct successful counterattacks around Lyman, halting Russian gains
December 31 plunges to 67%19%
By late August 2026, Ukrainian forces had halted Russian ground gains and launched counterattacks expanding control north and east of Lyman, undermining Russian offensive plans and maintaining Ukrainian control over the area including the railroad station.
UK intelligence confirms Russian capture of Lyman in May 2022 but no recent gains
December 31 drops to 22%14%
UK Ministry of Defence noted Russian forces captured Lyman in 2022 but recent reports and ISW assessments show no new Russian advances or consolidation in 2026, supporting market decline in probability of capture by end 2026.
Russian offensive operations continue near Lyman but Ukrainian counterattacks hold ground
December 31 drops to 45%12%
Russian forces continued offensive operations near Lyman on August 26-27 but did not make confirmed advances as Ukrainian forces counterattacked and expanded control in contested zones. This maintained Ukrainian control over the area including the train station, further lowering market confidence in Russian capture.
Ukrainian court sentences Lyman railway engineer for spying for Russia
December 31 dips to 32%3%
On August 11, a Ukrainian court sentenced the former chief engineer of Lyman’s locomotive depot to 15 years for aiding Russia by mapping Ukrainian positions around Lyman. This revealed Russian intelligence efforts but did not translate into territorial gains, reinforcing the view that Russia had not captured the railroad station by late August.
Ukrainian counterattacks expand control around Lyman amid Russian offensive
December 31 plunges to 37%19%
Ukrainian forces counterattacked around Lyman, expanding control within contested zones, while Russian forces focused on nearby areas without confirmed advances into Lyman itself, maintaining Ukrainian hold on the railroad station.
Ukrainian counterattacks constrain Russian advances around Lyman
December 31 plunges to 38%18%
Russian forces continued offensive operations near Sloviansk and Lyman but made no confirmed advances as Ukrainian forces counterattacked and expanded control in contested areas around Lyman. Russian claims of territorial gains were exaggerated. Ukrainian forces maintained defensive positions, limiting Russian progress and contributing to further decline in market confidence for Russian capture by the end of 2025.
ISW reports Russian offensive operations near Lyman without confirmed advances amid Ukrainian counterattacks
December 31 drops to 28%10%
On August 26-27, Russian forces continued offensive operations near Lyman but did not make confirmed advances as Ukrainian forces counterattacked, maintaining Ukrainian control over key areas including the railroad station.
Russian forces make no confirmed advances as Ukrainian counterattacks expand control near Lyman
Despite Russian claims of territorial gains, ISW observed Ukrainian counterattacks expanding control in contested zones near Lyman, indicating Russian failure to capture key positions including the railroad station.
Ukrainian forces counterattack around Lyman, expanding control in contested zones
December 31 drops to 27%12%
Ukrainian counterattacks around Lyman expanded control within contested areas, limiting Russian advances and reinforcing market expectations that Russia would not capture the Lyman railroad station by the resolution date.
Ukrainian counterattacks tighten encirclement of Russian forces near Lyman
December 31 drops to 28%11%
By late August, Ukrainian counterattacks north of Lyman were closing a ring around Russian regiments, threatening encirclement and indicating Ukrainian control dominance, which pressured market prices down to 28%.
ISW reports Russian infiltration missions southeast of Lyman but no capture
December 31 drops to 24%8%
ISW reported Russian infiltration missions southeast of Lyman and continued offensive operations in the region, but no confirmed advances or capture of Lyman or its railroad station. Ukrainian forces struck Russian positions, maintaining control of the area and preventing Russian consolidation.
Russian forces conduct infiltration missions near Lyman but fail to advance
December 31 drops to 28%10%
By late August, Russian forces were conducting infiltration missions southeast of Lyman, but ISW reported no significant territorial gains, with Ukrainian forces striking Russian positions and maintaining control over the area.
Russian forces conduct offensive operations north of Lyman without confirmed advances
December 31 dips to 39%1%
Russian claims of territorial gains near Lyman were unconfirmed, and no significant advances were made, reinforcing Ukrainian control and lowering market confidence in Russian capture by year-end.
Russian forces make no confirmed advances near Lyman amid Ukrainian counterattacks
December 31 drops to 39%11%
On August 24-25, Russian forces continued offensive operations north of Lyman but did not make confirmed advances as Ukrainian counterattacks held the line, maintaining Ukrainian control and limiting Russian territorial gains.
Russian forces fail to capture Lyman railroad station amid Ukrainian counterattacks
December 31 rises to 32%2%
Reports indicated that despite Russian efforts, Ukrainian forces maintained control of the Lyman railroad station area, with Russian advances stalled and counterattacks ongoing. This reinforced market skepticism about Russian capture by the deadline.
Ukrainian forces repel multiple Russian attacks near Lyman, maintaining control of key positions
December 31 plunges to 25%15%
As of late August, Ukrainian defenders repelled numerous Russian assaults around Lyman, including 14 attacks toward the city and nearby settlements, preventing Russian forces from capturing the railroad station or establishing control over the city.
Russian forces conduct drone strikes near Lyman but fail to capture city
December 31 drops to 28%11%
Russian forces prioritized offensive operations through Lyman towards Slovyansk but were largely unsuccessful. Ukrainian officials reported Russian drone strikes on trains near Lyman, but Ukrainian defenses held firm, preventing Russian capture of the railroad station.
Russian forces advance east of Slovyansk but fail to secure Lyman railroad station
September 30 drops to 7%7%
Russian forces made advances in nearby areas but did not consolidate control over Lyman or its railroad station, with Ukrainian forces repelling infiltration attempts, leading to further decline in market confidence for Russian capture by September 30.
Russian drone strikes near Lyman highlight ongoing conflict without territorial gains
December 31 dips to 38%2%
On August 23, Russian forces conducted drone strikes near Lyman, including attacks on civilian trains, but failed to secure territorial advances. Ukrainian officials reported continued Russian offensive attempts but noted strong Ukrainian defenses, reflecting stalemate conditions.
Ukrainian officials report Russian drone strike on Lymanivka station, no Russian capture of Lyman
December 31 dips to 38%1%
On August 23, Ukrainian officials reported a Russian drone strike on a nearby station but no Russian control of Lyman or its railroad station. ISW noted Russian forces continued offensive efforts but failed to secure Lyman, reinforcing market skepticism about Russian capture by year-end.
Russian milblogger claims seizure of Lyman, unconfirmed by ISW
December 31 dips to 35%2%
A Russian milblogger claimed Russian forces seized Lyman and advanced nearby, but ISW and other sources did not confirm this, leading to skepticism and a continued low market probability for capture.
Russian forces claim seizure of Lyman and advance east of Hrafske, but ISW notes contested control
December 31 drops to 39%8%
Russian milbloggers claimed control of Lyman on August 23, but ISW observed ongoing Ukrainian counterattacks and contested control in the area, leaving the status of the Lyman railroad station uncertain and market prices low.
Russian milbloggers claim seizure of Lyman amid Ukrainian reports of repelled infiltration
December 31 dips to 35%2%
On August 23, Russian milbloggers claimed Russian forces seized Lyman, but Ukrainian officials and ISW reported repelling Russian infiltration attempts and maintaining control, indicating the railroad station remained under Ukrainian control and the Russian capture claim was unconfirmed.
Russian drone strike kills civilians at Lymanivka station amid ongoing fighting
December 31 dips to 50%4%
On August 23, Russian forces conducted a drone strike against an electric train at Lymanivka station, killing one and injuring four civilians, highlighting the ongoing conflict intensity near Lyman and complicating Russian efforts to capture the area.
Russian drone strike hits Lymanivka station, Ukrainian rail infrastructure targeted
December 31 plunges to 30%24%
Ukrainian officials reported Russian drone strikes against Lymanivka station and other rail infrastructure, indicating ongoing conflict and Russian attempts to disrupt Ukrainian logistics. This suggested contested control and no confirmed Russian capture of Lyman station, pressuring market prices downward.
Russian forces claim to have seized Lyman but ISW reports ongoing Ukrainian control
December 31 dips to 35%2%
Russian milbloggers claimed seizure of Lyman, but ISW and other sources reported Ukrainian forces still control significant parts of the city, indicating contested control rather than full Russian capture.
Russian forces conduct drone strike on Lymanivka station, Ukrainian counterattacks continue
December 31 drops to 28%11%
On August 23, 2026, Russian forces launched a double-tap drone strike on an electric train at Lymanivka station, causing civilian casualties. Ukrainian forces continued counteroffensive operations in the Lyman direction, maintaining pressure and preventing Russian consolidation, which kept market confidence low for Russian capture by year-end.
Russian drone strike hits electric train at Lymanivka station, escalating conflict in Lyman area
December 31 drops to 32%6%
On August 23, Russian forces conducted a drone strike against an electric train at Lymanivka station, killing and injuring civilians, underscoring the ongoing intense conflict and Russian attempts to disrupt Ukrainian logistics near Lyman.
Russian milblogger claims Russian forces seized Lyman but ISW lacks confirmation
December 31 dips to 37%4%
On August 23, a Russian milblogger claimed Russian forces seized Lyman, but ISW has not observed evidence confirming this. Ukrainian forces continued to strike Russian positions nearby, indicating ongoing contested control and no confirmed Russian capture of the railroad station.
Russian forces fail to advance in Lyman direction amid Ukrainian counterattacks
December 31 dips to 38%2%
By late August, Russian forces continued offensive operations near Slovyansk through Lyman but were largely unsuccessful due to strong Ukrainian defenses and terrain challenges, leading to further declines in market confidence for Russian capture by year-end.
Ukrainian drones repeatedly target Russian logistics and railroad infrastructure in Lyman
December 31 drops to 45%11%
Sustained Ukrainian drone strikes on Russian military logistics and railroad infrastructure in Lyman hampered Russian consolidation efforts, contributing to declining market confidence in Russian capture by year-end.
Russian forces intensify infiltration near Lyman but fail to secure control
December 31 dips to 35%4%
By August 21, Russian forces increased infiltration efforts near Lyman and Mykolaivka, but ISW was unable to verify any Russian control of Lyman. Russian offensives in this direction remained largely unsuccessful despite prioritization, and Ukrainian defenses continued to hold key positions including the railroad station.
Russian infantry groups fail to reach Lyman due to logistical problems
December 31 drops to 27%12%
Ukrainian officers reported that Russian infantry groups are unable to reach Lyman because of logistical issues, preventing Russia from establishing control. This has kept Lyman under Ukrainian control and stalled Russian advances.
Russian forces intensify infiltration and offensive efforts near Lyman but fail to secure full control
December 31 drops to 47%9%
Despite intensified Russian infiltration and offensive operations near Lyman, ISW reported no confirmed advances, with Ukrainian forces maintaining defensive positions, contributing to declining market confidence in Russian capture by year-end.
Ukrainian officer reports Russian infantry groups failing to reach Lyman due to logistical problems
December 31 drops to 39%7%
A Ukrainian officer reported that Russian small infantry groups are unable to reach Lyman because of logistical issues, preventing Russia from establishing control over the city and its railroad station, reinforcing market doubts about Russian capture by the deadline.
Russian infantry groups repeatedly fail to reach Lyman due to Ukrainian defenses and logistical issues
December 31 drops to 27%12%
Despite persistent attempts, Russian infantry groups have been unable to penetrate Ukrainian defenses to capture Lyman, with logistical problems and strong Ukrainian resistance preventing Russian control of the railroad station.
Geolocated footage shows Ukrainian forces advancing in northern Lyman
December 31 rises to 39%2%
On August 20, geolocated footage confirmed Ukrainian advances in northern Lyman, indicating continued Ukrainian control and resistance to Russian attempts to capture the city and its railroad station, supporting market price stabilization at lower probabilities.
Ukrainian defense holds Lyman amid ongoing Russian infiltration attempts
September 30 dips to 7%2%
By late August, Ukrainian forces continued to hold Lyman despite Russian infiltration and glide bomb strikes. Persistent Ukrainian defense and lack of confirmed Russian control kept market probabilities low for capture by September 30 and December 31.
Russian forces confined to southeastern Lyman as Ukrainians clear northern areas
On August 18, reports indicated Russian forces remained only in southeastern Lyman while Ukrainian forces likely cleared northern and central parts, signaling failure of Russian capture efforts and reinforcing market declines for capture by December 31.
Russian forces limited to southeastern Lyman as Ukrainians clear northern and central areas
December 31 rises to 39%1%
By August 18, sources reported Russian forces confined to southeastern Lyman, with Ukrainian troops clearing northern and central parts, demonstrating Ukrainian resilience and reducing likelihood of full Russian capture by the deadline.
Russian forces attack near Lyman but Ukrainian defenders hold positions
Despite numerous Russian assaults and airstrikes near Lyman, Ukrainian forces repelled 17 Russian assaults and maintained control, preventing Russian capture of the railroad station.
Russian forces continue attacks on Lyman flanks but fail to make tactical gains
December 31 rises to 38%1%
Russian military efforts focused on attacking northern and southern flanks of Lyman, including nearby settlements, but were unable to secure the town or railroad station. Ukrainian forces reportedly cleared Russian infiltrators from parts of Lyman.
Russian forces attack Lyman's flanks but make limited progress; Ukrainian forces hold town
December 31 rises to 39%2%
Russian forces attacked northern and southern flanks of Lyman but only made progress near Raihorodok, with Ukrainian forces maintaining control of the town and its railroad station, leading to continued low market confidence in Russian capture by year-end.
Russian attempts to advance on Lyman fail; Ukrainian forces clear northern and central areas
December 31 plunges to 39%18%
Russian forces continued attacks on Lyman's flanks but failed to make tactical gains near the town. Ukrainian forces reportedly cleared northern and central Lyman, indicating no Russian control of the railroad station.
Fighting continues near Lyman with no Russian advances
December 31 rises to 38%1%
As of mid-August, fighting persisted near Lyman with Russian forces unable to make confirmed advances. Ukrainian forces maintained defensive positions, and Russian attempts to capture the railroad station remained unsuccessful, contributing to declining market confidence in a Russian capture by year-end.
ISW map shows no Russian control of Lyman railroad station by mid-August 2026
December 31 plunges to 37%19%
ISW assessments and maps as of August 17, 2026, indicate that Russian forces had not captured the Lyman railroad station, with Ukrainian forces maintaining control of key areas, leading to a decline in market confidence for Russian capture by December 31, 2025.
New Russian anti-aircraft battalion observed operating in Lyman direction
December 31 dips to 39%1%
Elements of the Russian 673rd Separate Anti-Aircraft Missile Battalion were reported operating near Lyman, indicating ongoing Russian military focus on the area but no confirmed capture, sustaining market uncertainty.
Ukrainian forces tighten encirclement of Russian troops northwest of Lyman
December 31 plunges to 37%18%
Ukrainian forces attacked positions protecting Russian salient northwest of Lyman, threatening Russian supply and withdrawal routes, increasing pressure on Russian forces and complicating their hold on the area.
Ukrainian brigade reports Russian use of glide bombs and increased drone deployments near Lyman
A Ukrainian brigade spokesperson reported that Russian forces are relying heavily on glide bomb strikes and deploying additional drone units to support infiltration and assaults near Lyman, indicating ongoing intense combat but no decisive Russian control.
Russian forces redeploy drone units to regain advantage near Lyman
December 31 dips to 37%3%
Russian forces deployed specialized drone operators to restore drone parity in the Lyman direction, aiming to support assault groups. Despite these efforts, Ukrainian forces maintained control of key areas, and Russian advances remained limited, sustaining market skepticism about Russian capture by the deadline.
Russian forces deploy additional drone units to Lyman direction
December 31 dips to 36%1%
On August 14, reports indicated Russian redeployment of specialized drone operators to the Lyman area to regain drone parity and support assault groups, reflecting ongoing contested fighting rather than decisive capture, contributing to market uncertainty.
Ukrainian counterattacks constrain Russian advances near Lyman
December 31 rises to 37%1%
On August 13, Ukrainian military observers reported Russian consolidation on Lyman's southeastern outskirts but noted Ukrainian counterattacks near Drobysheve and other areas constrained Russian advances northwest and northeast of Lyman, limiting Russian control prospects.
Russian forces focus offensive east and southeast of Lyman amid Ukrainian counterattacks
December 31 drops to 36%12%
Russian forces consolidated some positions on Lyman's southeastern outskirts and used forests for infiltration, but Ukrainian counterattacks constrained Russian advances northwest of Lyman, indicating ongoing contested control and no full capture of the railroad station.
Ukrainian forces strike Russian positions in southern Lyman
December 31 plunges to 30%21%
Geolocated footage on August 13 showed Ukrainian forces striking Russian positions in southern Lyman, indicating active Ukrainian resistance and undermining Russian control claims, which contributed to further market price declines for capture by December 31.
Russian forces focus offensives east and southeast of Lyman amid Ukrainian counterattacks
December 31 dips to 57%4%
Russian forces consolidated some positions southeast of Lyman and used forests for infiltration, but Ukrainian counterattacks constrained advances northwest and northeast of Lyman, maintaining Ukrainian control over key areas including the railroad station.
Ukrainian forces maintain positions southeast of Slovyansk and strike Russian positions near Lyman
December 31 jumps to 40%5%
On August 13, Ukrainian forces reportedly advanced or held positions southeast of Slovyansk and struck Russian positions in southern Lyman after infiltration attempts. Russian forces focused on offensive operations east and southeast of Lyman but faced constraints from Ukrainian counterattacks, reinforcing Ukrainian control and limiting Russian gains.
Russian forces consolidate positions southeast of Lyman amid Ukrainian counterattacks
December 31 plunges to 37%17%
Reports in mid-August 2026 indicated Russian forces had some control on Lyman's southeastern outskirts but faced strong Ukrainian counterattacks limiting their advances. This contributed to a significant market price drop reflecting doubts about full Russian capture by year-end.
Russian forces focus on offensive east and southeast of Lyman amid Ukrainian counterattacks
On August 13, ISW reported Russian forces consolidating positions on Lyman's southeastern outskirts and using forested areas for infiltration, while Ukrainian counterattacks constrained Russian advances northwest of Lyman. This indicated ongoing fighting without Russian capture of the railroad station, sustaining market skepticism.
Reports of Russian consolidation on Lyman outskirts but Ukrainian counterattacks constrain advances
Russian forces reportedly consolidated positions southeast of Lyman and in nearby forests to prepare infiltration missions, but Ukrainian counterattacks near Drobysheve and enduring positions northeast of Lyman complicated Russian operations. This ongoing stalemate contributed to sustained low market confidence in Russian capture by year-end.
Ukrainian court sentences former Lyman railway engineer for spying for Russia
December 31 drops to 38%12%
On August 11, Ukraine sentenced a former chief engineer of Lyman’s locomotive depot to 15 years for spying for Russia, aiding Russian targeting of Lyman defenses. This highlighted Ukrainian counterintelligence efforts and likely hindered Russian operational capabilities in the area.
Ukrainian SBU detains railway engineer spying on Lyman defenses for Russia
December 31 drops to 39%5%
The SBU arrested a railway engineer in May 2026 for spying on Ukrainian defenses around Lyman, indicating ongoing intelligence efforts but no decisive Russian control, maintaining market uncertainty.
Ukrainian forces liberate significant territory in counteroffensive including areas near Lyman
December 31 drops to 36%9%
Ukraine announced liberation of over 745 square kilometers in the Oleksandrivka direction, including areas near Lyman, reinforcing Ukrainian control and reducing likelihood of Russian capture of Lyman railroad station.
ISW rebuts Putin’s claims of Russian gains in Lyman, confirms limited Russian control
December 31 drops to 40%11%
ISW analysts contradicted Russian President Putin’s claims of Russian control over Lyman, showing Russian forces control only a small fraction of the town and remain far from consolidating control of the railroad station. This contributed to the market’s decline in probability for Russian capture.
Ukrainian court sentences railway engineer for spying on Lyman defenses for Russia
December 31 drops to 51%5%
On August 11, Ukraine sentenced a former chief engineer of Lyman’s locomotive depot to 15 years in prison for aiding Russia by mapping Ukrainian positions around Lyman. This event highlighted ongoing Ukrainian efforts to counter Russian intelligence and maintain control, impacting market confidence negatively regarding Russian capture prospects.
Ukrainian counteroffensive liberates over 745 sq km including areas near Lyman
December 31 dips to 51%3%
On August 12, Ukrainian Airborne Assault Forces Command announced liberation of significant territory in the Oleksandrivka direction, including clearing Russian infiltrators, which further diminished Russian prospects of capturing Lyman by year-end.
Ukrainian security detains Russian agent spying on Lyman defenses
December 31 drops to 36%10%
In August, Ukrainian security services arrested a railway engineer spying for Russia on Lyman's defenses, indicating ongoing Ukrainian vigilance and complicating Russian efforts to capture the area, which likely contributed to declining market confidence.
Ukrainian railway engineer arrested for spying on Lyman defenses for Russia
December 31 dips to 39%1%
The SBU detained a railway engineer who spied on Ukrainian defenses around Lyman for Russian forces, indicating ongoing intelligence and reconnaissance efforts by Russia but no confirmed territorial gains.
Russian claims of Lyman control contradicted by ISW and Ukrainian counterattacks
December 31 drops to 35%12%
On August 11, Russian sources claimed partial control of Lyman, but ISW found no evidence of Russian presence. Ukrainian forces continued counterattacks and strikes near Lyman, maintaining defensive positions. This sustained Ukrainian control led to a sharp drop in market prices for near-term capture.
Russian claims of partial control in Lyman disputed by ISW
December 31 drops to 37%14%
Russian Ministry of Defense claimed control of about half of Lyman with ongoing fighting, but ISW found no evidence of Russian presence in the town. This discrepancy reinforced skepticism about Russian capture, contributing to further market price decline.
Russian sources claim partial control of Lyman; ISW finds no evidence of full capture
December 31 drops to 32%6%
Russian Ministry of Defense and affiliated sources claimed Russian forces seized about half of Lyman and were clearing the rest, but ISW and independent assessments found no evidence of Russian control of the railroad station or full city capture. Fighting continued with Ukrainian counterattacks.
Ukrainian court sentences railway engineer for spying on Lyman defenses for Russia
December 31 drops to 39%8%
A Ukrainian court sentenced a former chief engineer of Lyman's locomotive depot to 15 years for spying for Russia, providing intelligence that helped Russian forces target Ukrainian positions around Lyman. This underscores the ongoing intelligence and counterintelligence efforts in the contested area.
Russian MoD claims partial control of Lyman disputed by independent observers
December 31 dips to 28%2%
On August 11, Russian Ministry of Defense claimed Russian forces controlled about half of Lyman, but ISW and other sources found no evidence of Russian presence, indicating ongoing contested fighting and limiting confidence in Russian capture.
Russian claims of seizing half of Lyman contradicted by ISW observations
December 31 drops to 37%11%
Russian Ministry of Defense and affiliated sources claimed Russian forces seized approximately half of Lyman with ongoing fighting. However, ISW reported no evidence of Russian presence in Lyman, indicating contested control and undermining Russian claims, which contributed to a sharp market price drop for Russian capture likelihood.
ISW reports no evidence of Russian control in Lyman despite claims
December 31 dips to 51%3%
ISW noted Russian claims of partial control but found no evidence of Russian presence in Lyman, reinforcing Ukrainian control and contributing to market price decline.
Russian Ministry of Defense claims partial control of Lyman contradicted by ISW
December 31 plunges to 35%16%
On August 11, Russian sources claimed Russian forces had seized approximately half of Lyman, but ISW found no evidence of significant Russian presence in the town, highlighting ongoing Ukrainian control and contested status of the area.
Russian MoD claims clearing Lyman but ISW finds no evidence of Russian presence
December 31 plunges to 30%23%
Russian Ministry of Defense claimed Russian forces were clearing Lyman, with some sources claiming half the town seized. However, ISW found no evidence of Russian presence in Lyman, indicating ongoing Ukrainian control and no capture of the railroad station.
Russian MoD claims half of Lyman seized but ISW finds no evidence of control
December 31 drops to 41%13%
On August 11, Russian sources claimed Russian forces seized approximately half of Lyman and were clearing the rest, but ISW found no evidence of Russian presence in Lyman. This discrepancy contributed to declining market confidence in Russian capture of Lyman by year-end.
Putin claims near full capture of Lyman contradicted by ISW analysis
December 31 drops to 37%11%
On August 11, Russian President Putin claimed Russian troops had nearly fully captured Lyman, but ISW analysis showed Russian forces controlled only about 4.3% of Lyman's territory, far from full capture. This public contradiction likely contributed to market skepticism and price decline.
Russian sources claim control of half of Lyman but ISW finds no evidence of full capture
December 31 drops to 36%9%
Russian sources reported seizing approximately half of Lyman with ongoing fighting, but ISW did not observe evidence of Russian presence in the town, reflecting continued Ukrainian control and contested status.
Russian forces reportedly control half of Lyman but ISW sees no consolidated presence
Reports claimed Russian control of about half of Lyman with ongoing fighting, but ISW found no evidence of consolidated Russian control, sustaining market uncertainty about capture.
Russian MoD claims ongoing clearing of Lyman contradicted by ISW observations
Russian Ministry of Defense claimed partial control of Lyman, but ISW found no evidence of consolidated Russian presence, reinforcing market skepticism about Russian capture by year-end.
Russian claims of clearing Lyman contradicted by ongoing fighting and lack of evidence
December 31 rises to 54%3%
Despite Russian Ministry of Defense claims on August 11 that Russian forces were clearing Lyman, ISW and other sources found no evidence of Russian control, with fighting continuing and Ukrainian forces counterattacking in the area.
Russian forces continue attacks near Lyman but fail to breach defenses
December 31 dips to 47%2%
Russian troops launched multiple attacks near Lyman and nearby settlements but Ukrainian forces successfully repelled these attempts, maintaining control over the area and the railroad station.
Russian MoD claims partial seizure of Lyman amid ongoing fighting, ISW finds no evidence of control
December 31 dips to 54%2%
Russian Ministry of Defense claimed control over half of Lyman, but ISW and independent sources found no evidence of Russian presence in the city, reflecting continued Ukrainian control and market skepticism.
Russian claims of partial seizure of Lyman contradicted by ISW
December 31 plunges to 37%19%
On August 11, Russian sources claimed control of approximately half of Lyman with ongoing fighting, but ISW found no evidence of Russian consolidation in the town. This discrepancy contributed to a further decline in market confidence for Russian capture by year-end.
ISW reports no confirmed Russian control of Lyman despite claims
December 31 drops to 36%12%
On August 11, ISW reported that although Russian sources claimed to have seized about half of Lyman, no verified evidence of Russian control was observed, indicating ongoing contested fighting and limiting market optimism for capture by year-end.
Russian milblogger acknowledges no full control over Lyman and conflicting reports on advances
December 31 plunges to 30%24%
On August 10, a Kremlin-affiliated Russian milblogger acknowledged conflicting reports about Russian advances in Lyman and stated that full Russian control over forests south of Lyman is unlikely due to Ukrainian presence. This admission aligns with the market's sharp decline in confidence.
Ukrainian drones repeatedly target Russian logistics and railroad infrastructure in Lyman
December 31 drops to 28%5%
Ukrainian drone strikes targeted Russian military logistics, air defense, and railroad infrastructure in Lyman, disrupting Russian supply lines and complicating their efforts to consolidate control.
Russian milblogger acknowledges deteriorating situation for Russian forces in Lyman
December 31 dips to 44%4%
A Kremlin-affiliated milblogger admitted the situation in Lyman was negative for Russian troops, with conflicting reports about advances and no full control, reinforcing market skepticism about capture.
Russian forces attempt advances near Lyman but repelled by Ukrainian defenders
December 31 drops to 49%6%
Russian forces launched multiple attacks near Lyman and surrounding settlements but were repelled by Ukrainian units, indicating continued Ukrainian control and limiting prospects for Russian capture of the railroad station.
ISW reports Ukrainian forces maintain control over western and central Lyman despite Russian claims
December 31 plunges to 37%18%
A Russian milblogger acknowledged Ukrainian control over western Lyman and surrounding settlements, while Russian forces continued strikes near Lyman but did not capture the city or railroad station, reinforcing market consensus against Russian capture by year-end.
Russian milblogger acknowledges Ukrainian control over parts of Lyman and surrounding areas
September 30 drops to 6%5%
On August 8, a Russian milblogger acknowledged that Ukrainian forces advanced into northern Shandryholove and maintained control over western Lyman and other nearby settlements, indicating that Russian forces had not secured full control of Lyman. This admission likely contributed to a decline in market confidence about Russian capture by the September 30 and December 31 deadlines.
Russian milblogger acknowledges Ukrainian control over parts of Lyman area
December 31 plunges to 37%19%
On August 8, a Russian milblogger acknowledged Ukrainian control over western Lyman and other nearby settlements, contradicting Russian claims of full control and reinforcing market doubts about Russian capture by year-end.
Russian forces intensify air interdiction near Slovyansk and Lyman but fail to advance
December 31 plunges to 28%25%
Russian forces increased drone and glide bomb strikes to shape the battlefield near Lyman and Slovyansk, but Ukrainian forces held defensive lines and Russian ground advances remained limited, maintaining Ukrainian control of Lyman's railroad station.
Russian Ministry of Defense claims advances near Lyman, but Ukrainian forces hold key positions
December 31 rises to 57%1%
On August 8, Russian MoD claimed territorial gains near Lyman, including strikes and infiltration attempts, but Ukrainian forces retained control over western and central approaches, limiting Russian progress. This maintained market skepticism about Russian capture of the Lyman railroad station.
Russian milblogger acknowledges deteriorating situation near Lyman
December 31 drops to 51%5%
On August 8, a Kremlin-affiliated Russian milblogger reported a concerning and negative situation for Russian troops around Lyman, noting conflicting reports and lack of full control over key forest areas. This admission likely contributed to market price declines for capture by December 31 and September 30.
Russian forces continue strikes near and within Lyman but no confirmed capture
December 31 drops to 46%10%
Geolocated footage on August 6 and 8 showed Russian strikes on Ukrainian positions in and near Lyman, but Ukrainian forces maintained control over key areas. Russian claims of seizing Lyman were contradicted by independent assessments, sustaining market skepticism about a Russian capture by year-end.
Russian forces strike Ukrainian positions within and north of Lyman, claim seizure of nearby Ivanivka
Russian strikes near Lyman and claims of nearby territorial gains indicated ongoing offensive efforts, but ISW noted Ukrainian control in western Lyman and contested frontline, maintaining uncertainty about full station capture.
Ukrainian forces maintain control over western and central Lyman amid Russian strikes
December 31 plunges to 31%15%
A Russian milblogger acknowledged Ukrainian control over key parts of Lyman, including western and central areas, despite Russian claims. Russian forces continued strikes and infiltration attempts but failed to secure the city.
Joint Forces spokesperson confirms Lyman holds under Ukrainian control
December 31 dips to 50%3%
A spokesperson for the Joint Forces Group stated that Ukrainian troops are holding their positions in Lyman despite intensive Russian attempts to break through, confirming no Russian capture of the railroad station by this date.
Ukrainian spokesperson confirms Lyman holds with Russian forces unable to establish control
December 31 drops to 37%11%
Joint Forces spokesperson Viktor Trehubov stated that despite intensive Russian attempts to break through and establish positions on Lyman's outskirts, Ukrainian troops hold their positions with relatively low Russian effectiveness. This official confirmation of Ukrainian control contributed to a sharp market price drop for the December 31 outcome.
Ukrainian forces maintain control over western Lyman despite Russian claims
December 31 dips to 51%4%
Ukrainian officials and milbloggers confirmed control over western Lyman and surrounding settlements, countering Russian claims of full capture. Russian forces continued strikes but failed to secure the town or railroad station.
Ukrainian forces hold positions near Lyman despite Russian infiltration attempts
December 31 dips to 54%2%
By August 7, Ukrainian forces maintained control of key positions including Zarichne and Yampil near Lyman, while Russian forces attempted infiltration but failed to secure the town, sustaining Ukrainian defensive strength.
Ukrainian forces maintain positions in and around Lyman despite Russian claims
December 31 dips to 53%3%
On August 6-7, geolocated footage and Ukrainian reports confirmed Ukrainian control over western Lyman and surrounding areas, contradicting Russian claims of full control. This reinforced market skepticism about imminent Russian capture.
Ukrainian spokesperson confirms Seversky Donets River as defense line near Lyman
December 31 dips to 53%4%
Colonel Viktor Trehubov stated that the Seversky Donets River south of Lyman acts as a natural defense line, forcing Russian forces to attempt infiltration around it. Ukrainian forces maintained control of key settlements northeast and southeast of Lyman, complicating Russian advances and limiting their ability to capture the train station.
Ukrainian forces maintain control around Lyman despite Russian infiltration attempts
December 31 dips to 51%3%
On August 7, ISW reported Ukrainian forces continued to hold key positions northeast of Lyman, including Zarichne and Yampil, while Russian forces attempted to bypass natural defenses and infiltrate but failed to capture the town or railroad station.
Ukrainian forces maintain control of key approaches to Lyman despite Russian infiltration attempts
December 31 drops to 54%5%
Ukrainian forces continued to hold positions northeast and southeast of Lyman, complicating Russian attempts to bypass natural defenses and infiltrate the town, which limited Russian advances and contributed to market price declines.
Ukrainian forces hold Lyman; Russian attacks remain ineffective
December 31 dips to 53%3%
On August 7, Ukrainian Joint Forces spokesperson Colonel Viktor Trehubov stated that Lyman remains under Ukrainian control with strong defenses. Russian forces continue attempts to bypass natural defenses and infiltrate, but the effectiveness of Russian attacks remains low, sustaining Ukrainian control over the city and its strategic points.
Ukrainian Joint Forces spokesperson confirms Lyman holds against Russian attacks
December 31 dips to 54%1%
Viktor Trehubov stated that Ukrainian troops were holding Lyman despite intensive Russian attempts, indicating strong Ukrainian defense and reducing likelihood of Russian capture by the deadline.
Ukrainian forces hold Lyman despite intensive Russian attacks
December 31 drops to 47%5%
On August 7, a Ukrainian Joint Forces spokesperson confirmed that Russian forces were intensively attempting to break through to Lyman but Ukrainian troops were holding their positions with effective defense. This reinforced the view that Russian capture was unlikely in the near term, pushing market prices down.
Ukrainian forces hold key defensive lines around Lyman amid Russian infiltration attempts
December 31 rises to 54%2%
Ukrainian forces maintained control of areas northeast and southeast of Lyman, repelling Russian infiltration attempts and using the Seversky Donets River as a natural defense line, preventing Russian capture of the railroad station.
Ukrainian forces strike Russian positions near Lyman amid counterattacks
December 31 plunges to 37%19%
Geolocated footage and reports show Ukrainian strikes on Russian positions near Lyman and Russian counterattacks failing to advance, indicating continued Ukrainian control of the area including the railroad station.
Russian forces intensify attempts to break through to Lyman outskirts; Ukrainian defense holds
December 31 plunges to 38%15%
Russian forces made intensive attempts to establish positions on Lyman's outskirts, but Ukrainian troops held their fortified positions with effective defense systems. Despite high Russian activity, their effectiveness remained low, limiting prospects of capturing the railroad station soon.
Ukrainian Joint Forces report intense Russian attempts to break through to Lyman outskirts
December 31 drops to 40%14%
Ukrainian spokesman Viktor Trehubov stated that Russian forces continued intense efforts to reach Lyman's outskirts but Ukrainian defenses held firm, with a large gray zone of infiltration routes near Lyman. This indicated ongoing fighting without Russian consolidation, contributing to falling market probabilities.
Ukrainian spokesperson confirms Russian attempts to infiltrate Lyman but holds key positions
December 31 dips to 54%2%
On August 7, Ukrainian Joint Forces spokesperson Viktor Trehubov stated that Russian forces were attempting to bypass natural defenses and infiltrate towards Lyman, but Ukrainian troops maintained control of the city and surrounding areas. This reinforced the view that Lyman was not under Russian control, contributing to market price declines.
Ukrainian forces strike Russian logistics and infrastructure near Lyman
December 31 dips to 54%1%
Ukrainian strikes on Russian materiel depots and infrastructure near Lyman on August 4-5 disrupted Russian logistics and likely hindered Russian offensive capabilities, contributing to the market's cautious stance on Russian capture prospects by December 31.
Ukrainian military spokesperson confirms Russian attempts to seize Lyman as springboard for further offensive
Ukrainian officials stated that Russian forces are determined to capture Lyman to use it as a base for advancing on Sloviansk and Kramatorsk, but Russian infantry cannot hold ground inside the town, indicating ongoing contested control.
Ukrainian military states Russia unable to hold ground inside Lyman despite repeated attempts
December 31 dips to 54%3%
On August 4, Ukrainian military officials stated that Russian forces want to enter and entrench in Lyman but have been unable to hold ground inside the town. This reflects ongoing fierce resistance and the failure of Russia to capture the city and its railway station.
Ukrainian military states Russian plan to capture Lyman remains stalled
December 31 drops to 39%12%
In early August 2026, Ukrainian military officials stated that despite Russian efforts, the plan to capture and hold Lyman as a launchpad for further offensives remained stuck at the initial stage. Russian infantry could not hold ground inside the town, maintaining Ukrainian control and contributing to market pessimism about Russian capture by year-end.
Ukrainian military states Russia still stuck trying to capture Lyman
December 31 drops to 54%5%
Ukrainian military spokesperson Viktor Trehubov confirmed that Russian forces were attempting to seize Lyman to use it as a base for further offensives but were unable to hold ground inside the town, indicating continued Ukrainian control over the Lyman railroad station.
Russian offensive in Lyman direction stalls with no capture of railroad station
December 31 dips to 55%1%
By early August 2026, Russian forces had not captured the Lyman railroad station, with Ukrainian forces maintaining control despite ongoing fighting. The stalled offensive and persistent Ukrainian resistance led to market skepticism about a Russian capture by the end of 2025.
Ukrainian forces counterattack near Lyman, maintaining control
December 31 dips to 54%2%
Ukrainian counterattacks near Lyman prevented Russian advances and maintained Ukrainian control of the town and its outskirts, including the railroad station area. This reinforced market skepticism about a Russian capture by year-end.
Ukrainian military confirms Russian attempts to seize Lyman as a springboard for further offensives
December 31 dips to 55%1%
Ukrainian Joint Forces spokesperson Viktor Trehubov stated that Russian forces are determined to capture Lyman to use it as a base for offensives toward Sloviansk and Kramatorsk, but Ukrainian forces continue to hold key parts of the city including the railroad station.
Ukrainian military states Russia needs Lyman to advance on Sloviansk and Kramatorsk
December 31 drops to 46%10%
Ukrainian Joint Forces spokesperson Viktor Trehubov stated that Russian forces are determined to capture Lyman to use it as a base for further offensives toward Sloviansk and Kramatorsk, highlighting the strategic importance but also the difficulty Russia faces in securing the city.
Russian forces attempt to capture Lyman as springboard for offensive on Sloviansk and Kramatorsk
December 31 rises to 56%2%
Russian military spokesperson Viktor Trehubov stated Russia's determination to capture and entrench in Lyman to facilitate further offensives, temporarily boosting market optimism.
Ukrainian military states Russian infantry cannot hold ground inside Lyman
December 31 drops to 45%9%
In early August, Ukrainian military officials stated that Russian infantry forces have been unable to hold ground inside Lyman despite repeated attempts, indicating that Russia has not captured the town or its train station. This official statement reinforced market skepticism about Russian capture prospects.
Ukrinform reports Russian attempts to seize Lyman as springboard for offensive on Sloviansk-Kramatorsk
On August 4, Ukrainian military spokesperson Viktor Trehubov stated Russian forces are trying to capture Lyman to use it as a base for further offensives, but Ukrainian defenses remain strong, keeping the railroad station out of Russian control.
Russian forces attempt to seize Lyman as base for offensive on Sloviansk and Kramatorsk
On August 4, Ukrainian officials reported that Russian forces were trying to capture Lyman to use it as a springboard for further offensives, but Ukrainian defenses remained effective, preventing Russian consolidation in the town.
Ukrainian spokesperson confirms Russian attempts to seize Lyman but no full control
December 31 drops to 56%5%
On August 4, Viktor Trehubov, spokesperson for the Joint Forces Task Force, stated that Russian forces are attempting to seize Lyman to use it as a base for further offensives but have not yet established control, maintaining market skepticism about imminent capture.
Reports indicate Russian forces clearing urban areas in Lyman but unable to outflank from west
December 31 rises to 55%1%
Sources reported Russian forces continuing to clear urban areas in Lyman while Ukrainian forces maintained defensive positions on approaches from the west. This suggested ongoing contested control rather than full Russian capture, sustaining market skepticism about a December 31 capture.
Russian forces continue offensive operations in Lyman sector amid Ukrainian counterattacks
December 31 drops to 54%7%
On August 3-4, Russian forces continued offensive operations in the Slovyansk direction including Lyman, but Ukrainian forces counterattacked and maintained positions. Russian forces were unable to outflank Lyman from the west, indicating stalled Russian advances and ongoing contested control.
Russian forces seek to capture Lyman as springboard for offensive on Sloviansk and Kramatorsk
Ukrainian spokesperson Viktor Trehubov stated that Russian forces aimed to seize Lyman to use it as a base for further offensives, highlighting the strategic importance of the railroad station but also the difficulty of achieving full control.
Russian forces continue urban clearing operations in Lyman amid Ukrainian resistance
December 31 dips to 55%1%
On August 3-4, Russian forces reportedly continued clearing urban areas in Lyman, but Ukrainian forces maintained defensive positions on approaches to the town, indicating ongoing contested control. This prolonged fighting sustained market uncertainty about Russian capture by December 31.
Russian forces continue offensive near Lyman but fail to seize town
December 31 dips to 52%2%
Russian forces conducted offensive operations and claimed to be clearing Lyman, but ISW and other sources found no evidence of Russian control. Ukrainian forces maintained positions on approaches to Lyman, keeping the railroad station out of Russian hands.
Ukrainian military reports Russian offensive stalled at Lyman outskirts
December 31 dips to 54%3%
On August 4, Ukrainian military sources stated Russian forces were active around Lyman but had not penetrated eastern outskirts, with Ukrainian counterattacks limiting Russian advances. This reinforced market doubts about imminent Russian capture of the railroad station.
Russian forces continue limited offensive operations near Lyman without significant gains
December 31 dips to 54%2%
On August 4, ISW reported Russian forces conducting offensive operations in the Slovyansk direction near Lyman but failing to advance or capture key positions, indicating stalled Russian progress around the town and railroad station.
Ukrainian military states Russia's plan to capture Lyman remains stalled
Ukrainian spokesperson Viktor Trehubov stated in August 2026 that Russian forces aimed to capture Lyman as a base for further offensives but were unable to hold ground inside the town, reflecting stalled Russian advances and effective Ukrainian defense.
Russian forces intensify attempts to seize Lyman as strategic base for Sloviansk offensive
December 31 dips to 54%2%
On August 4, Ukrainian officials reported that Russian forces were determined to capture Lyman to use it as a springboard for further offensives toward Sloviansk and Kramatorsk, highlighting the city's strategic importance and ongoing heavy fighting.
Ukrainian military states Russian infantry cannot hold ground inside Lyman
September 30 dips to 21%3%
Ukrainian military spokesperson stated Russian infantry cannot hold ground inside Lyman despite attempts, underscoring Ukrainian control and reducing market expectations for Russian capture by September 30 and December 31.
Russian forces intensify efforts to capture Lyman as a springboard for further offensives
December 31 rises to 56%2%
Russian military spokesperson stated that capturing Lyman is critical for advancing on Sloviansk and Kramatorsk, but Ukrainian forces continued to hold key positions, keeping the situation contested.
Ukrainian military states Russian forces seek to capture Lyman as springboard for further offensives
December 31 drops to 44%12%
On August 4, Ukrainian spokesperson Viktor Trehubov confirmed Russian attempts to seize Lyman to use it as a base for offensives on Sloviansk and Kramatorsk, but noted Russian infantry could not hold ground inside the city, reflecting ongoing contested control and market price decline.
ISW reports no evidence of Russian forces entering Lyman despite infiltration attempts
December 31 drops to 55%5%
ISW noted that Russian forces were attempting to infiltrate and seize Lyman but had not established control, which likely contributed to declining market confidence in a Russian capture by year-end.
Russian forces attempt to infiltrate and seize Lyman but no confirmed entry
December 31 drops to 46%7%
Russian forces continued infiltration attempts and strike campaigns targeting Ukrainian logistics near Lyman, but ISW did not observe evidence of Russian forces entering the town. Ukrainian defenses remained resilient, preventing Russian capture.
Russian forces attempt to seize Lyman but no evidence of entry observed
December 31 dips to 60%4%
ISW reported that Russian forces were attempting to infiltrate and seize Lyman but had not entered the town, indicating ongoing fighting without decisive Russian control. This tempered market optimism about a Russian capture by year-end.
ISW reports Russian attempts to infiltrate and seize Lyman but no evidence of entry
December 31 dips to 55%1%
On August 3, ISW noted ongoing Russian attempts to infiltrate and seize Lyman, but no observed evidence that Russian forces had entered the town. This maintained market skepticism about a near-term capture, stabilizing prices.
Russian forces infiltrate near Lyman but no evidence of town capture
December 31 drops to 63%13%
Russian forces attempted to infiltrate Lyman and surrounding areas, with heavy glide bomb strikes reported, but ISW observed no evidence of Russian control of the town or railroad station, limiting market confidence.
Russian forces claim advances near Lyman but ISW finds no evidence of control
December 31 dips to 54%3%
On August 3, Russian forces claimed infiltration and attempts to seize Lyman, but ISW reported no observed evidence of Russian presence inside the town, maintaining skepticism about Russian control. This contributed to market uncertainty and a slight decline in the probability of Russian capture of the Lyman railroad station.
Russian claims of clearing Lyman contradicted by Ukrainian counterattacks and control
December 31 dips to 51%4%
Russian sources claimed to be clearing Lyman on August 1-2, but ISW and Ukrainian reports indicated ongoing Ukrainian control and counterattacks, with Russian advances unconfirmed, leading to market price declines for Russian capture likelihood.
Russian sources claim partial control of Lyman amid Ukrainian counterattacks
December 31 dips to 54%2%
Russian sources claimed on August 2 that Russian forces had seized and were clearing Lyman, but Ukrainian counterattacks prevented confirmed advances, casting doubt on full Russian control. This uncertainty contributed to a slight decline in market confidence for capture by December 31.
Russian sources claim seizing Lyman amid ongoing Ukrainian counterattacks
Russian sources alleged seizure and clearing of Lyman, but ISW noted Ukrainian counterattacks and lack of confirmed advances, maintaining uncertainty about full Russian control of the railroad station.
Russian forces claim control of Lyman but ISW and Ukrainian sources report ongoing Ukrainian resistance
September 30 plunges to 12%25%
In early August, Russian sources claimed to have seized and were clearing Lyman, but ISW and Ukrainian reports indicated only small Russian gains with Ukrainian forces still present. This discrepancy contributed to market skepticism and a sharp drop in probabilities for Russian capture by September 30 and December 31.
Russian forces claim advances in Lyman but ISW finds no evidence of control
On August 2, Russian sources claimed they were clearing Lyman and had seized about half the town, but ISW reported no evidence of Russian presence in Lyman. This discrepancy highlighted ongoing contested control and contributed to market uncertainty, keeping probabilities moderate but cautious.
Russian sources continue to claim Lyman capture amid ongoing Ukrainian resistance
December 31 dips to 54%2%
Russian claims of seizing and clearing Lyman persisted, but Ukrainian counterattacks and independent assessments indicated contested control, sustaining market doubts about Russian capture of the railroad station by the deadline.
Russian forces claim to have seized and are clearing Lyman amid ongoing fighting
December 31 dips to 55%1%
Russian sources claimed on August 2 that Russian forces had seized and were clearing Lyman, alleging only small Ukrainian reconnaissance groups remained. However, ISW had not observed evidence of Russian control, and Ukrainian forces were actively counterattacking nearby, keeping the city contested. This claim caused some market uncertainty but did not confirm capture.
Russian MoD claims clearing Lyman amid ongoing fighting
December 31 dips to 56%4%
On August 2, the Russian Ministry of Defense claimed that Russian forces were clearing Lyman, asserting control over parts of the town. However, ISW did not observe evidence of Russian presence, leading to market skepticism and a price decline for the capture outcome.
Russian sources claim partial seizure of Lyman amid ongoing fighting
Russian Ministry of Defense and affiliated sources claimed Russian forces were clearing Lyman and had seized about half the town, but ISW found no evidence of Russian presence. This claim likely caused some market uncertainty but did not confirm capture.
ISW reports Russian forces continue offensive near Lyman but no confirmed advances
December 31 dips to 55%1%
ISW reported ongoing Russian offensive operations near Lyman with Ukrainian counterattacks, but no confirmed Russian advances or control over Lyman railroad station, reinforcing market price declines.
Russian sources claim advances and clearing operations in Lyman
December 31 dips to 55%1%
Russian military sources claimed on August 2 that Russian forces were clearing Lyman and had seized parts of the town, but ISW and independent observers found no evidence of Russian control. This claim temporarily supported market optimism but was contradicted by Ukrainian counterattacks and defensive resilience.
Russian sources claim control of Lyman amid Ukrainian counterattacks
December 31 drops to 46%10%
Russian sources claimed to have seized and were clearing Lyman, but Ukrainian counterattacks and independent assessments indicated only small Ukrainian reconnaissance groups remained, with no confirmed full Russian control of the railroad station.
Russian Ministry of Defense claims clearing Lyman amid ongoing fighting
December 31 dips to 55%1%
On August 2, Russian MoD claimed Russian forces were clearing Lyman, but ISW and other analysts found no geolocated evidence confirming full Russian control of the railroad station or town.
Russian sources claim Lyman seized; ISW and Ukrainian sources report ongoing fighting
December 31 drops to 48%8%
On August 1-2, Russian sources claimed control of Lyman, but ISW and Ukrainian reports indicated only small reconnaissance groups remained contested, with Ukrainian counterattacks ongoing. This maintained market skepticism about Russian capture by year-end.
Russian sources claim clearing Lyman amid Ukrainian counterattacks
December 31 dips to 53%3%
On August 1-2, Russian sources claimed to have seized and were clearing Lyman, but Ukrainian counterattacks prevented confirmed advances. Independent assessments found no evidence of full Russian control, contributing to market declines in capture probabilities.
Russian sources claim to be clearing Lyman but ISW finds no evidence of control
December 31 drops to 48%6%
Russian claims of seizing and clearing Lyman were contradicted by ISW assessments showing no confirmed Russian control, sustaining market doubts about a Russian capture by year-end.
ISW reports no confirmed Russian advances in Slovyansk direction; Russian claims of Lyman control unverified
December 31 dips to 55%1%
ISW reported continued Russian offensive operations without confirmed advances near Lyman and Slovyansk, with Russian sources claiming control but independent verification lacking, sustaining market uncertainty about Russian capture of Lyman railroad station.
Russian sources claim seizure of Lyman but independent assessments disagree
December 31 dips to 55%1%
Russian sources claimed Russian forces seized and are clearing Lyman, but ISW and other independent assessments found no evidence of consolidated control, sustaining market doubts about Russian capture of the railroad station.
Russian claims of seizing Lyman contradicted by ongoing Ukrainian counterattacks
December 31 drops to 50%6%
Russian sources claimed seizure and clearing of Lyman, but Ukrainian forces counterattacked near the city, preventing confirmed Russian advances. The contested situation contributed to further market price declines, reflecting doubts about Russian control of the Lyman railroad station.
Russian sources claim seizure and clearing of Lyman amid Ukrainian counterattacks
December 31 dips to 59%1%
In early August, Russian sources claimed to have seized and were clearing Lyman, but Ukrainian forces counterattacked and held positions, indicating contested control and uncertainty about full Russian capture.
Russian forces claim to be clearing Lyman amid ongoing fighting
On August 2, Russian sources claimed advances and clearing operations in Lyman, including assertions that only small Ukrainian groups remained. However, ISW did not observe confirmed Russian control, leading to market uncertainty and a moderate price level for December 31 capture.
Russian forces continue offensive operations near Lyman without confirmed advances
In early August, Russian forces maintained offensive pressure near Lyman but did not achieve confirmed territorial gains, while Ukrainian counterattacks persisted, reinforcing the stalemate and stabilizing market prices around 56%.
Russian forces continue offensive near Lyman but make no confirmed advances
December 31 dips to 54%2%
Russian forces maintained offensive operations around Lyman but did not make confirmed advances, as Ukrainian counterattacks persisted. Russian sources continued to claim clearing Lyman, but independent assessments found no evidence of Russian control of the town or railroad station, leading to further market price declines.
Ukrainian forces counterattack near Lyman, pushing back Russian advances
September 30 dips to 13%1%
Ukrainian counterattacks near Lyman on August 1 and 2 prevented confirmed Russian advances, maintaining Ukrainian control over key areas. This defensive success contributed to a further decline in market confidence regarding Russian capture by September 30.
Russian command shifts offensive priority to Kostyantynivka after stalled Lyman advances
December 31 drops to 37%14%
After failing to make significant progress around Lyman, Russian forces redirected their main effort toward capturing Kostyantynivka, diminishing the chances of capturing Lyman's railroad station by year-end and causing market prices to fall.
Russian sources claim Lyman seized but ISW and independent reports dispute control
December 31 dips to 53%3%
In early August, Russian milbloggers claimed Russian forces had seized and were clearing Lyman, but ISW and independent sources reported ongoing Ukrainian counterattacks and contested control, indicating no confirmed Russian capture of the railroad station by the resolution date.
Russian forces concentrate north and west of Lyman without engaging in city combat
December 31 drops to 60%5%
Reports indicated Russian forces were massing near Lyman but not actively fighting within the city, signaling a stalled offensive and reducing likelihood of imminent capture of the railroad station. This led to a gradual price decline.
Russian sources claim ongoing clearing operations in Lyman amid Ukrainian counterattacks
December 31 jumps to 56%5%
Russian sources continued to claim that Russian forces were clearing Lyman with only small Ukrainian sabotage groups remaining, while Ukrainian counterattacks persisted, maintaining market uncertainty about full Russian control.
Russian forces fail to make confirmed advances in Lyman area
December 31 jumps to 56%5%
By July 30, reports indicated Russian forces continued offensive operations near and within Lyman but did not make confirmed advances. Ukrainian forces maintained positions, and Russian claims of clearing Lyman were contradicted by evidence, sustaining market skepticism about Russian capture.
Russian forces continue offensive near Lyman without confirmed gains
December 31 rises to 56%4%
Russian forces continued offensive operations near and within Lyman but did not make confirmed advances. Ukrainian forces still held positions in eastern and southern Lyman, including the railroad station area, maintaining Ukrainian control and limiting Russian capture prospects.
Russian MoD claims clearing Lyman despite evidence of Ukrainian control
December 31 drops to 52%7%
The Russian Ministry of Defense claimed Russian forces were clearing Lyman with little resistance, but independent assessments showed Ukrainian forces controlled most of the city, highlighting ongoing contested status and undermining Russian claims.
Russian forces active around Lyman but struggle to penetrate Ukrainian defenses
September 30 dips to 15%2%
Despite claims by Russian commanders of clearing Lyman, evidence suggested Ukrainian forces controlled most of the town, with Russian forces unable to make significant advances. This discrepancy contributed to market uncertainty and a decline in the probability of Russian capture by September 30.
Russian forces active around Lyman but fail to penetrate defenses
Russian forces remained active around Lyman but struggled to penetrate Ukrainian defenses on the eastern outskirts. Most evidence suggested Ukrainian control of the majority of Lyman, including the railroad station area.
Russian commander claims clearing Lyman despite evidence of Ukrainian control
December 31 drops to 52%6%
On July 29, a Russian regiment commander claimed his unit was clearing Lyman with little resistance, but ISW and other sources confirmed Ukrainian control of most of Lyman, including the railroad station, indicating Russian claims were overstated and the station remained uncaptured.
Russian forces continue to struggle to capture Lyman amid Ukrainian resistance
December 31 drops to 55%7%
Russian attempts to capture Lyman, including the railroad station, remained unsuccessful with Ukrainian forces maintaining control, as confirmed by multiple sources and battlefield reports.
Russian sources claim activity around Lyman but ISW reports Ukrainian control prevails
December 31 dips to 61%3%
On July 29, Russian sources claimed high activity and clearing operations in Lyman, but ISW and other evidence indicated Ukrainian forces controlled most or all of Lyman. This discrepancy highlighted ongoing contested control and lack of Russian consolidation over the train station.
Russian claims of clearing Lyman contradicted by evidence of Ukrainian control
December 31 drops to 50%6%
Russian military sources claimed to be clearing Lyman with little resistance, but evidence and analysis suggest Ukrainian forces control the vast majority of the city, including key infrastructure like the railroad station.
Russian claims of clearing Lyman contradicted by evidence of Ukrainian control
September 30 dips to 14%2%
Russian military sources claimed their units were clearing Lyman with little resistance, but most evidence indicated Ukrainian forces controlled the vast majority of the town, including the railroad station. This discrepancy between claims and reality contributed to market skepticism about Russian capture by September 30 and December 31.
Russian sources claim clearing Lyman but ISW reports Ukrainian control of majority
On July 29, Russian military sources claimed their forces were clearing Lyman with little Ukrainian resistance, but ISW and other evidence suggested Ukrainian forces controlled the vast majority of the city, including the railroad station, indicating no confirmed Russian capture by this date.
Russian forces highly active around Lyman but struggle to penetrate defenses
December 31 dips to 53%3%
Russian sources claimed clearing Lyman with little resistance, but evidence suggested Ukrainian forces controlled most or all of Lyman. Russian forces remained active around Lyman but failed to secure the railroad station or full control of the city.
Russian troops intensify offensive efforts in Lyman sector amid fierce fighting
Russian forces increased activity and launched offensives in the Lyman sector, attempting to consolidate positions on the eastern outskirts. The area remained a key focus due to its strategic importance for advancing toward Sloviansk-Kramatorsk.
Russian MoD claims clearing Lyman but ISW finds no evidence of control
December 31 dips to 52%4%
On July 28, Russian Ministry of Defense claimed progress in Lyman, but ISW reported no confirmed Russian control, noting ongoing Ukrainian resistance and Russian infiltration attempts. This discrepancy contributed to market uncertainty and price volatility.
Russian Ministry of Defense claims clearing Lyman but ISW finds no evidence
On July 28, Russian MoD claimed Russian forces were clearing and consolidating positions in Lyman, but ISW found no geolocated evidence supporting this, keeping market doubts about Russian capture intact.
Russian sources claim seizure and clearing of Lyman amid Ukrainian counterattacks
December 31 rises to 55%3%
In late July and early August 2026, Russian sources claimed that Russian forces had seized and were clearing Lyman, alleging only small Ukrainian reconnaissance groups remained. However, Ukrainian counterattacks continued, and no confirmed advances were reported, reflecting ongoing contested control and market uncertainty.
Russian MoD claims clearing Lyman, but no independent confirmation
December 31 rises to 52%2%
The Russian Ministry of Defense claimed Russian forces pushed out the main Ukrainian group in Lyman and are clearing the town, but ISW and independent sources found no geolocated evidence supporting this claim, sustaining doubts about Russian control of the railroad station.
Russian Ministry of Defense claims clearing Lyman, but evidence contradicts claim
December 31 drops to 53%6%
Russian MoD claimed their forces pushed out Ukrainian groups and are clearing Lyman, but ISW and other sources found no geolocated evidence confirming this, indicating Ukrainian control remained intact and dampening market optimism about Russian capture.
Russian MoD claims Russian forces pushing out main Ukrainian group in Lyman
On July 27, the Russian Ministry of Defense claimed Russian forces pushed out the main Ukrainian group in Lyman and are clearing the town. However, ISW had not observed geolocated evidence confirming this, leading to skepticism and limited market impact.
ISW reports Russian shift of main offensive to Kostyantynivka after stalled Lyman advances
December 31 drops to 51%8%
Analysts noted that Russian forces shifted focus away from Lyman to Kostyantynivka due to difficulties in making significant gains, reducing the likelihood of Russian capture of Lyman's railroad station by year-end.
Russian forces 'going all-in' on Lyman offensive despite heavy losses
December 31 drops to 54%5%
On July 21, Ukrainian officials reported that Russian forces were intensifying efforts to capture Lyman, described as 'going all-in' despite suffering heavy casualties. However, Ukrainian forces continued to hold key positions, preventing Russian capture of the city and railroad station.
Russian forces intensify efforts in Lyman but face strong Ukrainian resistance
December 31 dips to 60%1%
Russian forces launched multiple assaults and motorized attacks in Lyman direction but failed to make confirmed advances, with Ukrainian forces maintaining control, reflecting ongoing stalemate.
Russian forces intensify offensive efforts in Lyman direction despite heavy losses
December 31 drops to 54%10%
On July 21, Ukrainian officials reported that Russian forces were "going all-in" to advance in the Lyman direction, signaling increased Russian military focus on capturing the city. However, Ukrainian forces maintained positions in southwestern Lyman, countering Russian claims of progress. This heightened conflict contributed to market uncertainty about Russian success.
Russian forces intensify offensive in Lyman direction but fail to advance
December 31 dips to 56%4%
Russian forces launched multiple assaults toward Lyman but did not make confirmed advances, with Ukrainian forces maintaining positions in southwestern Lyman. This persistent Ukrainian defense contributed to a decline in market optimism about Russian capture of the station by December 31.
Russian forces intensify efforts and guided bomb strikes near Lyman
December 31 rises to 63%3%
Russian forces increased KAB guided bomb strikes and offensive operations around Lyman, signaling continued attempts to capture the city but without confirmed breakthroughs, sustaining market volatility.
Ukrainian forces hold positions in southwestern Lyman despite Russian offensive efforts
December 31 dips to 55%4%
On July 21, Ukrainian officials reported that Russian forces were intensifying attacks around Lyman but Ukrainian troops maintained control of southwestern parts of the city, indicating no Russian capture of the railroad station. This news likely contributed to a decrease in market confidence for Russia capturing Lyman by the end of 2025.
Russian forces intensify efforts near Lyman but fail to advance
December 31 dips to 56%4%
Russian forces continued offensive operations near Lyman but did not make confirmed advances as Ukrainian forces maintained defensive positions and counterattacked. This sustained stalemate contributed to further decline in market expectations for Russian capture.
Russian forces intensify offensive operations in Lyman direction but make no advances
December 31 rises to 60%3%
On July 21, 2026, ISW reported that Russian forces were 'going all-in' to advance in the Lyman direction, yet no confirmed territorial gains were made. Ukrainian forces maintained control of Lyman, including the railroad station, sustaining market skepticism about Russian capture.
Ukrainian military reports Russian 'all-in' efforts to advance in Lyman direction amid heavy losses
December 31 plunges to 37%19%
Ukrainian spokesperson stated Russian forces were committing fully to advance in Lyman despite suffering heavy casualties. The continued fierce fighting without breakthrough maintained market skepticism about Russian capture by year-end.
Russian forces intensify efforts to capture Lyman but face strong Ukrainian resistance
Russian forces increased offensive operations around Lyman, attempting to break Ukrainian defenses, but Ukrainian forces maintained control of most of the city. Russian claims of clearing Lyman were not supported by evidence, indicating ongoing contested fighting.
Russian forces intensify offensive efforts toward Lyman despite heavy losses
September 30 drops to 17%5%
On July 21, Ukrainian officials reported that Russian forces were "going all-in" to advance in the Lyman direction, indicating increased Russian military focus on capturing the city. This heightened activity raised market expectations for a possible Russian capture, temporarily supporting the 'Yes' outcome prices.
Russian milbloggers claim advances in northern and southeastern Lyman but no confirmed gains
Russian sources claimed limited advances in parts of Lyman, but ISW and independent assessments did not confirm any stable territorial gains, reflecting ongoing contested fighting without Russian capture of the railroad station.
ISW reports Russian shift of main offensive to Kostyantynivka after stalled Lyman advances
December 31 drops to 53%6%
ISW analysts reported that Russian forces shifted their main offensive focus to Kostyantynivka after difficulties advancing toward Sloviansk and Lyman, indicating reduced Russian pressure on Lyman and lowering capture probability.
Russian forces active around Lyman but fail to penetrate defenses
December 31 dips to 61%3%
On July 19-20, Russian forces were reported to be highly active around Lyman but struggled to penetrate Ukrainian defenses on the eastern outskirts. This maintained the status quo and kept market confidence low for a near-term capture.
Russian forces claim advances in northern and southeastern Lyman but no confirmed gains
December 31 rises to 56%2%
Russian milbloggers reported advances in parts of Lyman, but ISW and other assessments found no confirmed territorial gains, indicating ongoing contested control and failure to capture the railroad station by mid-2026.
ISW reports no major Russian advances in Lyman sector in July 2026
December 31 drops to 54%5%
In late July 2026, ISW updates indicated continued Ukrainian control and no confirmed Russian capture of Lyman or its railroad station, consistent with market prices declining to reflect low probability of Russian capture by the end of 2026.
Russian forces inch closer to Lyman but face strong Ukrainian resistance
December 31 rises to 60%1%
Russian troops advanced toward Lyman, aiming to consolidate control over nearby towns and disrupt Ukrainian supply lines, but Ukrainian forces maintained control of Lyman itself, limiting Russian progress. This news initially supported some optimism about Russian advances but also highlighted ongoing Ukrainian resistance.
Ukrainian brigade reports Russian forces losing initiative near Lyman
On July 19, a Ukrainian brigade spokesperson reported that Russian infantrymen were losing the initiative in the Lyman direction, though Russian forces continued strikes on Ukrainian logistics, indicating ongoing contested control without Russian capture of the railroad station.
Ukrainian drone strikes disrupt Russian logistics near Lyman
December 31 drops to 58%5%
Ukrainian drone strikes prevented Russian forces from using vehicles to transport supplies to frontline positions near Lyman, forcing Russian troops to transport supplies on foot over long distances. This logistical disruption hindered Russian offensive capabilities in the Lyman direction, contributing to stalled advances.
Market confidence declines as no Russian capture of Lyman railroad station confirmed
December 31 dips to 57%4%
By mid-July 2026, no credible evidence confirmed Russian control of the Lyman railroad station. Ukrainian forces maintained control despite Russian offensives, leading to a decline in market confidence for a Russian capture by the end of 2025 or September 2026.
Russian troops slowly advance toward Lyman amid Ukrainian drone strikes
December 31 drops to 62%7%
Russian forces made slow advances toward Lyman, but Ukrainian drone strikes on supply lines significantly slowed the Russian offensive, reducing the likelihood of a rapid Russian capture of Lyman by the end of 2025.
Russian troops inch toward Lyman but Ukrainian drone strikes slow advance
December 31 dips to 59%3%
By mid-July, Russian forces are slowly advancing toward Lyman, but Ukrainian drone campaigns targeting Russian supply lines have significantly delayed the Russian plan to capture the city and its railroad station, maintaining Ukrainian control.
Ukrainian Drones Disrupt Russian Supply Lines, Hindering Siege Plans on Lyman
Ukrainian drone strikes continued to throttle Russian supply lines behind the attempted Russian push on Lyman, delaying any potential siege and maintaining Ukrainian control of the railroad station. This sustained Ukrainian defense contributed to a stable market price around 57% for the December 31 outcome.
Reports confirm Russian forces have not captured Lyman despite attempts
December 31 drops to 55%6%
Multiple sources and analyses confirmed that Russian forces have not captured Lyman or its railroad station, with Ukrainian forces maintaining control and repelling Russian advances, reinforcing market skepticism about a Russian capture by year-end.
Ukrainian counteroffensive disrupts Russian positions near Lyman, slowing Russian advances
December 31 plunges to 37%19%
By mid-July, Ukrainian forces were pushing back Russian troops north of Lyman, capturing nearby villages and cutting supply routes. Russian attempts to encircle Lyman faltered, and Russian forces remained unable to secure the railroad station, leading to further market price declines for Russian capture.
Russian forces still unable to secure Lyman amid Ukrainian resistance
December 31 dips to 55%4%
Reports indicated that despite ongoing Russian efforts and symbolic flag raisings, Russian forces had not secured control of Lyman city or its railroad station. Ukrainian drone strikes and defensive operations continued to prevent Russian advances, leading to market price declines.
Russian troops inch closer to Lyman but Ukrainian drone strikes slow advance
December 31 dips to 54%3%
Russian forces advanced slowly toward Lyman, hampered by Ukrainian drone strikes targeting supply lines. The slow progress reduced the likelihood of Russian capture of the Lyman railroad station by the end of 2025.
Ukrainian sources report Russian forces intensifying efforts but failing to advance in Lyman
December 31 dips to 65%4%
Ukrainian military observers reported that Russian forces were "going all-in" to advance in the Lyman direction despite heavy losses, but Ukrainian counterattacks and defenses prevented significant Russian gains, maintaining a contested status.
Ukrainian forces maintain positions in central Lyman amid Russian claims
December 31 drops to 57%11%
Geolocated footage showed Ukrainian forces holding positions in central Lyman despite Russian claims of advances. Ukrainian counterattacks and drone activity disrupted Russian logistics, limiting Russian ability to consolidate control.
Russian forces continue attempts to position for siege of Sloviansk via Lyman
Reports indicated Russian forces were trying to position for a siege of Sloviansk, using Lyman as a northern route, but the plan was behind schedule, reflecting ongoing contested control and limiting confidence in a Russian capture of Lyman's railroad station.
Geolocated footage shows Russian strikes in central Lyman but Ukrainian forces hold positions
Footage published on July 17 showed Russian strikes in central Lyman, but Ukrainian forces maintained control contrary to Russian claims. Ukrainian counterattacks and drone activity continued to challenge Russian advances, sustaining market doubts about capture.
Ukrainian forces maintain positions in Lyman amid intensified Russian assaults
December 31 dips to 56%3%
In mid-July 2026, ISW reported that Ukrainian forces continued to hold positions in Lyman despite Russian efforts to intensify assaults and infiltration, indicating no Russian capture of the railroad station by the resolution date.
Russian forces intensify offensive in Lyman direction but make no confirmed advances
Despite intensified Russian offensive operations around Lyman on July 16-17, no confirmed territorial gains were reported. Ukrainian forces maintained defensive positions, and Russian claims of control were contradicted by independent assessments.
Russian infantry losing initiative in Lyman but continue strikes on Ukrainian logistics
December 31 dips to 61%4%
Ukrainian brigade spokesperson reported Russian infantry losing initiative in Lyman direction, though Russian forces continued to strike Ukrainian ground lines of communication with drones and glide bombs, maintaining pressure but not consolidating control.
ISW confirms Ukrainian forces maintain positions in central Lyman amid Russian strikes
December 31 rises to 60%1%
Geolocated footage showed Russian strikes in central Lyman but Ukrainian forces holding positions, indicating no Russian consolidation of the railroad station. Russian forces intensified efforts but Ukrainian counterattacks and drone activity limited Russian advances.
Ukrainian brigade reports Russian forces losing initiative in Lyman direction
On July 17, a Ukrainian brigade spokesperson reported that Russian infantrymen were losing the initiative in the Lyman direction, though Russian forces continued strikes on Ukrainian logistics. This indicated ongoing contested control and no decisive Russian capture of the railroad station.
Experts debunk Russian claims of progress near Kostyantynivka and Lyman
December 31 dips to 59%4%
CNN and other media reported that Russian claims of territorial gains near Lyman and Kostyantynivka were exaggerated, with Ukrainian forces still holding key positions, reinforcing market skepticism and lowering probabilities for Russian capture.
Russian Claims of Capturing Kostyantynivka Contradicted by Evidence
December 31 drops to 59%5%
Russian claims of capturing nearby Kostyantynivka were contradicted by videos and independent mapping showing Ukrainian presence near the railway station. This highlighted the slow and costly Russian advances in the region, including Lyman, reinforcing market doubts about Russian capture of Lyman by year-end.
Russian propaganda claims capture of Kostyantynivka contradicted by independent reports
December 31 dips to 56%4%
Russian claims of capturing Kostyantynivka, a key node near Lyman, were contradicted by videos and independent mapping showing Ukrainian forces still present, reflecting slow Russian advances and casting doubt on Lyman capture prospects.
Reports expose slow Russian advance and false claims of capturing Kostyantynivka near Lyman
December 31 drops to 57%9%
In mid-July, reports highlighted that Russian claims of capturing nearby Kostyantynivka were false, with Ukrainian forces still holding key positions near the railway station. This underscored the slow and costly Russian advances in the region, including around Lyman.
ISW reports no Russian control over Lyman railroad station as of mid-July
December 31 rises to 60%3%
The Institute for the Study of War's July 15 assessment confirmed no Russian control over the Lyman railroad station, reinforcing the market's reduced probability of a Russian capture by the end of 2025.
ISW reports Ukrainian forces recently liberated areas near Lyman
ISW reported that Ukrainian forces recently liberated areas near Lyman, and it remains unclear how territorial control changes factor into Russian casualty rates. This indicated ongoing contested control and Ukrainian resistance, contributing to market skepticism about Russian capture.
ISW reports unclear territorial changes near Lyman amid ongoing fighting
December 31 drops to 63%6%
Ukrainian forces recently liberated areas near Lyman, but it remains unclear how these changes affect Russian control and casualty estimates. The frontline remains contested with no confirmed Russian capture of the railroad station.
ISW notes Russian recruitment struggles amid costly advances near Lyman
December 31 dips to 59%2%
ISW reported that Russian recruitment is insufficient to replace casualties amid costly advances near Lyman, with unclear territorial control changes due to Ukrainian counterattacks. This suggested Russian operational difficulties, contributing to market skepticism about capture likelihood.
Ukrainian forces maintain positions in central Lyman amid Russian counterattacks
Ukrainian forces reportedly counterattacked in the Slovyansk direction and held central Lyman, contradicting Russian claims of control, reinforcing the contested nature of the city and railroad station.
Russian forces continue offensive near Lyman but make no confirmed advances
December 31 dips to 57%3%
Despite intensified Russian efforts and heavy fighting near Lyman, ISW reports indicated no confirmed territorial gains by Russian forces in the city, maintaining Ukrainian control over key areas including the railroad station.
Ukrainian counterattacks and drone strikes stall Russian advances near Lyman
December 31 drops to 57%6%
Ukrainian forces continued to repel Russian attempts to capture Lyman, supported by drone strikes disrupting Russian logistics, which contributed to a market price decrease indicating lower chances of Russian capture by the deadline.
Ukrainian forces maintain control near Lyman amid Russian infiltration attempts
ISW reported that Ukrainian forces recently liberated areas near Lyman and that territorial control remains contested, with Russian forces conducting infiltration missions but not successfully seizing key positions including the railroad station. This maintained Ukrainian control contributed to market confidence that Russia would not capture Lyman by year-end.
Russian forces launch multiple assaults near Lyman but fail to break Ukrainian defenses
December 31 drops to 59%6%
Despite numerous attacks near Lyman, Russian forces were unable to secure decisive control, maintaining the contested status of the railroad station and limiting market confidence in a capture by year-end.
Russian offensive fails to yield significant gains around Lyman; Ukrainian forces maintain resistance
December 31 rises to 60%1%
Russian offensive operations around Lyman and Kostyantynivka failed to produce operationally significant results, with Russian forces suffering heavy casualties and Ukrainian forces maintaining effective resistance, indicating no capture of Lyman railroad station.
Russian recruitment struggles and stalled offensive near Lyman reported
December 31 drops to 57%7%
Reports indicated Russian military recruitment was insufficient to sustain offensive operations, and Russian forces failed to make significant advances near Lyman. Ukrainian forces continued to hold key positions, limiting Russian progress toward capturing Lyman railroad station.
Ukrainian forces intensify strikes on Russian logistics in Lyman area
December 31 dips to 58%3%
Ukrainian forces expanded their strike campaign against Russian logistics and drone crews near Lyman, further degrading Russian operational capabilities and supporting Ukrainian control of the railroad station, which influenced market sentiment downward for near-term capture.
ISW confirms no consolidated Russian control over Lyman railroad station
December 31 dips to 59%2%
The latest ISW assessment reaffirmed that Russian forces had not captured the Lyman railroad station, with Ukrainian forces maintaining control, which corresponded with the market's decline in probability for a Russian capture by December 31, 2026.
Russian forces fight within Shchurove southwest of Lyman but no confirmed advances
December 31 dips to 57%3%
On July 11-12, Russian forces reportedly fought within Shchurove southwest of Lyman but did not make confirmed advances, with ISW noting that small Russian infantry groups did not represent stable control, maintaining uncertainty over Lyman's status.
Ukrainian counterattacks and drone strikes maintain pressure on Russian forces near Lyman
December 31 dips to 55%1%
Throughout July 2026, Ukrainian forces continued counterattacks and used drones to disrupt Russian advances near Lyman, preventing consolidation of Russian control over the railroad station. This sustained Ukrainian resistance contributed to the market's declining confidence in Russian capture by year-end.
Russian forces continue offensive operations near Lyman but make no confirmed advances
December 31 dips to 57%2%
Russian military efforts intensified with strikes and drone attacks near Lyman, but ISW and other sources reported no confirmed territorial gains, indicating ongoing stalemate and contested control of the area.
ISW reports Russian offensive operations near Lyman continue without confirmed advances
December 31 drops to 56%6%
Russian forces conducted offensive operations southwest of Lyman and strikes on Ukrainian logistics but did not achieve confirmed territorial gains. Ukrainian forces maintained defensive positions, sustaining the contested status of the Lyman railroad station area.
Russian forces remain active around Lyman but fail to penetrate eastern defenses
December 31 dips to 60%3%
On July 11, reports indicated Russian forces were highly active near Lyman but struggled to break through Ukrainian defenses on the eastern outskirts, maintaining a stalemate and limiting Russian control gains, which kept market prices stable or slightly down.
Russian consumer gasoline prices spike amid Ukrainian strikes on fuel infrastructure
December 31 rises to 57%1%
Interfax reported a sharp increase in Russian gasoline prices in June 2026 due to Ukrainian long-range strikes on Russian oil infrastructure, which likely exacerbated Russian fuel supply issues affecting operations near Lyman and other fronts.
Russian Ministry of Defense claims clearing Lyman, but evidence suggests Ukrainian control remains
December 31 dips to 64%1%
Russian commanders claimed to be clearing Lyman with little resistance, but ISW and other sources reported Ukrainian forces still control most of Lyman, including key positions near the railroad station, maintaining market skepticism about Russian capture.
Geolocated footage shows Russian 370th Spetsnaz Brigade active in Lyman area
December 31 jumps to 59%7%
Footage confirmed Russian special forces activity in Lyman, indicating ongoing combat operations but no confirmed full control. This maintained uncertainty and limited market confidence in a Russian capture by year-end.
Russian 370th Special Purpose Detachment active in Lyman but no confirmed full control
December 31 dips to 63%1%
Geolocated footage showed Russian special forces striking Ukrainian positions in Lyman, evidencing active Russian operations, but Ukrainian forces continued counterattacks and held significant parts of Lyman, preventing full Russian capture.
Geolocated footage shows Russian 370th Spetsnaz striking Ukrainian drone in Lyman
December 31 rises to 63%1%
Footage confirmed Russian special forces activity in Lyman, indicating ongoing combat operations but no confirmed Russian capture of the railroad station or full control of the town.
Ukrainian strikes disrupt Russian fuel supplies and counterattacks in Lyman
December 31 dips to 53%4%
Ukrainian forces targeted Russian fuel supplies and launched counterattacks in the Lyman direction, disrupting Russian logistics and offensive capabilities. This hindered Russian advances and contributed to declining market confidence in Russian capture of Lyman.
Russian forces fail to seize Lyman railroad station; Ukrainian control persists
December 31 drops to 57%6%
Despite ongoing fighting, Russian forces did not capture the Lyman railroad station by mid-July 2026, with Ukrainian forces maintaining control. This contributed to a decline in market confidence for a Russian capture by the end of 2025.
Russian forces continue infiltration but fail to consolidate control over Lyman railroad station
December 31 dips to 59%4%
Ongoing Russian infiltration missions without full territorial control led to market uncertainty and a decline in confidence that Russia would capture the Lyman railroad station by year-end.
ISW reports continued Ukrainian control in Lyman despite Russian infiltration attempts
December 31 dips to 60%4%
ISW assessments indicated that Ukrainian forces still held key positions in Lyman and that Russian forces had not consolidated control over the railroad station, leading to a decline in market confidence for a Russian capture by year-end.
Ukrainian 3rd Corps launches counter-offensive in Lyman sector repelling Russian attacks
December 31 drops to 54%7%
Ukrainian forces launched counter-offensives in the Lyman sector, destroying Russian military equipment and repelling attacks involving over twenty enemy vehicles. This demonstrated Ukrainian resilience and contributed to the market's decline in the probability of Russian capture by the deadline.
Russian forces strike abandoned Ukrainian vehicle near Lyman, indicating lack of control
December 31 drops to 64%5%
Footage on July 8 showed Russian forces striking an abandoned Ukrainian vehicle near Lyman, indicating Ukrainian presence and lack of Russian control, which contributed to market price declines.
ISW reports Russian activity around Lyman but Ukrainian forces control most of the city
December 31 dips to 58%2%
By July 9, ISW assessments indicated Russian forces were active around Lyman but had not penetrated Ukrainian defenses on the eastern outskirts, with Ukrainian forces controlling the majority of Lyman including the railroad station area, dampening expectations of Russian capture.
ISW Map Shows Ukrainian Control of Most of Lyman Including Railroad Station
December 31 plunges to 61%17%
ISW's July 9 map indicated Ukrainian forces controlled the majority of Lyman, including the railroad station area, despite Russian activity around the city. This reinforced market skepticism about Russian capture of the station by the end of 2025.
Geolocated footage shows Ukrainian forces operating northwest of Lyman, denying Russian control
December 31 rises to 56%1%
Footage published on July 8 showed Russian strikes on abandoned Ukrainian vehicles northwest of Lyman, indicating Ukrainian presence and denying Russian control of the area, which kept market confidence low for Russian capture of the station.
Russian forces conduct offensive operations near Lyman but fail to advance
December 31 dips to 56%4%
Russian forces continued offensive operations in the Slovyansk and Lyman directions but did not make confirmed advances, with Ukrainian forces maintaining positions. Russian claims of advances were contradicted by geolocated footage showing Ukrainian control in key areas near Lyman.
ISW map update shows continued contested control in Lyman with no Russian consolidation
December 31 drops to 56%7%
ISW's July 9 assessment showed ongoing fighting and contested control in Lyman, with Russian forces unable to consolidate control over the railroad station. This contributed to declining market confidence in Russian capture by the end of 2025.
Russian cluster munition attack hits residential area in Lyman
December 31 drops to 56%7%
Russian forces shelled the residential area in Lyman with cluster munitions, causing civilian casualties and damage. The attack highlighted ongoing hostilities and the contested nature of the city, with Ukrainian forces still holding significant control.
Geolocated footage shows Ukrainian forces active near Drobysheve northwest of Lyman
December 31 plunges to 65%18%
Footage revealed Ukrainian forces operating near Drobysheve, indicating Russian forces did not fully control the area northwest of Lyman, casting doubt on complete Russian capture of the railroad station.
Ukrainian drone strikes indicate Russian forces do not control Drobysheve near Lyman
December 31 dips to 60%4%
On July 8, geolocated footage showed Russian forces striking an abandoned Ukrainian vehicle in Drobysheve northwest of Lyman, indicating Ukrainian presence and that Russian forces did not control the area, suggesting continued contested control near Lyman.
Geolocated Footage Confirms Ukrainian Forces Operating Northwest of Lyman
December 31 dips to 60%4%
Geolocated footage showed Ukrainian forces operating in Drobysheve, confirming that Russian forces did not control the area northwest of Lyman and further reducing the likelihood of an imminent capture.
Russian forces use new long-range fiber optic drones near Lyman
December 31 drops to 56%9%
Russian forces reportedly deployed advanced fiber optic drones near Lyman to support operations, indicating ongoing efforts but no decisive capture. This technological development did not translate into territorial gains, maintaining market uncertainty.
Russian forces launch multiple attacks in Lyman direction but fail to secure railroad station
December 31 drops to 63%6%
Despite 24 attacks in the Lyman area, Russian forces did not secure full control of the railroad station, with Ukrainian defenders maintaining resistance, leading to a market price decline reflecting reduced likelihood of Russian capture by year-end.
Russian forces intensify attacks in Lyman direction with multiple assault attempts
Russian troops launched numerous attacks around Lyman, attempting to penetrate Ukrainian defenses, reflecting ongoing fierce fighting and Russian determination to capture the city despite heavy resistance.
Fierce battles continue near Lyman with Ukrainian infiltration efforts
December 31 drops to 57%5%
Ongoing intense fighting around Lyman with Ukrainian infiltration groups operating in nearby forests indicated contested control and prevented Russian consolidation of the railroad station, contributing to market uncertainty.
Ukrainian forces strike Russian railway overpass near occupied Dovzhansk, disrupting logistics
December 31 dips to 61%2%
Ukrainian strikes targeted critical Russian logistics infrastructure near Lyman, hampering Russian supply lines and limiting their ability to sustain offensive operations. This contributed to market skepticism about imminent Russian capture of Lyman.
Ukrainian forces maintain positions southeast of Lyman amid Russian attacks
ISW reported Ukrainian forces continue to hold positions southeast of Lyman while Russian forces strike Ukrainian positions nearby, indicating ongoing contested control but no Russian capture of the railroad station.
ISW reports no confirmed Russian advances in Slovyansk direction including Lyman
December 31 rises to 64%2%
ISW reported that Russian forces continued offensive operations near Lyman but did not make confirmed advances, indicating that the railroad station remained under Ukrainian control as of early July 2026.
Ukrainian forces hold positions southeast of Lyman amid Russian strikes
December 31 drops to 56%9%
Geolocated footage showed Ukrainian forces holding positions southeast of Lyman while Russian forces conducted strikes in the area. This confirmed continued Ukrainian control and lack of Russian capture of the railroad station.
Ukrainian forces continue to hold positions southeast of Lyman amid Russian strikes
December 31 drops to 59%5%
Ukrainian General Staff reported ongoing Ukrainian control southeast of Lyman, with Russian forces launching missile and drone strikes but failing to secure the city or railroad station, sustaining the contested status and limiting Russian capture prospects.
Ukrainian forces strike Russian positions near Lyman, halting advances
Ukrainian strikes targeted Russian positions and logistics near Lyman, including drone depots and military equipment concentrations, preventing Russian forces from making confirmed advances and maintaining Ukrainian control around Lyman.
Russian forces strike Ukrainian positions west of Yampil near Lyman amid ongoing fighting
December 31 rises to 62%2%
Geolocated footage showed Russian forces striking Ukrainian positions west of Yampil, southeast of Lyman, indicating continued fighting and Russian attempts to infiltrate but no confirmed capture of the Lyman railroad station.
ISW map shows Ukrainian forces holding well-fortified positions in Lyman despite Russian assaults
December 31 dips to 54%2%
ISW's July 6 map assessment indicated Ukrainian forces maintained strong defensive positions in Lyman with effective ground and air defenses, repelling Russian attempts to break through. This reinforced market skepticism about imminent Russian capture of the railroad station.
Ukrainian forces strike Russian logistics near Lyman, maintaining pressure
December 31 dips to 61%3%
Ukrainian strikes targeted Russian railway overpasses and military equipment near Lyman, disrupting Russian logistics and reinforcing Ukrainian defensive posture, which contributed to market confidence that Russia would not capture the railroad station imminently.
Russian missile attacks kill civilians in Kyiv amid ongoing conflict
December 31 dips to 59%1%
Continued Russian missile attacks in Ukraine, including civilian casualties, maintained the conflict's intensity but did not directly affect control of Lyman, contributing to market volatility and uncertainty.
Russian forces near Lyman deploy new long-range fiber optic drones
December 31 drops to 60%5%
Russian milbloggers claimed use of modified fiber optic drones resistant to electronic warfare near Lyman, indicating attempts to improve reconnaissance and operational capabilities. This technological development was noted but did not translate into immediate territorial gains.
ISW reports Ukrainian forces hold positions southeast of Lyman amid Russian strikes
December 31 dips to 62%4%
Geolocated footage showed Russian strikes on Ukrainian positions near Lyman but confirmed Ukrainian forces continued to hold key areas including near the railroad station, sustaining market skepticism about Russian capture.
Ukrainian counterattacks protect Lyman from Russian encirclement
December 31 dips to 61%4%
By early July, Ukrainian counterattacks successfully defended Lyman, preventing Russian forces from capturing the railroad station and causing market confidence in a Russian capture to decline significantly.
Ukrainian forces repel intensified Russian offensives in Lyman sector
September 30 drops to 22%7%
Ukrainian military reports in early July indicated successful defense against Russian assaults in the Lyman sector, preventing Russian consolidation and contributing to a decline in market confidence about Russian capture by September 30.
Russian Defense Ministry claims completion of Lyman capture
December 31 jumps to 68%5%
The Russian General Staff's Main Operational Directorate announced that the Zapad battlegroup was completing the capture of Lyman. This official claim briefly boosted market confidence in Russian control, though independent verification was lacking at the time.
Reports confirm Russian forces clearing last Ukrainian resistance pockets in Lyman, city under Russian control
December 31 rises to 68%4%
By early July, multiple war correspondents and sources confirmed that Russian forces had taken control of Lyman city, clearing remaining Ukrainian resistance, marking a significant shift and increasing market confidence in Russian capture of the railroad station by year-end.
Putin falsely claims Russian capture of Kostyantynivka, highlighting slow Russian advance
December 31 plunges to 63%15%
Putin's claim of capturing Kostyantynivka was contradicted by independent reports showing slow and costly Russian advances, indirectly signaling difficulties in capturing nearby Lyman, contributing to market price declines for Russian capture probabilities.
Reports confirm Lyman city under Russian control but last Ukrainian resistance cleared
December 31 dips to 61%3%
Multiple war correspondents confirmed that Russian forces had taken control of Lyman city and were clearing remaining Ukrainian resistance. However, this did not explicitly confirm control of the railroad station, leaving market participants cautious.
Reports confirm Lyman under Russian control with clearing of last Ukrainian resistance
December 31 drops to 60%10%
By early July 2026, multiple war correspondents and reports confirmed that Lyman city was under Russian control, with Russian forces clearing remaining Ukrainian resistance, marking a critical shift in control of the city and its railroad station.
Russian offensive in Donetsk including Lyman fails to yield significant gains
December 31 dips to 56%4%
ISW reported that the Russian 2026 offensive, including efforts around Lyman, has failed to achieve operationally significant results, with Russian forces suffering casualties and making minimal territorial gains. This dampened market expectations for a Russian capture of Lyman soon.
Heavy fighting reported in Lyman with Russian forces fighting for every house
December 31 dips to 62%3%
Reports indicated intense fighting in Lyman with Russian troops engaged in house-to-house combat but no confirmed capture of the railroad station. This maintained market uncertainty and prevented a decisive price move.
Ukrainian forces repel Russian infiltration attempts into Lyman
December 31 dips to 64%1%
Ukrainian Joint Forces spokesperson confirmed that Russian attempts to infiltrate Lyman from north and south were repelled, indicating continued Ukrainian control of the city and its railroad station. This reinforced the market's declining confidence in Russian capture by year-end.
Russia captures Kostiantynivka, Putin says forces closing in on Lyman
December 31 dips to 60%4%
On July 4, Russian military leadership announced capture of Kostiantynivka and that forces were closing in on Lyman, highlighting Lyman's strategic importance but no confirmation of rail station capture yet, sustaining market uncertainty.
Russian forces continue offensive in Slovyansk direction but make no confirmed advances near Lyman
December 31 drops to 68%9%
Russian forces maintained offensive operations near Lyman but failed to make confirmed advances as Ukrainian counterattacks persisted. Russian sources claimed control of Lyman, but independent assessments indicated only small Ukrainian reconnaissance groups remained, reflecting ongoing contested control.
Russian forces reportedly complete capture of Lyman city, clearing last Ukrainian resistance
December 31 dips to 56%1%
On July 4, 2026, multiple war correspondents and Russian sources reported that Russian forces had taken full control of Lyman city, eliminating remaining Ukrainian resistance. This marked a significant tactical gain, though confirmation of control over the specific railroad station was not explicit, causing some market uncertainty.
Russian Zapad battlegroup completes capture of Krasny Liman (Lyman) claim
December 31 jumps to 69%6%
Russian General Staff claimed that the Zapad battlegroup was completing the capture of Krasny Liman (Lyman), signaling a possible nearing of full Russian control, though independent assessments indicated contested control remained.
Russian Defense Ministry announces capture of Kostyantynivka, claims closing in on Lyman
December 31 drops to 63%11%
Russian officials declared control over Kostyantynivka and stated forces were closing in on Lyman, but ISW assessments indicated limited Russian presence in Lyman itself. This announcement caused a temporary market price increase for the December 31 outcome.
The Guardian reports Ukrainian fortress belt strategy holds Lyman against Russian assaults
December 31 drops to 59%10%
A report highlighted that Lyman remains a key northern outpost in Ukraine’s fortress belt, with Ukrainian forces successfully tying down Russian attempts to storm the city, reinforcing skepticism about imminent Russian capture.
Russian Defense Ministry Claims Capture of Kostyantynivka, Near Lyman
December 31 drops to 62%8%
Russian Defense Ministry announced capture of Kostyantynivka and reported forces closing in on Lyman, highlighting Lyman's strategic importance. However, no confirmed capture of Lyman railroad station was reported, sustaining market caution.
The Guardian reports Lyman remains a key Ukrainian fortress in Donbas
December 31 dips to 59%1%
The Guardian's coverage highlighted Lyman as a northern outpost of Ukraine's fortress belt, emphasizing its strategic importance and continued Ukrainian defense, which contributed to market confidence that Russia had not captured the city or railroad station.
Ukrainian Drone Activity Prevents Russian Vehicle Movement Near Lyman Frontline
September 30 dips to 28%3%
A Ukrainian brigade commander reported that intense Ukrainian drone activity was successfully preventing Russian forces from moving vehicles close to the frontline, stalling their offensive.
Russian forces continue offensive in Slovyansk direction but fail to advance near Lyman
December 31 dips to 61%1%
On July 3, Russian forces maintained offensive operations near Lyman but did not achieve advances. Ukrainian drone activity hindered Russian vehicle movements, sustaining Ukrainian control over the area including the train station.
Russian claims of capturing Kostyantynivka contradicted by Ukrainian sources
December 31 drops to 60%9%
Russian President Putin claimed full capture of Kostyantynivka, a nearby strategic city, but Ukrainian officials denied these claims, stating Russian forces only held limited positions and Ukrainian troops outnumbered Russians. This discrepancy highlighted the unreliability of Russian claims and influenced market skepticism about Russian advances including Lyman.
Russian forces continue offensive operations near Lyman but make no confirmed advances
December 31 dips to 62%1%
Despite ongoing Russian assaults and claims of progress, ISW reported no confirmed territorial gains in Lyman, with Ukrainian drone activity hindering Russian vehicle movements, sustaining the stalemate and limiting Russian capture prospects.
Russian offensive operations near Lyman continue without advances
December 31 rises to 60%1%
Russian forces continued offensive operations in the Lyman direction but failed to advance, with Ukrainian drone activity hindering Russian vehicle movements, sustaining Ukrainian control and market skepticism about Russian capture.
Russia loses ground for second straight month in June, including near Lyman
December 31 dips to 61%2%
Reports indicated Russian forces lost more territory than they gained in June, including around Lyman, reducing market confidence in Russian capture prospects.
Russian offensive stalls near Lyman amid Ukrainian drone activity
December 31 drops to 62%8%
Russian forces continued offensive operations near Lyman but failed to advance, with Ukrainian drone activity preventing Russian vehicles from approaching the frontline, maintaining Ukrainian control and limiting Russian progress.
Russian forces continue offensive near Lyman but make no confirmed advances
December 31 dips to 64%2%
On July 2-3, Russian forces continued offensive operations near Lyman but did not make confirmed advances, with Ukrainian drone activity preventing Russian vehicles from approaching frontline positions, maintaining Ukrainian control of key areas.
Fighting continues around Lyman with no confirmed Russian control of railroad station
December 31 drops to 65%8%
Reports indicate ongoing fighting and infiltration around Lyman with no confirmed Russian control of the railroad station, maintaining uncertainty and stabilizing market prices.
Ukrainian brigade reports Russian small-group assaults near Lyman but losing offensive initiative
December 31 rises to 64%2%
Ukrainian sources reported ongoing Russian small-group assaults in the Lyman direction but stated Russian forces are losing the offensive initiative and struggling to maintain numerical advantage, indicating continued Ukrainian control over the area including the railroad station.
Russian offensive operations near Lyman continue without significant advances
December 31 rises to 66%1%
Russian forces continued offensive operations in the Lyman direction but did not make advances, with Ukrainian drone activity limiting Russian vehicle movement near the frontline. Market prices stabilized at moderate levels.
Reports confirm Ukrainian control of Lyman railroad station
September 30 dips to 28%3%
Recent credible reports confirmed Ukrainian control of the Lyman railroad station, leading to a further decline in market confidence for Russian capture by September 30, with prices falling to 28%.
Russian forces remain active around Lyman but fail to penetrate Ukrainian defenses
December 31 drops to 62%7%
Reports from early July indicate Russian forces are highly active around Lyman but have struggled to penetrate Ukrainian defenses on the eastern outskirts, with Ukrainian forces controlling the vast majority of the city and its infrastructure.
Ukrainian forces resume counterattacks in Lyman direction amid Russian offensive
December 31 drops to 63%9%
Ukrainian military observers reported renewed counterattacks in Lyman, indicating continued contested control and preventing Russian capture of the railroad station, contributing to market price decline.
Russian forces continue small-group assaults near Lyman but lose offensive initiative
December 31 drops to 64%12%
Russian forces persisted with limited assaults near Lyman but were reported to be losing the offensive initiative, struggling to maintain numerical advantage and failing to advance, reinforcing Ukrainian control of the railroad station.
Ukrainian Brigade Reports Russian Forces are Losing Offensive Initiative in Lyman
September 30 dips to 28%3%
A Ukrainian military spokesperson reported that Russian forces in the Lyman direction were losing their offensive momentum and struggling to maintain numerical superiority.
Russian forces continue offensive operations near Lyman but lose initiative
Russian forces continued small-group assaults near Lyman but reportedly lost the offensive initiative, struggling to maintain numerical advantage and facing Ukrainian counterattacks, which sustained market skepticism about imminent capture.
Russian forces continue offensive near Lyman but make no advances
December 31 dips to 60%3%
Russian forces maintained offensive operations in the Slovyansk and Lyman directions but failed to advance, with Ukrainian drone activity disrupting Russian logistics. This contributed to market skepticism about Russian capture prospects by year-end.
ISW says Russian offensive around Lyman stalls in early July
September 30 drops to 24%6%
ISW’s July 3 assessment noted that Russian forces had halted offensive operations around Lyman, suggesting no further progress toward the station. This stagnation reinforced bearish sentiment for the “September 30” outcome, keeping its price low at 24 % on 2026‑07‑06.
Geolocated footage shows ongoing fighting in Lyman with no Russian control
December 31 dips to 60%1%
Footage from early July 2026 showed continued fighting in Lyman with Russian forces unable to consolidate control, while Ukrainian forces maintained defensive positions. This ongoing stalemate contributed to the market's declining confidence in a Russian capture by the resolution date.
Russian forces maintain presence but no confirmed capture of Lyman railroad station
December 31 drops to 63%7%
Despite ongoing fighting and infiltration attempts, ISW assessments as of early July 2026 indicated Russian forces had not fully captured the Lyman railroad station, leading to stabilization of market prices around 63% for December 31 capture probability.
Ukrainian brigade reports Russian forces losing offensive initiative near Lyman
December 31 drops to 63%10%
On July 2, a Ukrainian brigade spokesperson reported that Russian forces continued small-group assaults near Lyman but were losing the offensive initiative and struggling to maintain numerical advantage, indicating stalled Russian advances.
Ukrainian forces report Russian small-group assaults but maintain defensive initiative near Lyman
December 31 dips to 48%1%
A Ukrainian brigade spokesperson reported Russian small-group assaults near Lyman but stated Russian forces are losing the offensive initiative and struggling to maintain numerical advantage, supporting market views of continued Ukrainian control.
ISW reports Russian offensive shifted focus from Lyman to Kostyantynivka after stalled advances
December 31 dips to 61%3%
After failing to capture Lyman, Russian command shifted main offensive efforts to Kostyantynivka, signaling deprioritization of Lyman capture and reducing likelihood of Russian control of Lyman railroad station by year-end.
DeepState map shows Russian attempts to capture Donbas fortress belt including Lyman
December 31 drops to 65%9%
DeepState OSINT data showed Russian forces trying to capture key elements of the Donbas fortress belt, including Lyman, with some territorial gains in Kostyantynivka but no confirmed capture of Lyman railroad station, maintaining market uncertainty.
Russia suspends traffic through several railway checkpoints including near Lyman
December 31 drops to 63%10%
Russian government temporarily suspended traffic through multiple railway checkpoints, affecting logistics and possibly indicating operational difficulties near Lyman and other fronts.
ISW and DeepState report Russian tactical gains near Kostyantynivka but no breakthrough in Lyman
December 31 jumps to 76%7%
ISW and DeepState maps showed Russian forces making tactical gains in Kostyantynivka but no confirmed capture of Lyman or its railroad station, maintaining market uncertainty about Russian control of Lyman.
Putin claims majority of Lyman cleared but ISW reports limited Russian presence
December 31 drops to 69%8%
Putin publicly claimed Russian forces cleared most of Lyman and advanced close to Slovyansk and Kramatorsk, but ISW assessments showed only about 4.3% Russian presence in Lyman, indicating overstatements and causing market uncertainty.
Ukrainian counterattacks and infiltration missions continue to challenge Russian control in Lyman
December 31 drops to 65%9%
Despite Russian infiltration and flag-raising in central Lyman, Ukrainian forces maintained positions and repelled infiltrators, preventing Russian consolidation and causing market price to dip from prior highs.
Russian forces face Ukrainian counterattacks north of Lyman
December 31 drops to 64%11%
Reports from Ukrainian sources and mapping communities indicated ongoing Ukrainian counterattacks blocking Russian resupply and advances near Lyman, limiting Russian operational success and affecting market confidence.
ISW map on June 30 shows Lyman rail station still under Ukrainian control
September 30 drops to 31%6%
The ISW interactive map published on June 30 showed no red icon on the Lyman railway station, confirming Russian forces had not captured it. This final confirmation pushed “September 30” odds to the market’s endpoint of 31 % on July 2.
Geolocated footage shows Ukrainian strikes on Russian positions in Lyman
December 31 rises to 63%4%
Ukrainian forces published geolocated footage showing strikes on Russian-occupied buildings in Lyman, indicating ongoing Ukrainian control and contestation of the area. This likely contributed to market skepticism about Russian capture of the railroad station.
Russian troops attempt foothold on eastern outskirts of Lyman amid intense fighting
December 31 plunges to 65%16%
Russian troops intensified efforts to establish a foothold on the eastern outskirts of Lyman, but Ukrainian forces continued to contest the area, preventing Russian capture of the railroad station by the end of June.
Putin claims Russian forces cleared majority of Lyman but ISW finds limited presence
Putin claimed Russian forces cleared most of Lyman and advanced near Slovyansk and Kramatorsk, but ISW assessments showed only limited Russian presence in Lyman and no confirmed advances, maintaining market uncertainty about capture.
Russian forces reportedly control 99% of Lyman, boosting market confidence
December 31 jumps to 83%7%
Military summaries reported that Russian forces controlled 99% of Lyman, including key infrastructure, which significantly increased market confidence in a Russian capture by year-end.
Putin claims Russian advances in Lyman but ISW finds limited presence
December 31 jumps to 75%12%
Putin publicly claimed Russian forces cleared majority of Lyman, but ISW assessed Russian forces controlled only a small fraction of Lyman with Ukrainian counterattacks resuming. This discrepancy highlighted overstatements by Russian leadership and maintained market skepticism about Russian capture of the train station.
Ukrainian counterattacks protect Lyman, preventing Russian encirclement
December 31 drops to 63%6%
Ukrainian forces conducted counterattacks north of Lyman, preventing Russian forces from fully surrounding the city and maintaining a contested frontline. This defensive success reduced market confidence in imminent Russian capture.
Russian forces claim near-total control of Lyman amid ongoing fighting
December 31 jumps to 77%6%
Russian military summary claimed 99% control of Lyman by late June 2026, raising market optimism for a Russian capture. However, Ukrainian forces continued to contest the city, and the situation remained fluid, leading to later price declines.
Putin claims Russian forces have cleared most of Lyman
September 30 jumps to 36%5%
Putin publicly claimed that Russian troops had cleared most of Lyman and were only a few kilometres from key objectives. The claim was widely reported and briefly lifted sentiment, causing a small rebound to 36 % before the market settled lower again.
Ukrainian forces resume counterattacks in Lyman direction
September 30 drops to 30%10%
Reports indicated Ukrainian forces were resuming counterattacks against Russian positions in the Lyman area, maintaining pressure and preventing Russian consolidation, which contributed to market uncertainty and a decline in near-term capture probability.
ISW reports Russian forces hold about 4.3% of Lyman with no encirclement
December 31 rises to 66%2%
On June 29, ISW assessed that Russian forces maintained presence in only about 4.3% of Lyman and were not close to encircling Ukrainian forces, indicating that the railroad station remained under Ukrainian control.
ISW reports Russian forces maintain limited presence in Lyman but no full control
December 31 plunges to 66%17%
ISW assessed Russian forces hold only about 4.3% of Lyman, with no evidence of full control over the railroad station, indicating the market's cautious stance on Russian capture by year-end.
ISW finds Russian control of only 4 % of Lyman on June 29
September 30 plunges to 28%21%
The ISW June 29 assessment recorded that Russian forces controlled only 4.3 % of Lyman and were still far from key objectives. This reinforced market pessimism, driving the “Yes” probability for the September 30 outcome down from 49 % (June 25) to 28 % (July 4).
Ukrainian forces resume counterattacks in Lyman direction
December 31 drops to 73%8%
Ukrainian military observer reported Ukrainian counterattacks resuming in Lyman area, indicating ongoing contested control and preventing Russian full capture, which influenced market price corrections.
Ukrainian forces clear northern areas near Lyman, maintaining control
December 31 drops to 64%5%
Geolocated footage showed Ukrainian forces clearing northern Prymorske near Lyman, supporting reports of Ukrainian control and countering Russian infiltration efforts, reinforcing market skepticism about Russian capture.
ISW confirms Russian forces hold limited presence in Lyman, about 4.3% control
December 31 dips to 74%1%
ISW's June 29 assessment reaffirmed that Russian forces controlled only a small portion of Lyman, with no evidence of full capture of the railroad station, maintaining a contested frontline and limiting market confidence in a Russian victory by year-end.
Putin claims near full capture of Lyman contradicted by ISW evidence
December 31 plunges to 63%15%
Russian President Putin claimed Russian forces had nearly fully captured Lyman, but ISW assessed Russian forces controlled only about 4.3% of Lyman territory, with no evidence of full control. This discrepancy highlighted overstatements by Russian leadership and affected market confidence.
Putin claims majority of Lyman cleared but evidence shows limited Russian presence
December 31 rises to 70%2%
On June 29, Putin claimed Russian forces cleared a majority of Lyman, but ISW observed only a small Russian presence (4.3%) and no consolidated control. This discrepancy between claims and reality caused market uncertainty and volatility.
Russian military claims near-total control of Lyman amid drone strike threats
December 31 dips to 70%1%
Russian sources claimed near-total control of Lyman with only small Ukrainian reconnaissance groups remaining, while warning of a potential large drone strike, reflecting ongoing contested control and uncertainty in the market.
Reports of intensified Russian offensive and attempts to establish foothold on Lyman's eastern outskirts
December 31 dips to 47%3%
Russian troops increased offensive operations and attempted to consolidate positions on Lyman's eastern outskirts, reflecting ongoing fighting but no confirmed capture of the railroad station, contributing to market uncertainty.
Russian troops intensify offensive attempts on Lyman outskirts
December 31 jumps to 69%6%
Russian troops increased efforts to establish footholds on the eastern outskirts of Lyman, reflecting the strategic importance of the city. Despite intensified fighting, Ukrainian forces maintained control, preventing Russian capture of the railroad station.
Russian MoD claims advances near Lyman disputed by ISW
December 31 rises to 52%2%
Russian Ministry of Defense claimed seizure of settlements near Lyman with footage, but ISW suspected AI-altered videos and found no evidence of Russian control in Lyman itself. Ukrainian forces continued to strike Russian positions and logistics, maintaining defensive lines. This discrepancy between Russian claims and independent assessments further eroded market confidence in a Russian capture by year-end.
Russian troops intensify offensive in Lyman sector, attempting foothold on eastern outskirts
December 31 dips to 56%3%
Russian forces increased combat operations in the Lyman area, trying to establish a foothold on the eastern outskirts. The fighting was described as extremely intense, highlighting the strategic importance of Lyman for Russian plans to advance toward Sloviansk and Kramatorsk.
Russian forces hold positions near Lyman but fail to enter town
December 31 drops to 66%12%
Russian Ministry of Defense claimed control of nearby settlements, but ISW suspected footage was AI-altered and reported Russian forces attacking approaches to Lyman without entering the town, indicating no capture of the railroad station.
Putin declares Lyman largely cleared and Russian forces near Slovyansk
September 30 plunges to 31%39%
Putin publicly claimed that Russian forces had cleared most of Lyman and were only a few kilometres from Slovyansk and Kramatorsk. The overstated claim caused a sharp sell‑off for “December 31” and a rise in “September 30” odds to 31 % by July 2 (price before = 70, price after = 31).
Russian military claims capture of nearby settlements but ISW suspects AI-altered footage and no Lyman capture
December 31 dips to 60%4%
Russian MoD claimed seizure of Pysantsi and Novoskeliuvate near Lyman, but ISW suspects footage is AI-altered and no confirmed advances into Lyman city or railroad station were observed, maintaining uncertainty over Russian control.
Ukrainian forces resume counterattacks in Lyman direction
December 31 jumps to 81%12%
Ukrainian forces resumed counterattacks in the Lyman direction, maintaining pressure on Russian forces and preventing their consolidation of control over Lyman and its railroad station.
Russian forces continue attacks on Lyman approaches but have not entered the city
December 31 jumps to 77%8%
Despite ongoing assaults and infiltration attempts, Russian forces had not secured control of Lyman city itself, with Ukrainian forces maintaining defensive positions. Market prices reflected persistent uncertainty and skepticism about Russian capture prospects.
Russian MoD claims seizure of nearby settlements but no confirmed control of Lyman
December 31 dips to 52%2%
On June 28, the Russian Ministry of Defense claimed seizure of settlements near Lyman but ISW and other sources found no verified evidence of Russian control over Lyman itself or its railroad station, sustaining market uncertainty.
ISW reports increased Russian assaults exploiting forest cover near Lyman
ISW reported that Russian forces increased assaults in Lyman direction using dense summer foliage for cover, raising concerns about potential breakthroughs and causing price volatility.
Russian forces continue infiltration around Lyman but have not entered the town, ISW confirms
December 31 dips to 56%4%
ISW reported ongoing Russian infiltration missions near Lyman with no evidence of consolidated control or capture of the railroad station, contradicting Russian claims of advances inside the town.
ISW reports Ukrainian strikes on Russian positions in Lyman and ongoing contested control
December 31 drops to 64%6%
Geolocated footage on June 27-28 showed Ukrainian forces striking Russian-occupied buildings in southwestern Lyman, while Russian forces attacked approaches but had not entered the town. This confirmed that Russian forces had not captured Lyman or its train station, reducing market confidence in near-term capture.
Ukrainian forces strike Russian positions in southwestern Lyman after infiltration
December 31 surges to 68%17%
Geolocated footage on June 27-28 showed Ukrainian strikes on Russian-occupied buildings in southwestern Lyman following Russian infiltration missions, indicating contested control and preventing Russian consolidation of the railroad station area.
Russian troops intensify offensive on eastern outskirts of Lyman
December 31 rises to 78%1%
Russian forces increased combat operations attempting to establish footholds on Lyman's eastern outskirts, highlighting the city's strategic importance. Market prices peaked reflecting heightened conflict intensity but no capture.
ISW mapping shows no Russian control over Lyman railroad station
December 31 jumps to 75%12%
ISW's daily map updates continued to show the Lyman railroad station area not shaded red, indicating no consolidated Russian control. This reinforced market doubts about Russia capturing the station by the end of 2025.
Russian forces attack approaches to Lyman but do not enter town
Geolocated footage and reports showed Russian forces attacking near Lyman but not entering the town itself, suggesting the railroad station remained under Ukrainian control or contested.
Russian forces continue attacks near Lyman but have not entered the city
December 31 plunges to 61%18%
Geolocated footage showed Russian forces attacking on approaches to Lyman but not entering the city itself. Ukrainian forces maintained control, indicating no capture of the train station, which kept market prices for Russian capture low.
Putin claims Russian forces cleared majority of Lyman, ISW finds only minor presence
December 31 drops to 59%5%
Russian President Putin publicly claimed major advances in Lyman, but ISW assessments showed Russian forces held only a small fraction of the city, indicating overstatements and continued Ukrainian control, contributing to market price decline.
Putin claims rapid Russian advances near Lyman but ISW reports limited Russian presence
December 31 jumps to 78%9%
Putin claimed Russian forces rapidly advancing near Lyman and other key towns, but ISW assessments showed only about 4.3% Russian presence in Lyman, indicating that Russian claims were exaggerated and no full capture of Lyman railroad station occurred.
Russian propaganda claims imminent capture of Lyman refuted by Ukrainian and independent sources
December 31 drops to 54%7%
Despite Russian claims of advances, independent analysts and Ukrainian sources confirmed that Russian forces had not captured Lyman, maintaining Ukrainian control and causing market price declines due to skepticism about Russian progress.
Ukrainian forces strike Russian command post in occupied Lyman Pershyi
December 31 drops to 69%8%
Ukrainian forces conducted strikes on Russian command posts in the Lyman area, disrupting Russian operations and signaling continued Ukrainian resistance. This contributed to doubts about Russian ability to capture Lyman imminently, reflected in market price fluctuations.
ISW reports Russian forces attacking approaches to Lyman but no confirmed entry into city
December 31 rises to 69%1%
Russian forces intensified attacks on Lyman's approaches but ISW found no evidence of Russian forces entering or consolidating control within the city, indicating the railroad station remained under Ukrainian control.
Russian forces fail to secure Lyman despite claims of control
Geolocated footage showed Ukrainian forces striking Russian-occupied buildings in Lyman, while Russian claims of control were contradicted by evidence. The city remained contested with no firm Russian control over the railroad station.
Reports debunk Russian claims of imminent capture of Lyman city
December 31 plunges to 53%26%
By late June 2026, multiple sources and analysts warned against believing Russian propaganda claiming imminent capture of Lyman. Ukrainian defenses remained robust, and Russian forces had not secured the city or the railroad station, leading to a decline in market prices for Russian capture.
Russian 'Potemkin flags' raised in Lyman but no actual control gained
December 31 dips to 57%4%
Reports and videos showed Russian forces raising flags in Lyman as propaganda, but independent analysts and Ukrainian sources confirmed no Russian control of the city or railroad station, maintaining market skepticism about a 'Yes' outcome.
Reports deny Russian capture of Lyman despite claims
December 31 plunges to 64%16%
Multiple sources and Ukrainian officials denied Russian claims of capturing Lyman, stating that Ukrainian forces still control the city and that Russian forces have not penetrated the eastern outskirts, dampening market optimism for a near-term Russian capture.
Ukrainian forces strike Russian-occupied buildings in southwestern Lyman
December 31 dips to 59%4%
Geolocated footage showed Ukrainian strikes on Russian positions in southwestern Lyman after infiltration missions, indicating ongoing contested control and preventing Russian consolidation of the railroad station.
Analysts debunk Russian claims of imminent Lyman capture
December 31 drops to 62%7%
Independent analysts and military observers stated that Russian forces had not captured any part of Lyman city or the railroad station despite propaganda claims, reinforcing market doubts and contributing to price declines.
Reports of Russian flags in Lyman are 'Potemkin' and do not indicate control
December 31 jumps to 74%11%
Despite Russian videos showing flags raised in Lyman, independent analysts and Ukrainian sources confirmed these were symbolic and did not reflect actual Russian control of the railroad station or city.
Reports confirm Russian forces never took control of Lyman city
December 31 dips to 74%1%
Multiple sources and OSINT confirmed Russian forces did not capture any part of Lyman city, with the situation remaining stable and Ukrainian forces holding key positions, including the railroad station, contradicting Russian claims of control.
Russian forces continue to fail to capture Lyman despite repeated claims
December 31 drops to 62%7%
Multiple reports and geolocated footage confirmed Ukrainian control of Lyman with Russian forces limited to infiltration and symbolic acts. Russian 'Potemkin flags' were raised but no actual control was established, leading to market price corrections downward.
Ukrainian forces repel Russian attacks near Lyman, maintain control
December 31 plunges to 62%17%
Ukrainian defense successfully repelled Russian attacks near Lyman, causing a market price drop from 79% to 74% and later to 62%, reflecting reduced likelihood of Russian capture by year-end.
Independent sources confirm Russian forces have not captured Lyman despite staged flag raisings
September 30 drops to 28%11%
Multiple independent and Ukrainian sources reported that Russian forces had not taken control of Lyman city or the railroad station, with staged Russian flag raisings described as propaganda, leading to market price corrections downward for September 30.
Ukrainian forces strike Russian positions in southwestern Lyman after infiltration mission
December 31 jumps to 59%9%
Footage published showed Ukrainian strikes on Russian-occupied buildings in southwestern Lyman following Russian infiltration attempts. This demonstrated Ukrainian resilience and lack of Russian consolidation in Lyman, negatively impacting market confidence in Russian capture.
Russian forces intensify attacks on Lyman approaches but no confirmed entry into town
December 31 surges to 75%18%
By late June, Russian forces intensified attacks on approaches to Lyman and claimed to be clearing the town, but ISW and other sources found no geolocated evidence of Russian forces entering or controlling Lyman, indicating continued contestation.
Ukrainian sources deny Russian capture of Lyman, call Russian claims propaganda
September 30 plunges to 16%23%
Ukrainian and independent sources refuted Russian claims of capturing Lyman, stating the city remains under Ukrainian control, which led to a drop in market confidence for Russian capture by September 30.
Reports confirm Ukrainian control of Lyman despite Russian claims
December 31 drops to 69%6%
Multiple sources including ISW and independent analysts confirmed Ukrainian control of Lyman city and refuted Russian claims of capture, describing Russian flags as 'Potemkin flags'. This reinforced market skepticism about Russian capture prospects.
Tweet: “Russians keep raising ‘Potemkin flags’ in Lyman, still no control”
September 30 plunges to 31%18%
A tweet warned that Russian forces were merely raising “Potemkin flags” in Lyman with no real control. Traders interpreted this as a negative signal, and the market for the September‑30 outcome fell sharply from 49 % to 31 % over the next few days.
Russian forces attack approaches to Lyman but do not enter town
December 31 plunges to 64%15%
Geolocated footage showed Russian attacks on Lyman outskirts but no entry into the town. Ukrainian forces struck Russian positions in southwestern and northern Lyman, indicating contested control and no Russian capture of the railroad station.
Reports debunk Russian claims of capturing Lyman, affirming Ukrainian control
June 30 drops to 1%6%
Multiple sources and analysts refuted Russian claims of capturing Lyman, describing raised flags as propaganda and confirming Ukrainian forces still hold the city and railroad station. This skepticism contributed to market price volatility and declines for earlier deadlines.
Analysts and observers confirm Lyman remains under Ukrainian control despite Russian claims
December 31 dips to 62%3%
Multiple reports and analysts, including Euromaidan Press, confirmed that Russian forces have not captured Lyman city or its railroad station, with Ukrainian defenses holding firm and Russian advances limited to infiltration rather than control, dampening market confidence in Russian capture.
Russian forces attempt offensives on Lyman outskirts but do not enter town
December 31 jumps to 70%6%
Geolocated footage on June 27 showed Russian forces striking positions near Lyman and attempting to advance on its outskirts, but ISW and independent sources confirmed Russian forces had not entered or consolidated control within Lyman itself.
Ukrainian forces hold Lyman city despite Russian claims of capture
December 31 dips to 33%4%
Despite Russian propaganda claiming capture, Ukrainian forces maintained control of Lyman city, frustrating Russian attempts to seize the area and causing market confidence in Russian capture to decline.
ISW confirms Russian infiltration but no full control in Lyman
December 31 rises to 64%4%
On June 27, ISW published geolocated footage showing Russian forces striking positions in Lyman but confirmed that Russian forces had not entered the town or taken control, reinforcing the assessment that Russian advances were limited to infiltration.
Reports confirm Lyman remains under Ukrainian control despite Russian claims
Multiple sources and geolocated footage confirmed that Lyman city and its railroad station remain under Ukrainian control, with Russian forces unable to establish lasting presence, reinforcing market skepticism about Russian capture.
Russian forces fail to capture Lyman despite claims; Ukrainian control persists
December 31 drops to 68%5%
Despite Russian military claims of clearing Lyman, independent assessments and geolocated evidence showed Ukrainian forces still controlling the majority of the city. Russian advances were limited to infiltration and attacks on outskirts, not full capture.
Reports of Russian flags raised in Lyman but no confirmed control
December 31 drops to 70%9%
Multiple reports of Russian flags in Lyman were identified as 'Potemkin flags' with no confirmed Russian control of the city or railroad station, reinforcing market skepticism about imminent capture.
ISW and analysts refute Russian claims of capturing Lyman
December 31 drops to 64%12%
On June 27, multiple OSINT sources and analysts debunked Russian claims of capturing Lyman, describing them as 'Potemkin flags' and stating Russian forces had not taken control of any part of the city, reinforcing market skepticism about Russian success.
Russian propaganda claims capture of Lyman disputed as Ukrainian defenses hold
December 31 dips to 59%4%
Despite Russian claims of capturing Lyman, independent analysts and Ukrainian sources confirmed that Russian forces had not taken control of the city. Ukrainian defenses remained intact, and the frontline was stable, leading to skepticism about Russian advances and contributing to market price declines.
Russian forces active around Lyman but fail to penetrate Ukrainian defenses on eastern outskirts
December 31 drops to 62%13%
Despite high activity and claims by Russian commanders of clearing Lyman, evidence suggests Ukrainian forces controlled the vast majority of the city, including the railroad station, preventing Russian capture.
Geolocated footage shows Ukrainian strikes on Russian positions in Lyman after infiltration mission
December 31 rises to 75%1%
Ukrainian forces struck Russian-occupied buildings in southwestern Lyman following a Russian infiltration mission, demonstrating Ukrainian control and counterattack capability, limiting Russian advances.
Market optimism peaks amid reports of Russian tactical gains in Lyman area
December 31 jumps to 70%11%
Market prices peaked as reports suggested possible Russian tactical gains in the Lyman area, though no confirmed capture of the railroad station occurred. This temporary optimism reflected hopes of a breakthrough before the end of 2025.
Reports confirm Lyman remains under Ukrainian control despite Russian claims
September 30 plunges to 14%35%
In June 2026, credible reports debunked Russian propaganda about capturing Lyman, confirming the city remained under Ukrainian control. This contributed to a decline in market confidence for the September 30 outcome.
Russian forces raise flags in Lyman but no confirmed control
December 31 drops to 70%8%
Russian media showed soldiers raising flags in Lyman, but independent sources and analysts reported no actual control, indicating 'Potemkin' displays rather than real territorial gains, causing market skepticism.
Reports confirm Ukrainian control in Lyman despite Russian claims
December 31 dips to 64%4%
On June 27, multiple sources including Euromaidan Press and ISW confirmed that Ukrainian forces still held the vast majority of Lyman, with Russian claims of control being illusions or propaganda. This dampened market expectations for imminent Russian capture.
Reports Confirm Lyman Still Held by Ukrainian Forces Despite Russian Flag Displays
December 31 drops to 72%7%
Multiple reports and analyses confirmed that Russian flags raised in Lyman were 'Potemkin flags' without actual control. Ukrainian forces maintained control of the city and railroad station, reinforcing market confidence in a 'No' resolution for earlier dates and moderating December 31 outcome prices.
EuroMaidan Press: “Russians keep raising ‘Potemkin flags’ in Lyman”
September 30 drops to 30%10%
EuroMaidan Press reported that despite Russian “Potemkin flags,” Lyman remained out of Russian control. The article circulated widely, reinforcing market sentiment that a capture was unlikely and pushing the September 30 probability lower.
Russian forces continue attacks on Lyman approaches but have not entered city
December 31 rises to 79%2%
Despite ongoing assaults and claims of Russian presence near Lyman, Ukrainian forces maintained control of the city, with reports of Russian flags being raised dismissed as 'Potemkin flags', reinforcing market doubts about capture.
Reports confirm Lyman still under Ukrainian control despite Russian infiltration attempts
December 31 drops to 60%10%
Multiple sources and analyses confirmed that Russian forces had not captured Lyman city or its key infrastructure, with Ukrainian forces maintaining control despite Russian infiltration and propaganda claims.
Reports of Russian flags raised in Lyman are propaganda; city remains under Ukrainian control
December 31 jumps to 59%6%
Despite Russian claims and videos showing flags in Lyman, credible sources and ISW assessments confirmed that Russian forces had not captured the city or the railroad station, reinforcing market skepticism about Russian capture prospects.
DeepStateMap flags Lyman railway under Russian control
September 30 plunges to 23%17%
DeepStateMap updated its live map to display a Russian‑controlled rail icon at Lyman, providing an independent visual confirmation. The update coincided with a sharp swing for the “September 30” market, dropping the probability from 40 % to 23 % on 2026‑07‑05.
Analysts and OSINT confirm Russian forces have not captured Lyman city
December 31 drops to 64%9%
Multiple sources including ISW and independent analysts confirmed that Russian forces never took control of any part of Lyman city. The situation remained stable with Ukrainian forces holding the city and repelling Russian attempts to capture it, despite ongoing pressure and propaganda claims.
Russian claims of clearing Lyman contradicted by Ukrainian control reports
December 31 drops to 63%11%
Despite Russian commanders claiming to be clearing Lyman with little resistance, evidence showed Ukrainian forces controlled most or all of the city. This discrepancy contributed to market volatility and skepticism about Russian capture prospects.
Reports confirm no Russian control of Lyman city despite claims
December 31 drops to 63%11%
Multiple sources and analysts confirmed that Russian forces never took control of any part of Lyman city, with no counter-attack occurring. This reinforced market doubts and contributed to price declines.
Russian forces intensify attacks near Lyman but fail to capture city
December 31 drops to 54%6%
Russian troops stepped up offensives and attempted to establish footholds on Lyman's outskirts, but Ukrainian defenses held firm, preventing Russian capture of the railroad station and causing market confidence to decline.
Russian forces make tactical gains near Lyman but no decisive capture
December 31 jumps to 77%9%
Despite some tactical advances and claims of progress, Russian forces did not capture Lyman or its railroad station, as confirmed by independent analysts and OSINT groups, leading to a peak then slight decline in market confidence.
Reports confirm Russian forces have not captured any part of Lyman city
December 31 drops to 56%13%
Despite Russian claims, multiple sources including journalists and analysts confirmed that Russian forces never took control of Lyman city or the railroad station, maintaining Ukrainian control and lowering market confidence in Russian capture.
ISW reports Russian advances near Lyman but limited control over city and station
December 31 jumps to 76%7%
ISW analysis indicated that despite Russian claims, actual control over Lyman and its railroad station remained limited, with many gains being shallow infiltrations rather than secured territory, tempering market optimism.
Ukrainian President authorizes 40-day long-range strike campaign impacting Russian logistics near Lyman
December 31 drops to 60%12%
Zelensky announced a 40-day strike campaign targeting Russian military infrastructure, including near Lyman, which disrupted Russian supply lines and impeded their ability to consolidate control over contested areas such as the Lyman railroad station.
Euromaidan Press debunks Russian propaganda on Lyman capture
December 31 drops to 56%14%
Euromaidan Press warned against believing Russian propaganda claiming imminent capture of Lyman, confirming no Russian control over the city or railroad station and that the situation remained unchanged for weeks, further reducing market confidence.
Russian propaganda claims on Lyman capture disputed by independent sources
December 31 plunges to 63%16%
Euromaidan Press and other independent sources debunked Russian claims of capturing Lyman, stating Russian forces had not taken control of any part of the city. This reinforced market doubts about a Russian capture by the end of 2025.
Analysts debunk Russian claims of capturing Lyman, affirm Ukrainian control
December 31 drops to 60%9%
Independent analysts and Ukrainian sources refuted Russian propaganda claims of capturing Lyman, confirming that Russian forces had not taken control of the city. This reinforced market skepticism and contributed to declining probabilities for Russian capture by year-end.
Putin's Claims of Rapid Russian Advances Near Lyman Exaggerated, ISW Reports
December 31 jumps to 79%7%
Putin claimed rapid Russian advances near Lyman and control of most of Kostyantynivka, but ISW mapping showed limited Russian presence in Lyman and no control of the railroad station. This discrepancy caused market skepticism and price volatility.
Russian propaganda falsely claims control of Lyman city
December 31 drops to 55%11%
Despite Russian claims of capturing parts of Lyman, multiple sources and geolocated footage confirmed that Russian forces never took control of any part of Lyman city, with Ukrainian forces maintaining positions and repelling infiltrations, undermining market confidence in a Russian capture.
Russian forces claim to be completing capture of Lyman
December 31 dips to 63%1%
The Russian General Staff's Main Operational Directorate announced that the Zapad battlegroup was completing the capture of Lyman. Despite this claim, Ukrainian sources and independent observers indicated that full Russian control was not established.
Russian Ministry of Defense releases footage claiming advances in Lyman city
December 31 surges to 66%16%
On June 26, the Russian Ministry of Defense released footage purporting to show Russian assault units advancing and consolidating positions in Lyman. However, independent assessments and Ukrainian reports disputed full Russian control of the city.
Reports Deny Russian Capture of Lyman Despite Claims
December 31 drops to 59%5%
Multiple sources and analysts refuted Russian propaganda claims of capturing Lyman, confirming Ukrainian control and ongoing defense. This contributed to further market price declines as Russian capture appeared unlikely in the near term.
Reports confirm Lyman still held by Ukrainian forces despite Russian 'Potemkin flags'
December 31 dips to 74%1%
Multiple sources confirmed that Russian forces have not captured any part of Lyman city, with Russian attempts limited to symbolic flag-raising without actual control. This reality check caused market prices to adjust downward from prior optimism.
Russian forces raise flags in Lyman but do not control the city
December 31 drops to 63%7%
Despite Russian propaganda showing flags in Lyman, credible reports confirmed Russian forces never controlled any part of Lyman city, causing market skepticism and price declines.
ISW reports limited Russian territorial gains near Lyman amid ongoing Ukrainian resistance
December 31 jumps to 78%6%
ISW mapping showed Russian presence limited to small infiltrations around Lyman with no confirmed control of the railroad station. Ukrainian drone strikes and counterattacks continued to disrupt Russian advances, reflecting a stalemate and contributing to market price volatility.
Russian propaganda claims imminent capture of Lyman disputed by independent sources
December 31 rises to 70%1%
Despite Russian claims of imminent capture, independent sources and Ukrainian officials reported that Russian forces had not taken control of Lyman city or the railroad station, maintaining Ukrainian defensive positions and contesting Russian advances.
Russian 'Potemkin flags' raised in Lyman amid no confirmed control
December 31 drops to 64%6%
Russian videos showed soldiers raising flags in Lyman, but independent analysts and Ukrainian sources stated Russian forces never took control of any part of Lyman city, indicating these were symbolic acts without actual territorial gains.
Russian troops intensify offensive on eastern outskirts of Lyman
December 31 rises to 78%3%
Reports indicated a sharp increase in combat intensity with Russian troops attempting to establish footholds on Lyman's eastern outskirts, raising market expectations of possible future advances.
Russian forces continue attacks near Lyman but fail to capture city
December 31 dips to 61%2%
Despite ongoing assaults and infiltration attempts, Russian forces have not captured Lyman city or its railroad station. Ukrainian defenses remain robust, and reports describe Russian 'Potemkin flags' as propaganda without actual territorial control.
Ukrainian Railways chief warns of record strikes on rail network
September 30 drops to 38%5%
Ukrainian Railways CEO warned of a “simply insane” surge of strikes on railway assets, indicating that Russian control of any station was still contested. The market shifted toward the “September 30” outcome, dropping to 38 % on June 26 (price before = 43, price after = 38).
Russian forces make limited advances but control only 4.3% of Lyman
December 31 jumps to 75%11%
By June 26, ISW assessed that Russian forces controlled only about 4.3% of Lyman despite claims of advances, indicating that Russian control of the city and its railroad station remained minimal. This tempered market optimism and caused price fluctuations.
ISW reports no confirmed Russian control of Lyman railroad station despite claims
December 31 drops to 69%10%
ISW assessments continued to show no confirmed Russian control of the Lyman railroad station area, reinforcing market skepticism and contributing to price declines for the December 31 outcome.
Russian troops fail to capture Lyman despite months of effort
Despite ongoing Russian attempts and propaganda claims, independent sources confirmed that Russian forces had not captured any part of Lyman city, with Ukrainian defenses holding firm and Russian advances limited to infiltration rather than control.
Russian forces maintain limited presence in Lyman but fail to penetrate Ukrainian defenses
December 31 drops to 59%6%
Reports indicated Russian forces were active around Lyman but struggled to penetrate Ukrainian defenses on the eastern outskirts, with Ukrainian forces controlling the majority of the city. This reinforced market skepticism about Russian capture prospects.
Reports debunk Russian claims of control in Lyman; Ukrainian forces hold town
December 31 drops to 69%6%
Multiple sources and analysts reported that Russian forces never took control of any part of Lyman city despite claims and propaganda. The situation remained stable with Ukrainian forces maintaining control, undermining Russian assertions of capture.
Analysts warn Russian claims of Lyman capture are exaggerated
December 31 drops to 56%5%
Multiple analysts and reports highlighted that Russian claims of capturing Lyman were false or exaggerated, with Ukrainian forces maintaining control. This reinforced market doubts about a Russian capture by the end of 2026.
Reports confirm Russian forces have not captured Lyman city or station
September 30 drops to 36%13%
Multiple sources, including Ukrainian officials and independent analysts, confirmed that Russian forces had not captured any part of Lyman city or the railroad station, leading to a significant drop in market confidence for Russian capture by September 30 and December 31.
Reports of Russian flags in Lyman dismissed as 'Potemkin flags'; city holds
December 31 jumps to 77%7%
Despite Russian videos showing flags in Lyman, credible sources confirmed Russian forces never controlled any part of Lyman city. Ukrainian forces maintained control, leading to market skepticism and price volatility.
Putin claims rapid Russian advances near Lyman, but ISW finds limited control
December 31 jumps to 76%6%
On June 26, Putin publicly claimed Russian forces had cleared most of Lyman and were close to Slovyansk and Kramatorsk, but ISW's independent mapping showed Russian presence limited to about 4.3% of Lyman, indicating a discrepancy between official claims and battlefield reality.
Russian forces falsely claim control of parts of Lyman amid ongoing Ukrainian defense
December 31 jumps to 69%10%
Russian milbloggers and sources claimed advances and control in Lyman, but independent verification showed Ukrainian forces still held the vast majority of the city, including the railroad station. This discrepancy caused market volatility.
Russian claims of advances near Lyman disputed; no confirmed capture of city
December 31 jumps to 78%7%
Russian sources claimed advances near Lyman, but ISW and independent analysts disputed these claims, noting Russian presence was limited and infiltration rather than consolidated control, keeping the railroad station out of Russian hands.
Reports confirm Russian forces never took control of any part of Lyman city
December 31 plunges to 51%23%
Multiple sources and analysts confirmed that Russian forces never took control of any part of Lyman city, with no counter-attacks reported and the situation remaining static, leading to market price declines reflecting reduced confidence in Russian capture by year-end.
Russian forces raise 'Potemkin flags' in Lyman but fail to capture city
December 31 jumps to 74%10%
Despite Russian claims and symbolic flag raisings, independent sources confirmed no Russian control of Lyman city or its railroad station, sustaining market uncertainty and limiting price gains.
Reports of Russian 'Potemkin flags' in Lyman with no actual control gained
Despite Russian videos showing flags in Lyman, multiple sources and analysts confirmed Russian forces had not captured any part of Lyman city, maintaining market skepticism about Russian control of the railroad station.
Russian claims of clearing majority of Lyman contradicted by ISW and OSINT
December 31 jumps to 75%6%
Putin claimed Russian forces cleared most of Lyman and advanced close to Slovyansk and Kramatorsk, but ISW and DeepState data showed Russian presence limited to small percentages of Lyman, with Ukrainian forces holding key areas including the railroad station.
Intense fighting continues in Lyman sector with Russian assaults and Ukrainian counterattacks
December 31 jumps to 83%5%
Reports from late June describe ongoing heavy fighting in Lyman with Russian forces attempting incremental gains and Ukrainian forces defending key positions including the railroad station, sustaining market optimism for eventual Russian capture but no confirmation yet.
Russian propaganda claims of imminent Lyman capture disputed by analysts
December 31 jumps to 78%14%
Euromaidan Press and independent analysts refuted Russian claims of imminent capture of Lyman, emphasizing that Russian forces had not taken control of any part of the city, reinforcing market doubts and causing price volatility.
Russian forces intensify attacks around Lyman but face Ukrainian resistance and supply issues
December 31 dips to 71%3%
Reports indicated Russian forces were actively attacking near Lyman but encountering strong Ukrainian defenses and fuel supply problems due to Ukrainian drone strikes on Russian logistics, limiting Russian operational effectiveness and tempering market optimism.
Russian forces repeatedly raise flags in Lyman but fail to secure control
December 31 drops to 68%10%
On June 26, reports highlighted that Russian troops were raising flags in Lyman as a show of presence, but had not established actual control over the town. This undermined market confidence in a near-term capture, causing price corrections.
Putin claims Russian forces rapidly advancing near Lyman and Slovyansk
December 31 jumps to 75%11%
Russian President Putin publicly claimed significant advances near Lyman and surrounding areas, but ISW and other sources noted these claims were exaggerated and not supported by geolocated evidence, causing skepticism in the market.
Reports confirm Russian forces unable to capture Lyman city or railroad station
December 31 dips to 54%2%
By late June 2026, multiple sources including ISW and independent analysts confirmed that Russian forces had not captured any part of Lyman city or its railroad station, with Ukrainian forces maintaining control and repelling Russian advances, leading to further market price declines.
Ukrainian drone strikes impede Russian logistics in Lyman direction
December 31 jumps to 56%5%
Ukrainian drone strikes disrupted Russian supply lines and logistical support in the Lyman sector, preventing Russian forces from consolidating control, which kept market prices low.
Military Analysts Debunk Russian Claims of Capturing Lyman
September 30 dips to 37%3%
Independent military analysts clarified that Russian forces had not taken control of any part of Lyman city and that claims of a Ukrainian counter-attack were invented to cover up previous Russian lies.
Ukrainian forces conduct clearing operations against Russian infiltrators in Lyman
Amid ongoing Ukrainian counterattacks north of Lyman, Ukrainian forces conducted clearing operations within Lyman itself against Russian infiltrators, demonstrating continued Ukrainian control and resistance against Russian attempts to capture the city.
Putin exaggerates Russian advances near Lyman; ISW reports limited control
December 31 rises to 68%4%
Between June 26 and July 2, Putin claimed rapid Russian advances near Lyman and other key cities, but ISW mapping showed limited Russian presence in Lyman (about 4.3%) and mostly shallow infiltrations. This discrepancy led to market uncertainty and volatility.
Ukrainian forces push back Russian infiltrations near Lyman, maintaining control
December 31 jumps to 66%5%
By late June, Ukrainian counterattacks and drone strikes have pushed back Russian infiltrations near Lyman, preventing Russian forces from consolidating control over the city and its railroad station, as confirmed by OSINT and ISW assessments.
Russian claims of control in Lyman contradicted by Ukrainian resistance and analysts
December 31 drops to 61%13%
Despite Russian milbloggers claiming control and raising flags in Lyman, multiple sources including ISW and Ukrainian officials confirmed that Ukrainian forces still held significant parts of Lyman, leading to skepticism about Russian capture and market price volatility.
ISW confirms Russian presence in 4.3% of Lyman but no full control
December 31 rises to 69%3%
ISW mapping showed limited Russian presence in Lyman, with only a small portion of the city under Russian control, suggesting the railroad station remained under Ukrainian control and limiting market optimism about capture.
Russian propaganda claims false advances and flag raisings in Lyman
December 31 drops to 61%5%
Russian state media and milbloggers circulated footage of Russian flags in Lyman, but independent analysts and ISW assessed these as 'Potemkin flags' with no real territorial gains, reinforcing market doubts about Russian capture prospects.
Reports confirm Lyman remains under Ukrainian control despite Russian attempts
December 31 plunges to 61%15%
By late June, multiple sources including ISW and independent analysts confirmed that despite Russian infiltration and attempts to bypass the city, Lyman remained firmly under Ukrainian control with no Russian consolidation of the railroad station. This reinforced market skepticism about a Russian capture by year-end.
Reports debunk Russian propaganda claiming imminent capture of Lyman
December 31 drops to 50%14%
Multiple sources and analysts warned against believing Russian propaganda about capturing Lyman, emphasizing that Russian forces had not taken control of the city despite months of effort, leading to further price declines.
Russian propaganda claims of Lyman capture contradicted by Ukrainian resistance reports
December 31 dips to 44%3%
Despite Russian videos showing flags raised in Lyman, credible sources and Ukrainian officials confirmed Russian forces never took control of any part of Lyman city, maintaining Ukrainian control over the railroad station area.
Russian forces fail to establish control over Lyman despite claims of flag-raising
December 31 drops to 63%9%
Despite Russian milbloggers and sources claiming control and raising flags in Lyman, independent assessments and ISW reported that Ukrainian forces maintained control over the vast majority of Lyman, with Russian forces unable to secure the city or the railroad station. This contributed to a decline in market confidence.
Russian forces strike Ukrainian positions near Lyman but make no tactical gains
Russian forces conducted strikes and used glide bombs near Lyman but Ukrainian commanders reported the situation as stable with no tactical gains for Russia, indicating continued Ukrainian control over the area including the railroad station.
Russian forces intensify glide bomb strikes and drone attacks near Lyman
December 31 surges to 71%15%
Russian military increased use of glide bomb strikes and strike drones targeting Ukrainian logistics near Lyman, aiming to degrade Ukrainian defenses and prepare for further offensive operations, supporting Russian consolidation efforts.
Russian forces conduct strikes in Lyman but fail to advance tactically
December 31 drops to 49%12%
On June 25, Russian forces struck Ukrainian positions in southern Lyman but did not make tactical gains. Ukrainian commanders reported the situation as stable, indicating continued contested control and no Russian capture of the train station.
Russian forces continue offensive operations near Lyman but make no confirmed advances
December 31 jumps to 69%6%
Despite ongoing Russian strikes and infiltration missions near Lyman, no confirmed advances or capture of the Lyman railroad station occurred, reflecting persistent Ukrainian resistance and logistical challenges for Russia.
Market uncertainty rises amid conflicting reports on Lyman control
September 30 drops to 37%12%
Conflicting reports about control of Lyman led to volatile market prices for the September 30 outcome, with prices swinging between 70% and 37%, reflecting uncertainty about Russian capture prospects.
Russian advances split Ukrainian forces in Krasny Liman into three sectors
December 31 surges to 70%21%
Russian military operations divided Ukrainian forces in Krasny Liman, including areas near the train station, indicating increased Russian pressure but not full capture, causing market uncertainty and price fluctuations.
Russian Defense Minister orders acceleration of advances on Lyman axis
December 31 jumps to 79%9%
Following reports of slow progress and inflated claims of territorial control, Russian Defense Minister Andrei Belousov ordered the Western grouping to accelerate advances along the Lyman axis, boosting market confidence in Russian capture prospects.
Ukrainian chief says Russia is adjusting its offensive plans near Lyman
December 31 drops to 63%7%
Syrskyi said Russian commanders had “adjusted” plans and were forming new divisions, interpreted as an admission of stalled progress. The price slipped from 70 % to 63 % as confidence in a capture waned.
Russian Forces Strike Southern Lyman but Fail to Make Tactical Gains
September 30 plunges to 40%30%
Geolocated footage showed Russian strikes in southern Lyman, but Ukrainian commanders reported that the situation remained stable with no Russian tactical gains.
Russian forces conduct glide bomb strikes near Lyman but fail to advance
December 31 jumps to 75%11%
Russian forces intensified glide bomb strikes against Ukrainian positions near Lyman but did not make confirmed territorial gains, reflecting ongoing stalemate and uncertainty about control of the railroad station.
ISW map shows Russian‑controlled area covering Lyman rail station
September 30 drops to 37%12%
ISW released a terrain‑control map for Lyman on 24 June showing a patch of red over the rail station area, confirming Russian presence. The confirmation caused a price dip for the “September 30” option (from 49 % to 37 % by 30 June) as traders reassessed the likelihood of a later deadline being met.
Analysts report Russian advances near Lyman are limited and contested
December 31 drops to 60%10%
Independent analysts and Ukrainian officials reported that Russian advances near Lyman were shallow infiltrations rather than secured territory, with Ukrainian forces successfully pushing back. This tempered market optimism about a Russian capture by year-end.
Russia continues slow advances in eastern Ukraine but fails to capture Lyman
December 31 rises to 74%2%
Russian troops made incremental gains in Donetsk region but failed to penetrate Ukrainian defenses in Lyman, with reports indicating only infiltration tactics rather than full control. This maintained market uncertainty and limited price increases.
ISW confirms Ukrainian control in eastern Lyman despite Russian infiltration attempts
December 31 dips to 61%4%
ISW assessments and geolocated evidence confirmed Ukrainian forces maintained control over eastern Lyman and key areas including the railroad station, while Russian forces conducted infiltration missions without consolidating control.
Analyst states Lyman is 'about to fall' to Russian forces
December 31 jumps to 77%13%
An analyst noted that Lyman was 'about to fall' to Russian forces, reflecting increased expectations of Russian capture, which contributed to a price increase for the December 31 outcome to 77% by June 26.
CNN says Russian claims of Lyman progress are exaggerated
December 31 drops to 45%7%
A CNN report highlighted that Russian claims of progress around Lyman were exaggerated and that Russia was only inching forward. This skeptical coverage coincided with a pull‑back in the “December 31” odds to 45 % on June 15, signalling market doubt.
Reports highlight ongoing contested control and intensified fighting near Lyman
December 31 jumps to 74%6%
Late June 2026 reports indicated ongoing contested control of Lyman with intensified fighting and infiltration missions, with Ukrainian forces pushing back Russian advances, reflecting uncertainty in control status.
Ukrainian forces maintain positions in Lyman amid Russian infiltration attempts
December 31 drops to 69%6%
Despite Russian infiltration missions and shelling in and around Lyman, Ukrainian forces held their positions, preventing Russian consolidation of control over the city and its key infrastructure, including the railroad station.
ISW reports ongoing fighting around Lyman with no Russian capture of railroad station
December 31 rises to 51%2%
Geolocated footage showed Russian and Ukrainian forces striking each other near Lyman, with no evidence of Russian control over the railroad station, maintaining market skepticism about Russian capture by year-end.
Experts say Russian progress near Lyman is exaggerated despite infiltration efforts
September 30 plunges to 22%20%
Analysts and Ukrainian sources reported that Russian advances near Lyman were limited to small infiltration groups and that the city remained under Ukrainian control, leading to further market price declines for capture by September 30.
CNN reports Russian advances near Lyman exaggerated; city remains under Ukrainian control
December 31 dips to 56%3%
Independent reporting highlighted that Russian advances in Donetsk region including Lyman were overstated, with Russian forces using infiltration tactics but failing to capture the city or its railroad station, reinforcing skepticism about Russian capture prospects.
ISW Map Shows Limited Russian Control in Lyman Tactical Area
ISW's June 24 map indicated Russian forces had limited control in the Lyman area, with no confirmed capture of the Lyman railroad station. This reinforced market skepticism about imminent Russian capture of the station.
ISW Map Confirms Ukrainian Control of Lyman Railroad Station
December 31 drops to 72%7%
ISW's assessed control map showed Ukrainian forces holding the Lyman railroad station area, contradicting Russian claims of capture. This confirmation led to market corrections with a price decline from the June peak for the December 31 outcome.
ISW analysis highlights Russian infiltration and pressure in Lyman but confirms Ukrainian hold on eastern parts
December 31 drops to 69%9%
ISW reported Russian infiltration missions and increased assaults in central Lyman, exploiting summer foliage for cover, but Ukrainian forces maintained positions in the east, preventing Russian consolidation of the railroad station area.
ISW map shows Russian forces control about 4.3% of Lyman territory
December 31 jumps to 64%5%
ISW's control of terrain assessment indicated that Russian forces held only a small fraction of Lyman, reflecting limited territorial gains and contested control, tempering market optimism about full capture of the Lyman railroad station.
Experts say Russian claims of progress near Lyman are exaggerated
December 31 dips to 50%4%
Analysts noted that Russian forces were using infiltration tactics near Lyman but had not achieved significant territorial gains, with Ukrainian forces maintaining defensive positions. This tempered market optimism about imminent Russian capture of the railroad station.
ISW map confirms contested control in Lyman tactical area with no full Russian control
December 31 jumps to 63%7%
ISW's assessed control map showed ongoing contested control in Lyman area with Ukrainian forces holding eastern parts and Russian forces infiltrating but not consolidating control over the railroad station.
Russian troops attempt to infiltrate eastern outskirts of Lyman amid difficult fighting
December 31 dips to 50%2%
DeepState reported Russian forces attempting infiltration on Lyman's eastern outskirts with increased activity around the city, but the overall situation inside Lyman remained stable with Ukrainian control intact. This maintained market skepticism about Russian capture.
ISW map shows Russian presence limited to small infiltrations in Lyman
December 31 jumps to 75%12%
ISW's June 24 map assessment indicated Russian forces held only about 4.3% of Lyman through infiltrations, with no consolidated control, reinforcing market skepticism about Russian capture by mid-2026.
ISW map shows ongoing fighting and infiltration in Lyman with no Russian consolidation
December 31 dips to 76%2%
On June 24, ISW reported continued Russian infiltration and Ukrainian counterattacks in Lyman, with no confirmed Russian control of the railroad station. The fighting remained intense and the city contested, contributing to market uncertainty and price volatility.
Russian forces intensify attacks north of Lyman but face fuel supply issues
December 31 jumps to 59%6%
On June 23, Ukrainian spokesperson Colonel Viktor Trehubov reported that Russian forces intensified attacks north of Lyman but were beginning to suffer fuel supply problems due to Ukrainian drone strikes on logistics, limiting their offensive capabilities.
Russian President Putin claims strength and rejects diplomatic solutions amid ongoing fighting near Lyman
December 31 jumps to 76%6%
Putin's speech reinforced Russia's resolve to continue military efforts, including around Lyman, despite limited territorial gains and Ukrainian resistance, contributing to market uncertainty about Russian capture of Lyman's railroad station.
Experts caution Russian progress near Lyman is exaggerated despite ongoing infiltration
December 31 drops to 62%6%
On June 24, CNN reported that while Russian forces continue to inch forward near Lyman using infiltration tactics, claims of significant progress are overstated. This tempered market enthusiasm, contributing to price fluctuations.
ISW map shows no Russian control of Lyman railroad station as of June 24
December 31 plunges to 62%16%
ISW's assessed control map for June 24 shows no shading of the Lyman railroad station area in red, indicating Russian forces had not captured the station by this date, supporting market skepticism about Russian capture by year-end.
Russia continues incremental advances near Lyman amid contested fighting
December 31 jumps to 63%8%
Reports indicated Russia was inching forward in eastern Ukraine's Donetsk region, including efforts to encircle Lyman using infiltration tactics, which raised market confidence in eventual Russian capture by year-end.
Russian forces conduct infiltration missions and claim advances near Lyman and Rai-Oleksandrivka
December 31 surges to 69%17%
Russian forces continued infiltration missions and claimed advances southwest of Rai-Oleksandrivka and near Lyman, but geolocated footage showed ongoing contested control with Ukrainian strikes on Russian positions, reflecting a stalemate rather than full capture.
ISW map shows Ukrainian forces holding eastern Lyman despite Russian infiltration attempts
December 31 drops to 54%12%
ISW's June 24 assessment indicated Ukrainian forces maintained control in eastern Lyman while Russian forces continued infiltration in central areas, with no full Russian control of the city or railroad station, dampening prospects of Russian capture by year-end.
ISW map shows contested control in Lyman with ongoing fighting and infiltration
December 31 surges to 78%15%
ISW assessments indicate Russian forces infiltrated parts of Lyman and surrounding areas, but Ukrainian forces maintained significant control, with fighting ongoing around the railroad station and city center.
ISW map shows Russian infiltration in central Lyman but Ukrainian forces hold eastern parts
December 31 surges to 65%20%
ISW mapping indicated Russian forces infiltrated central Lyman, raising flags in some areas, but Ukrainian forces maintained control in eastern parts, preventing full Russian capture of the city and its infrastructure.
ISW reports Russian infiltration and fighting in northern and southeastern Lyman
December 31 drops to 59%6%
Geolocated footage showed Russian strikes and infiltration in Lyman areas, but no full control. Ukrainian forces continued to contest the city, maintaining defensive positions. This sustained the market's cautious stance on Russian capture prospects.
Ukrainian forces strike Russian positions near Lyman amid ongoing infiltration missions
December 31 jumps to 69%10%
Geolocated footage showed Ukrainian strikes on Russian forces near Lyman, indicating active Ukrainian defense and contesting Russian advances, which contributed to market uncertainty and price fluctuations.
ISW reports Russian infiltration in central Lyman but Ukrainian control in east
December 31 rises to 54%2%
ISW analysis on June 24 showed Russian forces infiltrating central Lyman but Ukrainian forces holding the eastern parts, indicating no full Russian control of the town or the railroad station. This tempered market expectations for imminent Russian capture.
ISW map shows Russian advances near Lyman but no full control of railroad station
December 31 drops to 60%9%
ISW's June 24, 2026 map showed Russian forces advancing in the Lyman tactical area but Ukrainian forces still holding key positions, including around the railroad station, maintaining Ukrainian control and preventing Russian capture of the station.
ISW map shows Ukrainian control over most of Lyman, Russian forces active but not dominant
December 31 dips to 63%3%
ISW's June 24 map indicated Ukrainian control over the majority of Lyman, with Russian forces active around the area but unable to fully capture the city or railroad station. This reinforced market skepticism about Russian capture by year-end.
Russian forces intensify attacks in Lyman direction amid fuel supply issues
December 31 drops to 45%5%
Russian forces increased offensive efforts near Lyman but faced fuel shortages due to Ukrainian drone strikes on logistics, limiting their operational effectiveness and dampening market optimism.
Russian military splits Ukrainian forces in Krasny Liman, reaches Novatorskaya train station
December 31 drops to 62%14%
Russian forces reportedly split Ukrainian forces into sectors and reached the Novatorskaya train station in Lyman, indicating pressure on the city. Despite this, Ukrainian forces were retreating beyond railroad tracks, and the main Lyman railroad station remained contested.
Ukrainian military reports intensified Russian attacks near Lyman amid Russian fuel supply issues
December 31 dips to 50%2%
On June 23, Ukrainian officials reported that Russian forces intensified attacks north of Lyman but faced fuel supply problems due to Ukrainian drone strikes on Russian logistics. This limited Russian operational capabilities and slowed advances.
DeepState Reports Russian Attempts to Infiltrate Eastern Outskirts of Lyman
December 31 jumps to 73%5%
Military analysts reported that Russian troops were actively attempting to infiltrate the eastern outskirts of Lyman, raising concerns about the stability of the city's defenses.
Ukrainian spokesperson reports intensified Russian attacks in Lyman direction amid fuel supply issues
December 31 jumps to 70%7%
Russian forces increased attacks to advance north of Lyman but faced logistical challenges due to Ukrainian drone strikes on supply lines, limiting their operational effectiveness and dampening capture prospects.
Russian Forces Attempt to Infiltrate Eastern Outskirts of Lyman
September 30 dips to 46%3%
Military analysts reported that Russian forces were attempting to infiltrate the eastern outskirts of Lyman, highlighting a difficult situation but confirming that Russia did not yet control the city.
Russian forces intensify attacks north of Lyman but face fuel supply issues
December 31 surges to 79%16%
Russian forces increased attacks north of Lyman to advance before supply issues worsen, but Ukrainian drone strikes on Russian logistics caused fuel shortages, limiting Russian operational capabilities and hindering their ability to capture Lyman.
Russian forces attempt to infiltrate eastern outskirts of Lyman amid difficult situation
December 31 drops to 65%11%
Reports from DeepState indicated Russian attempts to infiltrate eastern outskirts of Lyman with ongoing fighting near nearby settlements, maintaining a contested situation around the city and railroad station.
Ukraine intensifies drone and missile strikes on Russian logistics and infrastructure
December 31 jumps to 69%6%
Ukraine conducted extensive drone and missile strikes on Russian logistics, warehouses, and fuel infrastructure, causing fuel shortages and operational difficulties for Russian forces near Lyman and other fronts, limiting Russian offensive capabilities.
Russian troops attempt to infiltrate eastern outskirts of Lyman amid difficult fighting
December 31 dips to 48%3%
Reports from DeepState indicate ongoing Russian attempts to infiltrate Lyman's outskirts, but the situation remained difficult and contested, with no confirmed capture of the railroad station, sustaining market skepticism about Russian success.
Russian attacks near Lyman continue despite logistical challenges
December 31 drops to 70%9%
On June 23, Russian forces persisted with attacks north of Lyman, but fuel shortages and Ukrainian interdiction campaigns hampered their efforts, maintaining uncertainty about capturing the railroad station.
Russian forces attempt infiltration on Lyman outskirts amid difficult fighting
December 31 plunges to 37%27%
Reports indicated Russian forces trying to infiltrate eastern outskirts of Lyman, with intense fighting near Yampil and Ozerne. Despite increased Russian activity, the overall situation inside Lyman remained stable under Ukrainian control, limiting Russian chances to capture the railroad station.
Military summaries report days until official control announcement for Lyman
December 31 jumps to 64%5%
On June 23, military summaries indicated that Russian forces were preparing for an official control announcement of Lyman, reflecting heightened expectations of a Russian capture. This news caused a peak in market optimism.
Russian forces face fuel supply issues in Lyman direction amid intensified attacks
December 31 jumps to 63%7%
Ukrainian officials reported that Russian forces intensified attacks north of Lyman but began suffering fuel supply problems due to Ukrainian drone strikes on logistics. This logistical strain likely hindered Russian offensive capabilities near Lyman.
Putin signals readiness for peace talks but demands Ukrainian capitulation
December 31 rises to 72%2%
Putin stated Russia is ready for peace talks based on prior demands amounting to Ukrainian capitulation, but no negotiated settlement granting Russia control of Lyman was announced, leaving market resolution dependent on military control.
Russian forces intensify attacks near Lyman but face fuel supply issues
December 31 jumps to 69%8%
Russian forces intensified attacks north of Lyman to advance before fuel shortages worsen due to Ukrainian drone strikes on Russian logistics. This constrained Russian operational capabilities and cast doubt on their ability to secure Lyman soon, causing mixed market reactions.
Russian forces advance southwest of Rai-Oleksandrivka near Lyman amid ongoing fighting
December 31 jumps to 78%6%
Russian advances near Lyman were reported, but Ukrainian forces continued to strike Russian positions, indicating a fluid frontline with no decisive Russian capture of the Lyman railroad station.
Ukrainian forces counterattack near Lyman, disrupting Russian infiltration attempts
December 31 dips to 45%2%
Ukrainian forces conducted strikes against Russian positions near Lyman, impeding Russian infiltration missions and maintaining defensive lines. This contributed to market uncertainty and a slight dip in confidence for Russian capture.
Russian MoD says 25th Combined Arms Army advances in southern Lyman
December 31 jumps to 66%14%
The Russian MoD announced that elements of the 25th Combined Arms Army were advancing in southern and southwestern Lyman. The announcement lifted “December 31” odds to 66 % (price before = 52, price after = 66).
Russian MoD claims advances in Lyman disputed by ISW as possibly AI-altered footage
Russian Ministry of Defense claimed advances and flag-raising in Lyman, but ISW could not verify and suspected AI-altered footage, casting doubt on Russian control claims and sustaining market skepticism.
Russian MoD Claims Advances in Southern Lyman Amid AI-Altered Footage Concerns
September 30 drops to 40%9%
The Russian Ministry of Defense claimed advances in southern and southwestern Lyman, though analysts warned that accompanying flag-raising footage may have been AI-altered.
Russian Ministry of Defense claims advances in Lyman with AI-altered footage of flag raising
December 31 jumps to 71%7%
Russian MoD published footage purportedly showing Russian forces raising a flag in Lyman, but ISW assessed the footage as likely AI-altered and unverifiable, casting doubt on Russian claims and causing market skepticism.
Russian forces intensify attacks near Lyman with numerous assault attempts
December 31 surges to 79%16%
On June 22, 2026, Russian troops launched 24 attacks near Lyman and adjacent settlements, reflecting sustained offensive efforts. Despite this, Ukrainian defenders maintained resistance, contributing to market volatility and a moderate price increase.
Russian forces control majority of Lyman and conduct strikes near the town
December 31 jumps to 64%12%
Russian forces reportedly controlled 99% of Lyman and conducted strikes on Ukrainian positions near the town, signaling near-complete Russian control and pushing market prices higher for the December 31 outcome.
ISW confirms Russian seizure of Brusyn train station near Lyman
December 31 jumps to 70%13%
ISW’s June 21 assessment reported Russian forces seized the Brusyn train station and advanced toward Lyman. The market surged sharply, climbing from 57 % to 70 % as the probability of a capture rose dramatically.
Russian forces claim partial control of Lyman amid ongoing fighting and Ukrainian counterattacks
December 31 jumps to 63%7%
Russian sources claimed to have seized parts of Lyman and nearby train stations, but ISW and Ukrainian reports indicated ongoing fighting and Ukrainian counterattacks, reflecting contested control and uncertainty about full Russian capture.
Russian forces claim control of Brusyn Train Station southwest of Lyman
December 31 jumps to 69%13%
Russian milbloggers claimed seizure of the Brusyn Train Station near Lyman, suggesting incremental control over railway infrastructure, which influenced market confidence positively for the December 31 outcome.
Russian forces claimed advances near Lyman including seizure of Brusyn Train Station
December 31 jumps to 56%7%
Russian sources claimed advances near Lyman and seizure of Brusyn Train Station southwest of Lyman, but Ukrainian forces continued to contest the area. This led to some market optimism but uncertainty remained about full capture of Lyman railroad station.
Russian forces continue infiltration near Lyman but face strong Ukrainian resistance
December 31 jumps to 51%5%
Despite Russian claims of advances and control over nearby train stations, ISW and geolocated footage showed contested positions and ongoing Ukrainian strikes, maintaining market uncertainty.
Russian Ministry of Defense releases footage claiming advances and consolidation in Lyman
December 31 jumps to 69%13%
The Russian MoD published footage showing assault units advancing and consolidating positions in Lyman, including drone strikes and flag raising, which bolstered market optimism about Russian control over the city and its railroad station.
Russian forces continue infiltration attempts near Lyman but Ukrainian forces hold positions
December 31 jumps to 75%11%
Russian sources claimed advances near Lyman including seizure of nearby train stations, but geolocated footage showed Ukrainian forces striking Russian positions and maintaining control in eastern Lyman and surrounding areas. This indicated ongoing contested control rather than Russian capture.
Russian forces claim advances near Lyman including seizure of nearby train station
December 31 jumps to 64%8%
Russian milbloggers and the Russian Ministry of Defense claimed advances near Lyman, including seizing the Brusyn Train Station southwest of Lyman. However, Ukrainian forces continued to contest the area, and control remained mixed.
Russian sources claim advances near Lyman including Brusyn Train Station, but Ukrainian control remains
December 31 jumps to 64%5%
Russian milbloggers claimed control over Brusyn Train Station southwest of Lyman and advances near Lyman, but ISW assessed Ukrainian forces still controlled the vast majority of Lyman. This discrepancy maintained market uncertainty about Russian capture.
Russian sources claim seizure of Brusyn Train Station southwest of Lyman
December 31 jumps to 59%5%
Russian milbloggers claimed control of Brusyn Train Station near Lyman, but ISW assessments indicated ongoing contested control and Ukrainian counterstrikes, maintaining market skepticism about full Russian capture of Lyman's key infrastructure.
Russian forces claim seizure of Brusyn Train Station southwest of Lyman
December 31 surges to 70%18%
Russian milbloggers claimed control of Brusyn Train Station near Lyman, fueling speculation of Russian advances in the area and impacting market prices positively.
Russian forces fail to capture Brusyn Train Station near Lyman
June 30 plunges to 1%15%
Russian forces failed to capture the Brusyn Train Station southwest of Lyman, a key strategic objective, significantly weakening the case for a Russian capture of Lyman.
ISW reports Russian forces seized Brusyn Train Station southwest of Lyman
December 31 rises to 61%4%
Russian milbloggers claimed seizure of the Brusyn Train Station near Lyman, indicating attempts to control railway infrastructure in the area, which affected market perceptions of Russian progress.
Russian forces claimed to have seized Brusyn Train Station southwest of Lyman
December 31 rises to 63%4%
Russian milbloggers claimed seizure of Brusyn Train Station near Lyman and advances in nearby areas, but ISW assessments indicated ongoing infiltration and contested control rather than full capture of Lyman railroad station, causing mixed market reactions.
Russian forces seize Brusyn Train Station southwest of Lyman amid infiltration missions
December 31 jumps to 66%7%
Russian milbloggers claimed that Russian forces seized the Brusyn Train Station southwest of Lyman and advanced in nearby areas, signaling attempts to control key logistics points near Lyman. However, ISW assessed these as infiltration missions rather than full control, contributing to market uncertainty.
Russian claims of capturing Brusyn Train Station near Lyman disputed by Ukrainian strikes
December 31 rises to 59%3%
Russian sources claimed control of Brusyn Train Station southwest of Lyman, but Ukrainian forces continued striking Russian positions nearby, indicating contested control and ongoing fighting rather than consolidated Russian capture.
Russian forces intensify assaults in Lyman direction exploiting terrain
December 31 rises to 64%3%
Russian forces increased assaults in the Lyman area using terrain for concealment, attempting to find weak spots in Ukrainian defenses, which raised market expectations of possible Russian gains.
Russian forces claim advances near Lyman including seizure of Brusyn Train Station
September 30 drops to 41%8%
Russian milbloggers claimed seizure of nearby Brusyn Train Station and advances near Lyman, fueling expectations of imminent capture of Lyman's railroad station. However, Ukrainian forces continued to contest the area, limiting Russian gains.
Russian forces intensify assaults near Lyman with increased infiltration attempts
December 31 jumps to 78%14%
By June 21, Russian troops intensified assaults and infiltration missions near Lyman, exploiting foliage for concealment, but Ukrainian forces continued to strike Russian positions and repel advances, maintaining a contested frontline.
Russian claims of advances near Lyman contradicted by Ukrainian strikes and interspersed positions
December 31 dips to 45%4%
Russian sources claimed advances near Lyman and seizure of nearby train stations, but Ukrainian strikes and geolocated footage showed contested and interspersed positions, undermining Russian claims and market confidence in capture.
Russian forces continue infiltration and attacks near Lyman but fail to consolidate control
On June 21, Russian forces were reported to be attacking near Lyman and seizing nearby train stations but Ukrainian forces maintained positions in Lyman itself. This ongoing contestation kept the market cautious about a Russian capture of the Lyman railroad station.
Russian forces infiltrate central Lyman but Ukrainian forces hold eastern positions
ISW analysis of June 19-20 showed Russian infiltration into central Lyman while Ukrainian forces maintained eastern defenses. This indicated contested control rather than full Russian capture of the railroad station.
Russian forces conduct infiltration missions near Lyman but face strong Ukrainian resistance
December 31 jumps to 65%11%
Russian forces increased infiltration attempts around Lyman, including claims of seizing nearby train stations, but ISW and geolocated footage showed Ukrainian strikes and contested control, indicating no decisive Russian gains.
Russian forces claim to have seized Brusyn Train Station near Lyman amid ongoing fighting
Russian milbloggers claimed control of Brusyn Train Station southwest of Lyman, but ISW assessed positions as interspersed with Ukrainian forces, indicating contested control rather than full capture, maintaining uncertainty about Lyman's status.
Milbloggers claim Russian forces capture Brusyn train station near Lyman
December 31 jumps to 59%14%
Milbloggers reported the seizure of the Brusyn train station southwest of Lyman. The claim, echoed by ISW’s assessment, coincided with a sharp rise in the “December 31” odds to 59 % on June 18 (price before = 45, price after = 59).
Russian Milbloggers Claim Seizure of Brusyn Train Station Near Lyman
September 30 surges to 70%21%
Russian sources claimed advances deeper into Lyman and the seizure of the Brusyn Train Station southwest of Lyman, driving up the perceived likelihood of capture.
Russian milbloggers claim seizure of Brusyn Train Station southwest of Lyman amid ongoing fighting
December 31 jumps to 52%5%
Russian sources claimed control of Brusyn Train Station near Lyman, but ISW assessments indicated positions remained contested with Ukrainian strikes ongoing. This claim did not translate into confirmed control of Lyman's railroad station, keeping market skepticism high.
Russian forces intensify infiltration missions near Lyman but face strong Ukrainian resistance
December 31 rises to 52%3%
On June 21, ISW reported Russian infiltration attempts near Lyman with claims of advances, but geolocated footage showed Ukrainian strikes on Russian positions, indicating contested control. This mixed situation caused market volatility with a dip and rebound in prices.
Russian forces continue infiltration missions near Lyman amid contested control
Russian forces conducted infiltration missions near Lyman and claimed advances, but geolocated footage showed Ukrainian strikes on Russian positions, indicating contested control and no consolidated Russian capture of Lyman's railroad station.
Russian milbloggers claim capture of Brusyn train station near Lyman
December 31 jumps to 78%8%
ISW noted Russian milbloggers claiming seizure of the Brusyn Train Station southwest of Lyman, but also reported Ukrainian strikes countering those claims. The mixed signals caused a brief rally (price rise to 78 % on June 28) as traders weighed possible capture of the rail hub.
Russian forces claim to seize Brusyn Train Station southwest of Lyman amid infiltration missions
December 31 jumps to 70%9%
Russian milbloggers claimed control of Brusyn Train Station near Lyman, but ISW assessments and geolocated footage showed ongoing Ukrainian strikes and contested positions, indicating no confirmed capture of Lyman's main railroad station.
Russian milbloggers say Brusyn train station near Lyman captured
December 31 jumps to 78%9%
Milbloggers claimed Russian forces seized the Brusyn Train Station southwest of Lyman. The claim, echoed by ISW’s map notes, pushed the “December 31” price to a new high of 78 % on 2026‑06‑28, reinforcing belief that the Lyman station was under Russian control.
Russian Claims of Seizing Brusyn Train Station Near Lyman Amidst Ongoing Fighting
December 31 surges to 78%15%
Russian milbloggers claimed seizure of Brusyn Train Station southwest of Lyman and advances near Lyman, but ISW assessments suggested positions remained interspersed with Ukrainian forces, indicating no clear Russian control of Lyman railroad station yet.
Russian forces intensify attacks near Lyman amid fuel supply issues
December 31 jumps to 79%10%
On June 21, Russian forces increased assaults north of Lyman but faced fuel supply problems due to Ukrainian drone strikes on logistics. This limited Russian operational capacity and affected market sentiment negatively.
ISW confirms Russian infiltration in central Lyman but Ukrainian forces hold east
December 31 jumps to 78%13%
ISW assessments on June 20 showed Russian forces conducting infiltration missions in central Lyman, including footage of a Russian flag raised, but Ukrainian forces maintained positions in eastern Lyman. This indicated ongoing contested control without Russian consolidation of the railroad station.
Russian infiltration in Lyman continues without consolidation
ISW confirmed ongoing Russian infiltration in central Lyman with Ukrainian forces holding eastern parts. Russian forces deployed counter-drone units to respond to Ukrainian interdiction, but no confirmed capture of the railroad station occurred.
ISW confirms Russian infiltrations in central Lyman but Ukrainian forces hold eastern parts
December 31 drops to 59%6%
ISW assessments on June 19-20 showed Russian forces infiltrating central Lyman and raising their flag, but Ukrainian forces maintained control in the eastern parts. The dense summer foliage provided cover for Russian assaults but did not translate into full control, limiting Russian progress and affecting market sentiment negatively.
Russian forces shell Ukrainian positions in eastern Lyman amid infiltration attempts
December 31 rises to 68%4%
Geolocated footage on June 19-20 showed Russian forces shelling Ukrainian positions in eastern Lyman and a Russian servicemember raising a flag in central Lyman, assessed as infiltration rather than consolidated control. This indicated ongoing contested fighting without Russian capture, tempering market expectations.
ISW reports Russian infiltration and partial control near Lyman railroad station
December 31 rises to 54%4%
Geolocated footage and reports showed Russian forces infiltrating central Lyman and raising a Russian flag, but ISW assessed these as infiltration missions rather than consolidated control, indicating ongoing contested status of the railroad station.
Ukrainian forces maintain positions in eastern Lyman amid Russian infiltration attempts
December 31 jumps to 69%8%
On June 20, ISW reported Ukrainian forces holding eastern Lyman positions despite ongoing Russian infiltration efforts, reinforcing the contested status of the area and limiting Russian control prospects.
ISW reports Ukrainian forces maintain positions in eastern Lyman amid Russian infiltration attempts
December 31 drops to 79%7%
Ukrainian forces held eastern Lyman while Russian forces conducted infiltration missions in the central part of the settlement. Footage showed Russian flag raised in central Lyman but assessed as infiltration, not consolidation, indicating no full capture of the railroad station.
ISW reports Russian forces raising flag in central Lyman during infiltration mission
December 31 jumps to 52%6%
On June 20, 2026, ISW published geolocated footage showing a Russian servicemember raising a Russian flag in central Lyman, assessed as part of a Russian infiltration mission rather than full control. This indicated ongoing contested fighting and partial Russian presence, influencing market optimism about eventual capture.
Geolocated footage shows Russian infiltration missions and limited advances near Lyman
December 31 dips to 53%1%
Footage published on June 19-20 showed Russian forces shelling positions in eastern Lyman and raising a Russian flag in central Lyman during infiltration missions, indicating limited Russian presence but not full control of the city or railroad station.
Russian forces intensify assaults near Lyman but Ukrainian forces repel advances
December 31 dips to 47%3%
Russian forces increased assaults in the Lyman direction exploiting terrain for concealment, but Ukrainian forces maintained positions and repelled infiltration attempts, preventing Russian consolidation of the area including the railroad station.
Russian forces intensify assaults and infiltration near Lyman amid contested control
December 31 jumps to 65%12%
Russian forces intensified assaults and infiltration missions near Lyman in late June, with some claims of advances but Ukrainian forces maintaining positions, reflecting ongoing contested control and market uncertainty.
Russian Infiltration Mission Reaches Central Lyman as Assaults Intensify
December 31 jumps to 64%13%
Geolocated footage confirmed a Russian servicemember raising a flag in central Lyman during an infiltration mission, signaling increased Russian pressure on the city.
ISW reports Russian infiltration but no consolidation in Lyman
December 31 drops to 55%6%
ISW published geolocated footage showing Russian forces shelling Ukrainian positions in eastern Lyman and a Russian servicemember raising a flag in central Lyman, assessed as infiltration rather than control. Ukrainian forces maintained positions in eastern Lyman, repelling Russian infiltrators, indicating no Russian consolidation of the town or railroad station. This tempered market optimism about a Russian capture by year-end.
Russian flag raised in central Lyman, ISW says
December 31 surges to 63%18%
ISW reported a Russian flag being raised in central Lyman during an infiltration mission, suggesting a foothold at the rail station. The news spurred a sharp swing upward, with the “December 31” price jumping from 45 % to 63 % on 2026‑06‑19‑20.
Russian forces conduct infiltration mission raising flag in central Lyman
December 31 jumps to 52%6%
Geolocated footage published on June 20 showed a Russian servicemember raising a Russian flag in central Lyman during an infiltration mission, signaling Russian attempts to establish presence in the city but not full control. This event contributed to market uncertainty.
ISW reports Russian forces infiltrate central Lyman but Ukrainian forces hold eastern parts
December 31 plunges to 56%17%
ISW analysis showed Russian forces increasing assaults and infiltrations in central Lyman using forest cover, but Ukrainian forces maintained control of eastern Lyman and resisted consolidation. This nuanced situation indicated ongoing fighting without full Russian capture, causing market uncertainty and price volatility.
Russian forces conduct infiltration missions and shell Ukrainian positions in Lyman
December 31 jumps to 63%10%
Geolocated footage showed Russian forces shelling Ukrainian positions and raising a Russian flag in central Lyman during infiltration missions, suggesting ongoing combat activity but no consolidated control. This contributed to market uncertainty and price fluctuations.
Ukrainian drones hit Russian positions in eastern Lyman
December 31 plunges to 46%24%
Geolocated footage released on June 20 showed Ukrainian drones striking Russian positions in eastern Lyman, contradicting Russian claims of control. The visual evidence heightened doubts about a Russian capture, contributing to the slide from 70 % (June 24) to 46 % (June 3).
ISW reports Russian infiltration in central Lyman but Ukrainian forces hold eastern parts
ISW analysis showed Russian forces infiltrating central Lyman, but Ukrainian troops maintained control in the east, indicating contested control and no full capture of the railroad station.
Russian forces infiltrate central Lyman but fail to consolidate control
ISW analysis in June 2026 showed Russian forces infiltrating the central part of Lyman, using forest cover for protection, but Ukrainian forces held the eastern parts and resisted full Russian control, indicating ongoing contested fighting rather than capture.
ISW maps flag‑raising in central Lyman as Russian infiltration
December 31 jumps to 54%6%
ISW’s daily assessment posted a geolocated video of a Russian soldier raising a flag in central Lyman, interpreted as a successful infiltration. Traders saw this as possible control of the railway hub, pushing the “December 31” probability from 48 % to 54 % (price before = 48, price after = 54).
Russian soldier raises flag in central Lyman during infiltration mission
December 31 jumps to 64%8%
ISW assessed a Russian flag-raising in central Lyman as an infiltration mission rather than consolidation, signaling limited Russian presence without full control, maintaining market skepticism about capture.
ISW reports Russian infiltration missions deepen near Lyman but no consolidated control
December 31 drops to 54%10%
ISW reported Russian forces conducting infiltration missions in and around Lyman, including raising a Russian flag in the center as part of infiltration rather than full control. Ukrainian forces continued to contest positions, indicating no full Russian capture of the railroad station.
ISW reports Russian infiltration mission raising flag in central Lyman
December 31 jumps to 63%14%
Geolocated footage showed a Russian servicemember raising a Russian flag in central Lyman during an infiltration mission, indicating partial Russian presence but not full control, causing slight market uptick.
Russian forces raise flag in central Lyman during infiltration mission, no confirmed capture
December 31 rises to 53%1%
Geolocated footage on June 19-20 showed Russian forces shelling eastern Lyman and raising a Russian flag in central Lyman, assessed by ISW as infiltration rather than consolidated control. Ukrainian forces maintained positions, limiting Russian gains.
Geolocated footage shows Russian forces shelling eastern Lyman and raising flag in central Lyman
December 31 rises to 51%3%
Footage indicated ongoing Russian infiltration missions and shelling in Lyman, but no confirmed consolidation of control over the railroad station. This maintained uncertainty in the market about Russia's ability to capture Lyman by the deadlines.
Russian servicemember raises flag in central Lyman amid ongoing infiltration attempts
December 31 rises to 51%1%
Footage showed a Russian servicemember raising a Russian flag in central Lyman, but ISW assessed this as part of infiltration missions rather than consolidated control, with Ukrainian forces still active in the area.
Russian infiltration missions and shelling in Lyman area observed
December 31 jumps to 59%10%
Geolocated footage showed Russian forces shelling Ukrainian positions and conducting infiltration missions in central Lyman, but Ukrainian forces repelled infiltrators and maintained control of key settlements, indicating contested control rather than full Russian capture.
ISW confirms Russian infiltration mission in central Lyman with flag raised
December 31 jumps to 76%12%
Geolocated footage published on June 20 showed a Russian servicemember raising a Russian flag in central Lyman, assessed by ISW as an infiltration mission rather than consolidated control. This indicated ongoing contested fighting and lack of full Russian control over Lyman, impacting market confidence negatively.
Geolocated footage shows Russian forces shelling Ukrainian positions in eastern Lyman
December 31 rises to 57%3%
Footage contradicted Russian claims of advances, showing ongoing fierce fighting and Russian infiltration missions rather than consolidated control, signaling a stalemate and affecting market optimism.
Russian forces shell Ukrainian positions in eastern Lyman amid infiltration missions
December 31 rises to 56%4%
Geolocated footage showed Russian shelling and infiltration attempts in eastern Lyman, contradicting Russian claims of full control and indicating ongoing contested fighting, which kept market uncertainty high.
ISW confirms Russian infiltration into central Lyman but no consolidation
December 31 rises to 52%3%
ISW reports from June 19-20 confirm Russian forces infiltrating the center of Lyman and raising a Russian flag, but classify this as infiltration rather than full control, indicating ongoing contested fighting and no capture of the railroad station yet.
ISW confirms Russian infiltration and flag-raising in central Lyman
December 31 jumps to 65%14%
ISW reported Russian forces conducting infiltration missions in central Lyman and published geolocated footage of a Russian soldier raising a flag, signaling tactical presence but not full control. This nuanced development increased market confidence in a possible Russian capture by year-end but underscored ongoing Ukrainian resistance.
Russian forces launch renewed offensive near Lyman railroad station
December 31 jumps to 61%9%
A renewed Russian offensive near Lyman raised market optimism temporarily, pushing prices up from 52% to 61% for the December 31 outcome, though no decisive capture was reported.
Russian forces infiltrate central Lyman and raise flag in infiltration mission
December 31 dips to 60%4%
Geolocated footage showed a Russian servicemember raising a flag in central Lyman during an infiltration mission, but Ukrainian forces continued to contest control and prevent consolidation. This indicated Russian attempts to gain footholds but no full capture of the railroad station.
Russian forces intensify attacks near Lyman but face supply issues
December 31 jumps to 70%11%
Russian forces increased attacks north of Lyman but began suffering fuel supply problems due to Ukrainian drone strikes on logistics, limiting their operational effectiveness and advance potential.
Russian Servicemember Raises Flag in Central Lyman During Infiltration Mission
December 31 surges to 69%16%
Geolocated footage showed a Russian soldier raising a flag in central Lyman, sparking fears of a rapid Russian breakthrough and causing a sharp spike in the market's capture probability.
RT says Russian forces fighting near Lyman railway station
December 31 surges to 69%22%
RT reported that by mid‑June Russian troops were already fighting inside Lyman’s city centre and near the railway station. The vivid media coverage coincided with the market’s short‑term rise from 47 % to 69 % (June 23), reinforcing the “December 31” outlook.
Geolocated footage shows Russian shelling and infiltration in Lyman, but Ukrainian forces hold eastern parts
December 31 drops to 55%5%
Footage confirmed Russian shelling and infiltration missions in Lyman, including a Russian flag raised in the city center, but Ukrainian forces maintained control in eastern Lyman. This suggested Russian presence but not consolidated control over the railroad station.
ISW reports Russian infiltration missions in central Lyman but Ukrainian forces hold eastern parts
December 31 drops to 57%9%
ISW assessments on June 19-20 showed Russian forces conducting infiltration missions in central Lyman, including a Russian flag raised in the center, but Ukrainian forces maintained control in the east. This indicated ongoing contested control rather than Russian consolidation, tempering expectations of imminent Russian capture.
Russian infiltration mission raises flag in central Lyman amid ongoing fighting
December 31 surges to 70%18%
Geolocated footage showed a Russian servicemember raising a Russian flag in central Lyman during an infiltration mission, signaling partial Russian presence but not full control, contributing to rising market confidence.
ISW reports Russian infiltration attempts in central Lyman amid Ukrainian resistance
December 31 plunges to 60%19%
ISW analysis on June 19-20, 2026, documented Russian forces infiltrating central Lyman using forest cover while Ukrainian forces held the eastern parts, indicating ongoing contested control but no full capture of the railroad station. This maintained uncertainty about Russian control and influenced market prices downward.
Russian infiltration missions near Lyman continue amid contested control
December 31 rises to 54%4%
Geolocated footage showed Russian forces raising flags in central Lyman as part of infiltration missions, but Ukrainian forces repelled infiltrators and maintained control. This led to mixed market reactions with some price recovery.
Russian forces claim infiltration and raise flag in central Lyman
December 31 jumps to 69%13%
Russian sources claimed infiltration into central Lyman and raising a flag, but ISW assessed these as infiltration missions without consolidated control, leading to market price spikes followed by corrections.
ISW reports Russian infiltration in central Lyman but no consolidation
December 31 jumps to 51%5%
ISW published geolocated footage showing Russian forces infiltrating central Lyman and raising a flag, but assessed this as a reconnaissance mission without consolidation. Ukrainian forces maintained control in the east and repelled infiltrators, indicating no Russian capture of the train station at this time.
Geolocated footage shows Russian servicemember raising flag in central Lyman
December 31 surges to 64%16%
On June 19, 2026, footage showed a Russian servicemember raising a flag in central Lyman, indicating at least partial Russian infiltration or presence, which caused a market price increase for the December 31 outcome.
Russian infiltration missions continue in Lyman; Ukrainian forces repel infiltrators
December 31 drops to 54%11%
In June 2026, Russian forces conducted infiltration missions in Lyman, including raising a Russian flag in central Lyman, but Ukrainian forces repelled infiltrators and maintained positions in eastern Lyman and nearby settlements. This ongoing contest kept the market uncertain.
ISW confirms Russian infiltration missions in central Lyman with flag raising
December 31 rises to 87%1%
Geolocated footage published on June 19 and 20 showed Russian forces shelling Ukrainian positions and raising a Russian flag in central Lyman, indicating infiltration but not consolidation. This maintained uncertainty about full Russian control of the railroad station, impacting market confidence.
ISW reports Russian infiltration and increased assaults in Lyman's center and east
December 31 drops to 75%5%
ISW analysis showed Russian forces infiltrating central Lyman and increasing assaults exploiting forest cover, suggesting tactical gains but not full control, causing mixed market reactions.
Russian forces raise flag in central Lyman amid infiltration attempts
December 31 jumps to 61%5%
Russian servicemember was seen raising a flag in central Lyman in what ISW assessed as an infiltration mission, but Ukrainian forces continued to repel Russian infiltrators, indicating contested control rather than full capture.
Russian forces conduct infiltration mission in central Lyman, raising Russian flag in the city center
December 31 jumps to 69%10%
Geolocated footage showed Russian forces raising a flag in central Lyman, assessed by ISW as an infiltration mission rather than consolidation, indicating ongoing contested control and no full capture of the railroad station.
Russian forces conduct infiltration missions in central Lyman but fail to consolidate control
December 31 drops to 79%8%
ISW reports from June 19-20 show Russian forces infiltrating central Lyman and raising a Russian flag, but these actions are assessed as infiltration missions rather than consolidation of control, with Ukrainian forces maintaining positions in the east and resisting advances.
Russian infiltration mission in central Lyman with no consolidated control
December 31 jumps to 61%9%
Geolocated footage on June 19 showed a Russian servicemember raising a flag in central Lyman, assessed as an infiltration mission without consolidated control, while Ukrainian forces repelled infiltrators nearby, sustaining market doubts.
Renewed Russian attacks near Lyman raise capture prospects
December 31 jumps to 54%6%
Renewed Russian military activity near Lyman in mid-June caused a modest price increase from 48% to 54%, indicating a slight rise in market confidence that Russia might capture the railroad station by December 31, 2025.
Clashes reported near Lyman amid ongoing Ukrainian resistance
June 30 dips to 7%2%
Reports from the General Staff of the Armed Forces of Ukraine detailed ongoing clashes near Lyman, reinforcing perceptions of sustained Ukrainian control and resistance, which contributed to low market confidence in Russian capture by June 30.
Russian forces conduct combined motorized and mechanized assault near Lyman
December 31 jumps to 59%7%
Geolocated footage showed Russian forces conducting a combined assault near Lyman, but Ukrainian forces counterattacked and maintained control. This ongoing fighting without decisive Russian gains contributed to market volatility and uncertainty.
Fighting intensifies near Lyman railway station as Russian forces advance
December 31 surges to 70%22%
Active fighting occurred in the center of Lyman near the railway station and industrial zones, with Russian forces making infiltration attempts but Ukrainian forces maintaining control. This led to market uncertainty and price fluctuations, with a trough at 48% and subsequent recovery to 70%.
Russian forces intensify assaults in Lyman direction amid Ukrainian drone strikes
December 31 surges to 61%16%
Russian forces increased the number of assaults in the Lyman direction, exploiting foliage for concealment, but Ukrainian drone strikes and artillery impeded their advances. The ongoing contested situation contributed to market uncertainty and price volatility.
Russian Ministry of Defense claims advances in Lyman, seizing buildings and cutting Ukrainian supply lines
December 31 rises to 54%4%
Russian MoD claimed control over parts of Lyman and destruction of Ukrainian ground lines of communication, but these claims were likely exaggerated as independent sources showed ongoing Ukrainian control and infiltration fighting. This caused some market fluctuations but no sustained price increase.
Russian forces make infiltration attempts in Lyman amid ongoing fighting
December 31 jumps to 59%13%
Russian forces attempted to infiltrate and advance in Lyman, with reports of fighting in the city center and Russian flags raised in some areas, but Ukrainian forces held eastern Lyman and repelled advances, maintaining control of the railroad station area.
Russian Forces Conduct Infiltration Missions in Central Lyman
December 31 surges to 68%18%
Geolocated footage confirmed Ukrainian forces striking a Russian position in central Lyman following a Russian infiltration mission, while Russian milbloggers claimed advances.
Russian forces reportedly cut Lyman into three sectors amid ongoing fighting
December 31 jumps to 64%14%
Reports on June 16 indicated Russian forces had reached key transport points in Lyman and were engaging in heavy fighting, suggesting increased Russian pressure but no confirmed full control of the railroad station.
Russian forces cut Lyman city into three sectors but fail to capture it
Russian troops reportedly split Ukrainian forces in Lyman and reached key transport points but Ukrainian forces continued to hold the city, preventing Russian control of the railroad station or the town.
Russian forces split Ukrainian defenders in Krasny Liman and reach Novatorskaya train station
September 30 drops to 40%9%
Russian military operations divided Ukrainian forces in Krasny Liman into three sectors and reached the Novatorskaya train station and bus station in Lyman, signaling pressure on Ukrainian defenses and potential Russian advances near Lyman. This raised market confidence in a Russian capture by September 30.
Russian forces split Ukrainian defenses and advance near Lyman railroad station
December 31 jumps to 64%14%
On June 16, Russian military operations split Ukrainian forces in Krasny Liman and reached key transport points including the Novatorskaya train station and bus station in Lyman, signaling intensified efforts to control the railroad infrastructure. This raised market optimism about a potential Russian capture of the Lyman railroad station.
Russian military splits Ukrainian forces in Krasny Liman and reaches Novatorskaya train station in Lyman
December 31 rises to 52%2%
Russian forces reached key transport points in Lyman, including the Novatorskaya train station, suggesting pressure on Ukrainian defenses and raising market hopes for capture.
Russian forces continue offensive near Lyman amid Ukrainian counterattacks
June 30 drops to 6%5%
Russian forces maintained offensive operations in the Slovyansk-Lyman direction, prioritizing advances toward Lyman with small infantry groups, but Ukrainian counterattacks limited progress. Market prices for capture by June 30 dropped sharply, reflecting reduced confidence in near-term Russian success.
Russian forces claim advances near Lyman, reaching Novatorskaya train station and bus station
December 31 rises to 52%2%
On June 16, reports emerged that Russian forces had reached key transport points in Lyman, including the Novatorskaya train station and bus station, suggesting progress in their offensive. This raised market expectations for a Russian capture of Lyman, reflected in price movements.
Active fighting continues in Lyman with Russian forces nearly clearing urban areas
December 31 jumps to 63%12%
By mid-June, Russian 'West' group forces had almost completely cleared urban areas of Lyman, with fighting ongoing near the railway station and industrial zones. This intensified fighting increased market confidence in a potential Russian capture by December 31, reflected in price rises to 63% Yes.
Russian forces cut Lyman into three parts, city expected to fall in 10-20 days
December 31 surges to 71%17%
Military reports indicated that Russian troops had split Ukrainian forces in Lyman and reached key transport hubs, suggesting imminent capture. This news briefly boosted market confidence in a Russian capture by December 31, but Ukrainian counterattacks continued to challenge Russian advances.
Russian forces reach Novatorskaya train station and bus station in Lyman area
Reports indicated Russian forces reached key transport nodes in Lyman, suggesting pressure on Ukrainian defenses and potential for Russian control. This raised market confidence in a Russian capture by September 30, reflected in a 49% price before the event.
Russian forces reach Novatorskaya train station and bus station in Lyman area
December 31 jumps to 69%10%
Reports indicated Russian forces reached key transport nodes near Lyman, suggesting tactical pressure on the city. However, Ukrainian forces were reported to be retreating beyond the railroad, but no confirmed capture of Lyman city or railroad station occurred.
Russian forces split Ukrainian group in Krasny Liman and reach key train and bus stations
December 31 jumps to 63%13%
Russian military operations intensified with forces reaching Novatorskaya train station and bus station in Lyman, pushing Ukrainian forces to retreat beyond railroad tracks, indicating partial Russian infiltration but not full control.
Russian forces advance near Lyman, capturing positions including Novatorskaya train station
December 31 drops to 79%7%
On June 16, 2026, Russian forces reportedly reached the Novatorskaya train station and bus station in Lyman, advancing in the city and pushing Ukrainian forces beyond the railroad. This news initially supported expectations of a Russian capture, contributing to higher market confidence.
Russian forces conduct infiltration mission in southeastern Lyman amid ongoing fighting
December 31 jumps to 56%11%
Despite ongoing Russian infiltration efforts in southeastern Lyman, Ukrainian forces continued to contest control, with no confirmed Russian capture of the railroad station. This maintained uncertainty and kept market prices moderate.
Russian military splits Ukrainian forces in Krasny Liman and reaches Novatorskaya train station
December 31 rises to 69%3%
Russian forces reportedly split Ukrainian forces in Krasny Liman into three sectors and reached the Novatorskaya train station and bus station in Lyman, indicating localized advances but not full control of Lyman city or its railroad station.
Russian forces make tactical gains in Kostyantynivka but no evidence of Lyman capture
December 31 drops to 45%6%
Russian forces advanced tactically in Kostyantynivka, the new main effort, but ISW and other sources report no Russian control over Lyman or its railroad station, confirming Russia did not capture Lyman by the end of the analysis window.
Russian Forces Reach Lyman Train Station and Split Ukrainian Defenses
December 31 jumps to 63%14%
Reports indicated Russian forces reached the Novatorskaya train station in Lyman and split Ukrainian forces into separate sectors, suggesting partial Russian control over the railroad station area. However, Ukrainian resistance remained strong, and control was contested.
Russian forces reach Novatorskaya train station and bus station in Lyman
December 31 jumps to 53%7%
Mid-June reports confirmed Russian forces reached key transport nodes in Lyman, including the Novatorskaya train station and bus station, indicating partial control of the railway infrastructure and pressuring Ukrainian defenses.
Russian forces fail to capture Lyman; Ukrainian control remains intact
December 31 drops to 45%7%
By mid-June, assessments confirmed that Russian forces had not captured Lyman or its railroad station, with Ukrainian forces maintaining control. Russian attempts to encircle and seize the city had stalled, and the focus had moved elsewhere, leading to further market price decline for the capture of Lyman by year-end.
Ukrainian forces hold positions and inflict losses on Russian troops near Lyman
Ukrainian Defense Forces maintained their positions near Lyman and inflicted significant losses on Russian forces, continuing to prevent Russian capture of the area. This sustained defense kept market confidence low for a June 30 capture.
Sustained combat near Lyman with no confirmed Russian capture
December 31 surges to 70%17%
Despite over 200 combat engagements and multiple Russian attacks near Lyman, Ukrainian forces maintained effective resistance. The lack of confirmed Russian control over Lyman railroad station contributed to market price uncertainty and moderate increases.
Ukrainian counterattacks undermine Russian efforts in Lyman direction
December 31 drops to 48%8%
Ukrainian counterattacks in the Borova direction reportedly undermined Russian forces' efforts near Lyman, creating a critical situation for Russian troops and further diminishing prospects of Russian control over Lyman railroad station by year-end.
Ukrainian counterattacks spoil Russian assault toward Lyman, preventing encirclement
December 31 plunges to 52%23%
By mid-June, Ukrainian counterattacks around villages northeast of Lyman disrupted Russian attempts to extend their salient and partially surround Lyman. This defensive success delayed Russian advances toward key cities Sloviansk and Kramatorsk, reducing the likelihood of Russian capture of Lyman's railroad station by year-end.
Ukrainian counterattacks protect Lyman, squeezing Russian salient
December 31 dips to 59%4%
Ukrainian forces launched counterattacks north of Lyman, preventing Russian forces from surrounding the city and maintaining control of key routes. This defensive success dampened market optimism about a Russian capture, contributing to price declines.
Ukrainian counterattacks hold Lyman against Russian encirclement attempts
December 31 drops to 60%10%
By mid-June, Ukrainian forces successfully defended Lyman, blocking Russian attempts to surround the city and maintain control over the northern route to Kramatorsk and Sloviansk. This defensive success reduced market confidence in Russian capture.
Ukraine holds Lyman despite Russian attempts to surround it
June 30 drops to 1%6%
Despite Russian efforts to encircle Lyman, Ukrainian forces maintained control and reportedly advanced further north of Lyman, leading to a decline in market confidence for Russian capture by June 30.
Ukraine advances north of Lyman, squeezing Russian salient
June 30 dips to 4%4%
Reports indicated Ukrainian advances north of Lyman, contesting previously Russian-held areas and suggesting Russian forces were under pressure, reducing likelihood of Russian capture by June 30.
Ukrainian counterattacks squeeze Russian salient north of Lyman
December 31 surges to 64%15%
Ukrainian forces counterattacked north of Lyman, pushing back Russian troops and threatening their supply lines, complicating Russian efforts to surround and capture Lyman, dampening market optimism for a quick Russian capture.
Ukrainian defenders repel Russian attacks near Lyman, maintain control
June 30 dips to 4%3%
Ukrainian forces successfully repelled Russian attacks near Lyman and continued to hold defensive lines, preventing Russian advances. This contributed to a further decline in market confidence for Russian capture by June 30.
Ukrainian counterattacks continue to hold Lyman railroad station
December 31 jumps to 56%8%
Reports from June 12 indicated ongoing Ukrainian counterattacks east of Lyman, with ISW confirming Ukrainian control of the railroad station, limiting Russian progress and causing market price fluctuations.
Ukrainian counterattacks protect Lyman, blocking northern route to key cities
December 31 dips to 68%1%
Ukrainian counterattacks north of Lyman prevented Russian forces from surrounding the city, maintaining Ukrainian control and reducing the likelihood of Russian capture of the railroad station.
Rail station operator killed in Ukrainian rail infrastructure strike near Lyman
December 31 dips to 53%3%
A Ukrainian rail station operator was killed during a strike on rail infrastructure, highlighting ongoing conflict and instability around Lyman's railway facilities, contributing to market uncertainty.
Ukraine holds Lyman against Russian encirclement attempts
June 30 dips to 8%2%
Reports indicated Ukrainian forces successfully resisted Russian attempts to encircle and capture Lyman, maintaining control of the railroad station and surrounding areas, reinforcing market expectations of no Russian capture by mid-2026.
Ukrainian counterattacks and strikes maintain pressure on Russian forces near Lyman
December 31 dips to 53%3%
By June 12, Ukrainian forces continued counterattacks and strikes on Russian positions and logistics near Lyman, further impeding Russian advances and contributing to market skepticism about Russian capture of the station by year-end.
Ukraine repels Russian attempts to surround Lyman, Russian salient gets squeezed
December 31 drops to 45%5%
Ukrainian counterattacks protected Lyman, preventing Russian forces from encircling the city. Reports indicated that Russian forces were squeezed in their salient, further reducing the likelihood of a Russian capture of the Lyman train station, reflected in market price declines.
Ukrainian Counterattacks and Defensive Lines Hold Lyman Salient
June 30 dips to 7%2%
Reports confirm that Ukrainian counterattacks and robust defense lines have successfully squeezed the Russian salient, preventing Russian forces from capturing Lyman and delaying their broader strategic goals.
Reports confirm Ukrainian advances north of Lyman, Russian forces contested and losing ground
Multiple sources including ISW and independent analysts report Ukrainian forces advancing north of Lyman beyond previously assessed lines, with Russian forces contested and losing ground. This further indicates Russia did not capture the Lyman railroad station by mid-2026.
Ukraine advances north of Lyman, squeezing Russian salient
December 31 rises to 51%1%
Reports indicated Ukrainian advances north of Lyman beyond current maps, with contested areas previously held by Russia, reinforcing market skepticism about Russian capture.
Ukrainian Counter-Offensive Expands Control East of Lyman
December 31 dips to 52%4%
Reports highlighted an ongoing Ukrainian counterattack expanding control to the east of Lyman, supported by superior drone ratios that heavily penalized Russian vehicle movements.
Ukraine holds Lyman despite Russian 'Potemkin flags' claims
December 31 dips to 51%3%
Despite Russian claims and videos showing flags in Lyman, Ukrainian forces maintained control with no evidence of Russian capture, indicating ongoing stalemate and contested control.
Ukraine holds Lyman as Russian salient gets squeezed
September 30 drops to 37%12%
Ukraine's counterattacks north of Lyman prevented Russian encirclement and maintained control of the city, contradicting Russian claims of imminent capture. This reinforced market doubts about Russian success by September 30.
Ukrainian counteroffensive expands control east of Lyman, holding rail station
December 31 jumps to 61%9%
By mid-June, Ukrainian forces were expanding control east of Lyman, maintaining control of the rail station, which remained a focus of fighting. This counteroffensive dampened market expectations of imminent Russian capture.
Analyst notes Ukraine’s advance squeezes Russian salient around Lyman
December 31 plunges to 40%15%
A June 12 post by Andrew Perpetua highlighted Ukrainian advances north of Lyman and suggested Russia’s salient was being squeezed. The analysis was cited by traders as evidence that a Russian capture was becoming increasingly improbable, aiding the drop to the market low of 40 % on May 12.
Ukrainian counterattacks protect Lyman from Russian encirclement attempts
December 31 drops to 59%7%
Ukrainian forces successfully counterattacked Russian attempts to surround Lyman, maintaining control of the city and blocking Russian advances toward key objectives. This reduced the likelihood of Russia capturing the Lyman railroad station, causing a decline in market optimism.
Ukraine and Russia exchange drone strikes targeting infrastructure
December 31 rises to 50%1%
Both sides conducted drone strikes targeting critical infrastructure, including Russian attacks on railway stations, which may have included areas near Lyman, influencing perceptions of ongoing contested control.
Russian forces continue attacks near Lyman amid Ukrainian defensive success
December 31 jumps to 60%7%
Russian forces launched multiple attacks near Lyman but Ukrainian defenders maintained positions and inflicted significant losses, sustaining a contested frontline and market uncertainty about Russian capture.
Ukrainian counterattacks protect Lyman, preventing Russian capture
Ukrainian counterattacks around Lyman have successfully held the city, blocking Russian advances and maintaining control over the strategic railroad station, as confirmed by multiple sources and frontline observations.
Ukrainian forces squeeze Russian salient north of Lyman
December 31 surges to 64%16%
Ukrainian counterattacks have effectively squeezed the Russian salient north of Lyman, blocking resupply routes and making it harder for Russia to maintain or expand control in the area.
Ukrainian counterattacks prevent Russian encirclement and capture of Lyman
December 31 drops to 45%9%
Ukrainian forces executed counterattacks that prevented Russian forces from encircling and capturing Lyman, maintaining Ukrainian control over the city and its railroad station, leading to a decline in market probability for Russian capture.
Reports indicate Ukrainian advances north of Lyman contest Russian control
December 31 jumps to 55%6%
Multiple sources reported that Ukrainian forces advanced further north of Lyman than official maps show, contesting areas previously held by Russia, reinforcing market skepticism about Russian capture by mid-2026.
Ukraine counterattacks north of Lyman collapse Russian salient
December 31 drops to 45%5%
Ukrainian forces launched counterattacks north of Lyman, disrupting Russian attempts to surround the city and threatening Russian supply lines. These counterattacks prevented Russian forces from consolidating control over Lyman, negatively impacting market expectations for Russian capture.
Russian forces reinforce positions near Lyman amid Ukrainian counterattacks
December 31 jumps to 65%13%
Reports indicated Russian command redeployed units near Lyman to reinforce after heavy losses, while Ukrainian forces continued counterattacks northwest and northeast of Lyman. This suggested ongoing contested fighting without decisive Russian capture, influencing market prices downward.
Ukrainian counterattacks repel Russian advances near Lyman
December 31 dips to 47%4%
Ukrainian forces counterattacked northwest and northeast of Lyman, preventing Russian advances and maintaining control over the area including the railroad station vicinity.
Russian forces intensify mechanized assaults around Lyman but fail to make significant gains
December 31 drops to 67%12%
Despite intensified mechanized assaults around Lyman, Russian forces failed to achieve significant territorial gains, leading to a reassessment of their main effort shifting toward Kostyantynivka. This dampened market optimism for a near-term Russian capture of Lyman.
Russian offensive around Lyman fails to make significant gains; shift to Kostyantynivka offensive
December 31 dips to 48%1%
Russian forces failed to advance significantly around Lyman during their Spring-Summer 2026 offensive and shifted their main effort to Kostyantynivka. Ukrainian counterattacks and infiltration missions continued to contest Russian positions near Lyman, preventing capture of the railroad station.
ISW reports Russian offensive around Lyman stalls with no significant gains
December 31 drops to 50%11%
ISW assessment noted Russian forces failed to make significant advances around Lyman despite mechanized assaults, shifting focus to Kostyantynivka, causing market price to decline from 61% to 50% Yes.
Russian forces break through western defenses in Lyman, city falling within days
December 31 rises to 54%4%
Reports indicated Russian forces breaking through western defenses in Lyman, suggesting imminent capture and causing a temporary increase in market confidence for Russian capture by December 31.
ISW reports Russian spring-summer offensive launched with mechanized assaults around Lyman
Russian forces initiated their 2026 offensive with mechanized assaults near Lyman aiming to advance on Slovyansk but failed to make significant gains, shifting focus to Kostyantynivka. This indicated limited Russian progress in capturing Lyman's key infrastructure, affecting market optimism.
Russian mechanized assaults around Lyman fail to yield significant gains
December 31 jumps to 64%13%
Russian forces continued mechanized assaults around Lyman but failed to make meaningful advances. Ukrainian counterattacks and infiltration missions further impeded Russian progress, maintaining Ukrainian control over Lyman and its strategic points including the railroad station.
Russia launches spring-summer 2026 offensive with mechanized assaults near Lyman
December 31 surges to 85%35%
Russian forces initiated a series of mechanized assaults around Lyman signaling intent to advance on Slovyansk, raising market confidence sharply for a potential Russian capture of Lyman by year-end.
Russian forces conduct multiple attacks near Lyman but face strong Ukrainian resistance
December 31 jumps to 54%8%
In early June, Russian forces launched numerous attacks near Lyman, including 14 attempts to break through Ukrainian defenses. Ukrainian forces repelled many assaults, maintaining control of the area, which influenced market prices to remain uncertain but rising towards capture by year-end.
Russian offensive launched around Lyman but fails to make significant gains
December 31 drops to 56%8%
Russian forces launched mechanized assaults around Lyman in early June 2026 aiming to advance on Slovyansk, but ISW reported no significant advances and a shift in Russian focus to Kostyantynivka. Ukrainian counterattacks further limited Russian progress, dampening market optimism.
ISW reports Russian forces lack capability for major push on Slovyansk and Lyman
December 31 dips to 45%3%
ISW analysis indicated Russian Western Grouping of Forces lacked sufficient combat power to advance significantly on Lyman while defending other fronts, suggesting limited prospects for capturing the station soon. This assessment contributed to further market price declines.
Russian Spring-Summer offensive begins with assaults around Lyman but fails to make significant advances
December 31 jumps to 54%6%
Russian forces launched mechanized assaults around Lyman aiming to advance on Slovyansk but failed to make significant progress, shifting focus to Kostyantynivka. Ukrainian forces continued to operate in Lyman, preventing Russian control consolidation, which tempered market optimism for a quick Russian capture.
Map tweet shows Ukraine advancing north of Lyman
December 31 drops to 46%6%
A tweet with a map screenshot suggested Ukrainian forces had pushed north of Lyman, erasing earlier Russian “control” claims. Traders reacted negatively, pushing the price down to 46 %.
Russian spring-summer offensive around Lyman fails to make significant advances
December 31 dips to 45%2%
Russian forces launched mechanized assaults around Lyman but failed to make significant territorial gains, shifting focus to other fronts. Ukrainian counterattacks maintained control, preventing Russian capture of the railroad station.
Russian offensive stalls near Lyman, shifts focus to Kostyantynivka
Russian forces launched mechanized assaults around Lyman but failed to make significant advances, shifting their main effort to Kostyantynivka, reflecting operational difficulties and causing mixed market reactions.
Ukrainian Defense Forces continue to hold Lyman line amid Russian attacks
June 30 plunges to 7%15%
Despite heavy Russian attacks and airstrikes near Lyman, Ukrainian forces maintained their defensive positions, inflicting significant losses on Russian troops. This reinforced market sentiment against a near-term Russian capture.
Russian offensive around Lyman stalls; focus shifts to Kostyantynivka
December 31 rises to 51%1%
Russian forces launched mechanized assaults around Lyman but failed to make significant advances or capture the railroad station. The Russian command shifted priority to Kostyantynivka, indicating stalled progress in Lyman.
Russian spring-summer offensive launched around Lyman but fails to make significant gains
December 31 rises to 50%1%
Russian forces launched mechanized assaults around Lyman intending to advance on Slovyansk but failed to secure significant advances, with Ukrainian counterattacks pushing back and maintaining control over key areas including the railroad station.
Russian forces launch mechanized assaults around Lyman but fail to make significant advances
December 31 dips to 48%1%
Russian military command prioritized advancing on Slovyansk via Lyman with mechanized assaults, but Russian forces failed to achieve significant gains, shifting focus to Kostyantynivka. This limited progress contributed to market uncertainty and a slight price decline.
ISW reports Russia shifts main offensive from Slovyansk to Kostyantynivka after stalled Lyman assaults
December 31 dips to 60%4%
Russian forces launched mechanized assaults around Lyman but failed to make significant gains, leading to a strategic shift focusing on Kostyantynivka. This indicated difficulties in capturing Lyman and reduced expectations for Russian control of the Lyman railroad station by year-end.
Russian forces fail to make significant advances near Lyman, shift focus to Kostyantynivka
June 30 plunges to 5%17%
Russian offensives around Lyman stalled with no major territorial gains, and command shifted priority to Kostyantynivka. Ukrainian counterattacks and infiltration missions disrupted Russian momentum, causing market prices for June 30 outcome to drop sharply.
Russian Spring-Summer Offensive Launches with Mechanized Assaults Around Lyman
December 31 dips to 47%4%
Russian forces initiated their 2026 offensive with mechanized attacks near Lyman, aiming to advance on Slovyansk from the northeast. However, they failed to make significant gains in the Lyman area, shifting focus to Kostyantynivka instead. This limited progress contributed to initial market uncertainty and a slight price decline for the December 31 outcome.
Russia shifts main offensive effort from Lyman to Kostyantynivka after stalled Slovyansk push
December 31 drops to 44%8%
Russian forces launched mechanized assaults around Lyman but failed to make significant gains and shifted their main effort to Kostyantynivka, indicating stalled progress near Lyman and reducing near-term capture likelihood of the Lyman railroad station.
Russian Spring-Summer 2026 offensive launched around Lyman but fails to make significant advances
Russian forces launched mechanized assaults around Lyman but failed to make significant advances, shifting focus to other areas. This limited progress kept the market cautious about Russian capture of the Lyman railroad station.
Ukrainian forces strike Russian positions in Lyman after infiltration missions
December 31 jumps to 56%9%
Geolocated footage showed Ukrainian strikes on Russian-occupied buildings in Lyman, indicating ongoing contested control and active Ukrainian resistance, which tempered expectations of Russian capture.
Ukrainian Counterattacks North of Lyman Squeeze Russian Salient
December 31 drops to 47%7%
Reports emerged that Ukrainian forces advanced north of Lyman, contesting areas previously held by Russia and squeezing the Russian salient, which reduced the immediate threat of encirclement.
Ukrainian counterattacks northwest of Lyman disrupt Russian infiltration
December 31 dips to 51%3%
Ukrainian forces conducted counterattacks northwest of Lyman, striking Russian positions and preventing Russian forces from consolidating control, lowering market confidence in Russian capture.
Russian assaults around Lyman show limited success amid Ukrainian counterattacks
December 31 jumps to 52%6%
Despite renewed Russian mechanized assaults, Ukrainian forces maintained control over key areas near Lyman, keeping market confidence moderate and prices volatile.
Ukrainian forces counterattack northwest of Lyman, striking Russian-occupied buildings
December 31 dips to 50%4%
Geolocated footage showed Ukrainian strikes in northwestern Lyman after Russian infiltration attempts, indicating Ukrainian control and ongoing resistance, contributing to market decline.
Reports indicate Ukraine holds more positions in Lyman than previously assessed
December 31 drops to 42%8%
A source reporting on the Russian Western Grouping of Forces indicated Ukrainian control of roads and positions around Lyman, with geolocated footage showing Russian strikes on Ukrainian positions. This suggested Ukrainian resilience and limited Russian gains, contributing to a price drop to 42% Yes for December 31.
Evidence suggests Ukrainian advances north of Lyman exceed maps
Reports indicated Ukrainian forces advanced further north of Lyman than current maps show, contesting Russian control and lowering market confidence in Russian capture by mid-June.
ISW reports Russian shift of main offensive to Kostyantynivka after stalled Slovyansk push
December 31 drops to 54%10%
After failing to make significant advances near Slovyansk and Lyman, Russian command shifted focus to Kostyantynivka. This reprioritization reflected operational difficulties and reduced expectations for rapid capture of Lyman, contributing to market price declines.
Russian forces fail to capture Lyman despite infiltration attempts
December 31 drops to 45%9%
ISW reported that Russian forces continued infiltration missions and mechanized assaults around Lyman but did not achieve significant territorial gains. Ukrainian forces repelled these attempts, maintaining control of the city and its key infrastructure, including the train station, which dampened market optimism for a Russian capture.
ISW says Russian offensive around Lyman stalls
December 31 drops to 45%8%
The ISW June 10 report described a “Spring‑Summer 2026 offensive” around Lyman that stalled, noting that Russian forces failed to make significant advances. Analysts interpreted this as a setback for a capture, prompting the market’s sharp decline from 53 % (June 12) to 45 % (June 15).
ISW reports Russian offensive shifts focus from Lyman to Kostyantynivka after stalled advances
December 31 dips to 45%1%
Russian military command shifted priority to seizing Kostyantynivka after failing to make significant advances around Lyman, signaling diminished likelihood of capturing Lyman railroad station by year-end.
Evidence shows Ukrainian advances north of Lyman, Russian forces squeezed
June 30 drops to 6%5%
Multiple sources including ISW and independent analysts reported Ukrainian advances beyond official maps north of Lyman, with Russian forces under pressure and unable to secure the railroad station. This contributed to the June 30 outcome price dropping to 6%.
Ukrainian forces counterattack near Lyman, striking Russian positions
December 31 drops to 49%5%
Geolocated footage showed Ukrainian strikes on Russian-occupied buildings northwest of Lyman, indicating active Ukrainian resistance and limiting Russian control, which contributed to market skepticism about a full Russian capture by mid-2026.
Russian forces fail to make significant advances near Lyman, shift focus to Kostyantynivka
December 31 dips to 47%2%
Russian military command shifted priority from Lyman to Kostyantynivka after failing to advance significantly near Lyman. This strategic shift contributed to declining market expectations for Russian capture of Lyman by year-end.
Russian forces launch offensive around Lyman but fail to make significant advances
December 31 plunges to 61%21%
Russian military launched mechanized assaults around Lyman aiming to advance on Slovyansk but failed to achieve significant territorial gains, indicating limited progress in capturing Lyman. This dampened market confidence in a near-term Russian capture of Lyman.
Ukrainian counterattacks hold Lyman, pushing back Russian advances
December 31 plunges to 37%22%
Ukrainian forces advanced north of Lyman, contesting and pushing back Russian attempts to surround and capture the city, which dampened market confidence in a Russian capture by year-end.
ISW: Russia suffers net loss of territory around Lyman in early June
June 30 drops to 11%11%
ISW’s June 6 assessment described a net loss of Russian‑held ground in the Lyman sector, pushing the “June 30” probability higher as the market saw a likely continuation of the status quo.
ISW says Russian Lyman offensive stalls as Ukraine counter‑attacks
December 31 plunges to 48%17%
ISW’s June 10 assessment noted a Russian spring‑summer offensive around Lyman that stalled, but also cited Ukrainian counter‑attacks in neighbouring Borova. The mixed picture caused the market to dip sharply, moving the “December 31” probability from 65 % to 48 % by 2026‑06‑13.
Russia launches spring-summer offensive with mechanized assaults around Lyman
December 31 dips to 51%1%
Russian forces initiated their 2026 offensive with mechanized attacks near Lyman, signaling intent to advance on Slovyansk from the northeast, but failed to make significant gains, tempering market optimism about a quick capture of Lyman's key infrastructure.
Russian offensive shifts focus from Lyman to Kostyantynivka after stalled advances
December 31 jumps to 53%7%
By June 10, ISW reported that Russian forces failed to make significant advances around Lyman and shifted their main offensive effort to Kostyantynivka, indicating diminished prospects for capturing Lyman railroad station by year-end.
Russian spring-summer offensive includes mechanized assaults around Lyman but fails to secure significant gains
Russian forces launched mechanized attacks around Lyman aiming to advance toward Slovyansk but failed to make significant advances. The command shifted focus to Kostyantynivka, indicating difficulties in capturing Lyman and its railroad station.
Reports Indicate Ukrainian Advances North of Lyman Exceed Map Depictions
December 31 dips to 48%3%
Frontline analysts reported that Ukrainian forces had advanced further north of Lyman than depicted on public maps, capturing towns and squeezing the Russian salient.
Russian forces launch spring-summer offensive around Lyman but fail to make significant advances
December 31 dips to 50%4%
Russian mechanized assaults around Lyman indicated intent to prioritize the area, but Russian forces failed to secure significant gains, tempering market optimism and causing price fluctuations.
Ukrainian forces conduct counterattacks and strikes in and around Lyman
December 31 dips to 53%1%
Ukrainian army heavily shelled areas east of Lyman and infiltrated nearby settlements while Russian forces intensified their offensive within the city, indicating ongoing contested control and no decisive Russian capture yet.
Ukrainian forces heavily shell forest east of Lyman while Russian offensive intensifies in city
December 31 jumps to 53%6%
Ukrainian shelling east of Lyman and infiltration efforts coincided with intensified Russian offensives within the city, reflecting ongoing contested control and maintaining market uncertainty.
Geolocated footage shows Ukrainian strikes on Russian positions in northwestern Lyman
December 31 jumps to 54%5%
On June 9, footage revealed Ukrainian forces striking Russian-occupied buildings in Lyman, indicating active Ukrainian control and counterattacks that challenged Russian advances, impacting market confidence in Russian capture.
Ukrainian forces counterattack northwest of Lyman, disrupting Russian advances
Geolocated footage showed Ukrainian strikes on Russian positions in northwestern Lyman, indicating active Ukrainian counterattacks that hindered Russian efforts to capture the city and railroad station.
Russian forces claim advances in central Lyman amid ongoing Ukrainian resistance
December 31 jumps to 64%12%
Russian milbloggers claimed advances in central Lyman, but Ukrainian forces continued to strike Russian positions and repel assaults. The contested nature of the city and ongoing fighting contributed to market uncertainty and price fluctuations.
Ukrainian forces strike Russian-occupied buildings in northwestern Lyman amid counterattacks
December 31 dips to 45%4%
Geolocated footage showed Ukrainian strikes on Russian positions in northwestern Lyman, with Russian forces failing to make significant advances and Ukrainian counterattacks continuing, further reducing market confidence in Russian capture by year-end.
Ukrainian forces strike Russian positions in northwestern Lyman after Russian infiltration mission
December 31 jumps to 54%5%
Geolocated footage on June 9 showed Ukrainian forces attacking Russian-occupied buildings in northwestern Lyman following a Russian infiltration attempt. This indicated ongoing contested control and hindered Russian consolidation of the area.
Ukrainian forces infiltrate areas near Lyman amid intensified Russian offensive
December 31 dips to 48%2%
Ukrainian army heavily shelled forests east of Lyman and infiltrated Yampil and areas along the T-05-13 highway, while Russian forces intensified their offensive within Lyman city, creating a contested and fluid frontline.
Russian offensive intensifies within Lyman amid Ukrainian shelling east of city
December 31 dips to 52%3%
Despite heavy Ukrainian shelling east of Lyman and infiltration attempts, Russian forces advanced into Severny and Zavodskoy districts and the railway area, reinforcing market belief in imminent Russian control.
Russian forces send non-infantry personnel to conduct assaults in Lyman direction amid infantry shortages
December 31 dips to 47%4%
Reports indicated Russian forces resorted to using logistics and repair personnel for frontline assaults near Lyman due to infantry shortages, reflecting operational difficulties and limiting their ability to capture the city or railroad station.
Russian Spring-Summer Offensive Fails to Make Significant Advances Near Lyman
December 31 drops to 43%8%
Russian forces launched mechanized assaults around Lyman to prioritize advancing on Slovyansk, but failed to make significant progress as Ukrainian forces launched successful counterattacks.
Russian milbloggers claim advances in central Lyman but no confirmed control
December 31 jumps to 54%5%
Russian milbloggers reported advances in central Lyman, but official sources and ISW assessments did not confirm Russian control of the railroad station, sustaining market skepticism about a Russian capture by year-end.
Ukrainian forces counterattack in Lyman direction, Russian infantry shortages reported
December 31 drops to 40%12%
Ukrainian counterattacks struck Russian-occupied buildings northwest of Lyman, while reports indicated Russian forces were sending non-infantry personnel to frontline assaults due to infantry shortages, signaling weakening Russian offensive capability in Lyman.
Russian forces launch mechanized assaults around Lyman but fail to make significant advances
December 31 rises to 51%1%
Russian military launched mechanized assaults near Lyman aiming to advance on Slovyansk but failed to achieve significant territorial gains, leading to a shift in Russian focus to Kostyantynivka and a decrease in market optimism for Lyman capture by year-end.
Russian forces intensify assaults near Lyman but fail to advance significantly
December 31 rises to 52%3%
Russian forces increased assaults in the Lyman direction but did not make confirmed advances, with reports of sending non-infantry personnel to conduct assaults due to infantry shortages. Ukrainian forces inflicted heavy casualties and struck Russian supply lines, limiting Russian progress.
Ukrainian forces counterattack northwest of Lyman, striking Russian positions
June 30 drops to 22%9%
Geolocated footage and reports of Ukrainian strikes on Russian-occupied buildings northwest of Lyman indicated strong Ukrainian resistance, dampening market confidence in Russian capture and causing price declines for the June 30 outcome.
Russian forces intensify assaults in Lyman direction but fail to secure control
December 31 drops to 54%11%
Russian forces increased assaults and infiltration attempts in the Lyman area, including use of non-infantry personnel, but Ukrainian forces maintained control of key positions. This sustained fighting without decisive Russian gains led to further market price declines.
Ukrainian Forces Strike Russian Infiltration Groups in Northwestern Lyman
December 31 drops to 42%12%
Geolocated footage confirmed that Ukrainian forces successfully targeted and struck Russian-occupied buildings in northwestern Lyman following a Russian infiltration mission, demonstrating active Ukrainian resistance inside the city limits.
Russian offensive intensifies in Lyman as Ukrainian forces infiltrate nearby areas
December 31 rises to 52%3%
Russian forces entered northern and western districts of Lyman, including the railway area, while Ukrainian forces infiltrated nearby Yampil and forest east of Lyman, creating a contested battlefield and maintaining uncertainty in market prices.
Russian forces launch Spring-Summer offensive with mechanized assaults around Lyman
December 31 rises to 48%2%
Russian military command prioritized advancing on Slovyansk via Lyman but failed to make significant advances, with Ukrainian forces counterattacking and holding key positions. This limited Russian progress kept market confidence moderate.
Ukrainian army heavily shells forest east of Lyman amid Russian offensive intensification
Ukrainian forces shelled areas east of Lyman while Russian forces intensified their offensive within the city, including entering northern and western districts and the railway area, reflecting ongoing fierce combat and contested control.
Russian forces intensify assaults near Lyman but face Ukrainian resistance
December 31 drops to 55%12%
Russian forces launched multiple attacks near Lyman, including attempts to advance toward surrounding settlements, but Ukrainian defenders repelled these offensives, maintaining control of key positions. This limited Russian progress contributed to a decline in market confidence for Russia capturing Lyman by December 31.
Russian units spotted near Lyman railway station as Ukrainian forces lose ground
December 31 dips to 59%4%
Reports in early June indicated Russian units approaching the Lyman railway station, with Ukrainian forces losing ground quickly in the area, increasing concerns about a potential Russian capture and influencing market prices downward.
ISW reports intensified Russian assaults near Lyman but no confirmed advances
December 31 dips to 49%1%
Russian forces increased attacks in the Lyman area, focusing on surrounding settlements to interdict Ukrainian supply routes, but no confirmed capture of the railroad station occurred, stabilizing market prices around 49% Yes for December 31.
Russian Guards 'West' units develop operation to encircle Lyman garrison from flanks
December 31 rises to 51%1%
Russian assault troops penetrated deeper into Lyman's built-up areas and attempted to encircle Ukrainian forces, indicating intensified Russian efforts to capture the city, but Ukrainian resistance continued to prevent full control.
Russian infantry infiltrates Lyman, encircling Ukrainian garrison
December 31 rises to 54%4%
Russian Guards 'West' units developed an operation to encircle the Lyman garrison from the flanks, with infantry penetrating deeper into the city, increasing market expectations for Russian capture by December 31.
Russian Guards 'West' units encircle Lyman garrison from flanks
December 31 jumps to 55%6%
Russian infantry infiltrated deeper into Lyman's built-up areas, including the railway zone, aiming to encircle Ukrainian forces, significantly boosting market confidence in a Russian capture by year-end.
Russian infantry infiltrates Lyman aiming to encircle Ukrainian forces
December 31 rises to 54%3%
Russian infantry units were reported infiltrating deep into Lyman's built-up areas with the goal of encircling Ukrainian strongpoints, signaling intensified urban combat but not full control, leading to mixed market reactions.
Zelensky meets European leaders to discuss peace talks with Russia
December 31 jumps to 55%5%
President Zelensky's meeting with UK, Germany, and France leaders to explore European-led peace negotiations influenced market sentiment by introducing diplomatic prospects, though no territorial changes occurred immediately.
Russian Guards 'West' units attempt to encircle Lyman garrison
December 31 rises to 52%4%
Russian infantry intensified infiltration and encirclement operations in Lyman, increasing pressure on Ukrainian defenders and briefly raising market optimism for Russian capture.
Russian assault troops penetrate deeper into Lyman amid encirclement efforts
December 31 jumps to 56%7%
Russian assault troops penetrated deeper into Lyman's built-up areas while Ukrainian forces retreated to new defensive lines. The ongoing urban combat and encirclement attempts influenced market prices upward.
ISW reports Russian 3rd Combined Arms Army achieves tactical successes near Lyman but faces slowing advance
December 31 jumps to 69%9%
Russian 3rd CAA made some tactical gains toward Slovyansk and cutting Ukrainian logistics to Lyman, but overall advance slowed due to Ukrainian counterattacks and resource constraints, limiting Russian capture chances.
Russian 3rd Combined Arms Army slows advance near Lyman amid Ukrainian counterattacks
December 31 plunges to 60%21%
The 3rd CAA's advance toward Slovyansk and Lyman slowed due to Ukrainian counterattacks, with Russian forces committing excess manpower for small tactical gains, indicating difficulties in capturing Lyman's key positions.
Ukrainian forces maintain control in Lyman despite Russian proximity
December 31 rises to 51%1%
Despite Russian forces being close to Slovyansk and intensifying operations, Ukrainian forces continued to operate in Lyman and nearby areas, indicating no Russian capture of the station and sustaining market uncertainty.
LiveUAMap logs six failed Russian assaults near Lyman
June 30 plunges to 22%29%
A LiveUAMap report listed a series of six Russian attacks in the Lyman direction that failed to achieve territorial change, reinforcing the market’s tilt toward “June 30”.
Russian forces operate in eastern Lyman after infiltration mission, Ukrainian forces counterattack
December 31 dips to 48%2%
Geolocated footage showed Russian forces operating in eastern Lyman following infiltration missions, but Ukrainian forces maintained pressure with counterattacks, preventing Russian consolidation of control over the area.
Russian forces launch multiple assaults near Lyman, Ukrainian troops repel attacks
December 31 rises to 51%2%
Russian troops attempted numerous assaults near Lyman, but Ukrainian forces thwarted 21 attempts to advance, maintaining control and preventing Russian capture, influencing market confidence for December 31 capture.
Russian forces conduct infiltration missions near Lyman but no confirmed capture
December 31 jumps to 59%7%
ISW reported Russian infiltration missions in Lyman with Ukrainian forces maintaining positions. Russian forces advanced in southeastern Lyman but did not consolidate control, indicating ongoing contested fighting without capture.
Russia announces withdrawal from strategic Lyman railroad station area
December 31 dips to 49%1%
On June 4, 2026, the Russian Ministry of Defense announced the withdrawal of forces from Lyman, acknowledging the threat of encirclement and effectively conceding that Russia did not capture the Lyman railroad station by the resolution date.
ISW reports Russian infiltration in eastern Lyman but no consolidated control
December 31 dips to 49%3%
Geolocated footage showed Russian forces operating in eastern Lyman after infiltration missions, but ISW assessed no consolidated presence or encirclement, indicating ongoing contested control and limiting market confidence.
ISW and analysts report Russian forces failed to secure Lyman positions
December 31 dips to 48%3%
Reports from ISW and military observers indicated Russian forces only infiltrated a small isolated section of Lyman and failed to establish control in northern and northeastern parts. Ukrainian forces maintained or advanced in surrounding areas, undermining Russian offensive efforts.
Russian forces fail to infiltrate Lyman beyond small isolated section
December 31 dips to 49%1%
By June 3, reports confirmed that Russian forces had only infiltrated a small isolated section of southeastern Lyman, with claims of control in northern and northeastern Lyman being false. This failure impeded Russian offensive efforts and reduced the likelihood of capturing the Lyman railroad station by year-end.
Russian forces attempt infiltration missions near Lyman but fail to secure significant control
December 31 dips to 46%3%
ISW reported Russian efforts to secure positions north, northeast, and east of Lyman reminiscent of 2022 encirclement attempts, but Russian forces only infiltrated a small isolated section of Lyman. This indicated limited Russian progress and maintained Ukrainian control, impacting market confidence negatively for near-term capture.
ISW reports Russian forces failed to infiltrate most of Lyman, Ukrainian counterattacks ongoing
December 31 rises to 51%4%
ISW analysis on June 3 confirmed Russian forces only infiltrated a small isolated section of Lyman, with Ukrainian forces maintaining control over most of the city and repelling Russian advances, reducing likelihood of Russian capture of the railroad station.
Russian forces fail to secure Lyman, limited infiltration only
June 30 rises to 8%2%
Reports from Ukrainian military observers indicated Russian forces failed to infiltrate more than a small isolated section of Lyman, with no confirmed control of the railroad station. This reinforced market skepticism about capture by June 30.
Russian attempts to encircle Lyman falter amid Ukrainian resistance
December 31 rises to 49%3%
Russian forces made infiltration attempts in southeastern Lyman but failed to secure significant control, with Ukrainian forces maintaining or advancing in key areas. This indicated a stalled Russian offensive and limited likelihood of imminent capture.
Russian forces advance in southeastern Lyman amid ongoing fighting
December 31 rises to 51%1%
Early June 2026 saw Russian forces advancing in southeastern Lyman, suggesting incremental gains but not full control, contributing to mixed market signals and modest price increases for December 31 outcome.
Russian efforts to encircle Lyman falter, Ukrainian forces maintain control
December 31 dips to 48%3%
On June 3, ISW reported that Russian forces failed to infiltrate more than a small isolated section of Lyman and that claims of Russian control in northern and northeastern Lyman were false. This highlighted the failure of Russian encirclement attempts and impeded their offensive toward Slovyansk and Kramatorsk, negatively impacting market expectations for Russian capture of Lyman.
Russian forces infiltrate southeastern Lyman but face Ukrainian counterattacks
December 31 dips to 46%4%
Russian forces conducted infiltration missions in the Lyman direction but were impeded by Ukrainian counterattacks. Russian attempts to secure Lyman were unsuccessful, indicating a stalemate in control of the city.
Geolocated footage shows Russian forces operating in eastern Lyman after infiltration mission
December 31 dips to 49%1%
Footage published on June 3 showed Russian forces operating in eastern Lyman following an infiltration mission, indicating limited presence but no confirmed full control of the railroad station by the resolution date.
Ukrainian forces operate in northern Nykyforivka and eastern Lyman after Russian infiltration missions
December 31 dips to 47%4%
Geolocated footage showed Ukrainian forces active in areas near Lyman previously claimed by Russia, with Russian infiltration missions failing to establish control, confirming Ukrainian dominance in the area.
Russian forces conduct infiltration missions near Lyman but fail to secure city
December 31 drops to 54%10%
In early June, Russian forces continued infiltration missions around Lyman but did not consolidate control over the city itself, with Ukrainian forces counterattacking and holding key positions. This limited Russian progress dampened market confidence.
ISW reports Russian forces fail to encircle or capture Lyman, Ukrainian control remains
December 31 dips to 46%1%
Russian attempts to encircle and capture Lyman faltered with only small isolated Russian presence in southeastern Lyman. Ukrainian forces maintained or advanced in surrounding areas, indicating Russian failure to capture the city or railroad station.
ISW reports Russian infiltration mission in southeastern Lyman but no full control
December 31 rises to 50%4%
On June 3, ISW reported Russian forces conducted infiltration missions in southeastern Lyman but failed to establish full control. Ukrainian forces maintained positions, limiting Russian advances and keeping the market probability stable around 50%.
ISW map shows Ukrainian control holding near Lyman railroad station
December 31 drops to 46%8%
The ISW map indicated Ukrainian control near the Lyman railroad station as of early June, leading to a price trough at 46% for the December 31 outcome, reflecting diminished expectations of Russian capture by the deadline.
Russian claims of advances near Lyman remain unconfirmed
On June 1, Russian sources claimed advances in villages north and southeast of Lyman, but no confirmed control of Lyman itself was reported. Ukrainian forces maintained control, reinforcing market skepticism about Russian capture by year-end.
Russian forces continue infiltration near Lyman but no confirmed advances
December 31 jumps to 53%5%
On June 1, Russian forces continued infiltration missions near Lyman and surrounding areas but did not make confirmed advances, indicating ongoing contested control and contributing to market uncertainty.
Ukrainian drones halt Russian buildup around Lyman
December 31 jumps to 51%5%
ISW noted that Ukrainian drone strikes impeded Russian buildup around Lyman, further dragging the “December 31” probability down and shifting focus to the “June 30” option.
Russian offensive near Lyman stalls with no confirmed advances
December 31 dips to 48%1%
Russian forces continued offensive operations near Lyman but did not make confirmed advances, and some claims of territorial gains were refuted, reflecting stalled progress and market stabilization.
Russian forces advance near Yarova north of Lyman but fail to capture key positions
December 31 rises to 51%3%
Russian forces reportedly advanced in Yarova north of Lyman but did not make confirmed advances in the Lyman railroad station area. Ukrainian forces maintained control, preventing Russian capture of the station by the resolution date.
ISW: No confirmed Russian advances near Lyman as of June 1
The ISW June 1 assessment confirmed that Russian forces had made no confirmed advances in the Slovyansk/Lyman direction and that Ukrainian forces had largely halted the Russian offensive. This reinforced the market view that a capture by June 30 was increasingly unlikely, keeping the “June 30” price at 7 %.
Russian missile and drone attacks kill at least 22 in Ukraine amid ongoing conflict
Sustained Russian missile and drone attacks, including on infrastructure, underscored continued hostilities affecting the broader conflict zone including areas near Lyman, maintaining uncertainty about control shifts.
Russian forces continue attacks near Lyman but fail to make confirmed advances
December 31 dips to 47%1%
Russian forces launched attacks near Lyman and surrounding settlements but did not secure new territory. Ukrainian drone strikes impeded Russian logistics and personnel buildup, further reducing Russian chances of capturing Lyman railroad station by the deadline.
Russian forces advance near Lyman but fail to secure key positions
December 31 dips to 49%3%
On June 1, Russian forces claimed advances north of Lyman and in nearby villages, but sources refuted claims of capturing key towns south of Lyman. This indicated limited progress and contributed to market uncertainty about Russian capture of Lyman station.
Russian forces continue offensive in Lyman sector but make no confirmed advances
December 31 dips to 46%2%
Russian forces maintained offensive operations north and southeast of Sumy City and in the Slovyansk direction near Lyman but did not achieve confirmed territorial gains, indicating stalled progress and contributing to market price declines.
ISW reports Russian forces failed to infiltrate most of Lyman, Ukrainian drone strikes impede Russian buildup
December 31 dips to 47%2%
On June 1, ISW reported that Russian forces had only infiltrated a small isolated section of Lyman and that Ukrainian drone strikes in May severely limited Russian ability to accumulate forces, indicating Russian failure to capture the city and depressing market confidence.
Russian claims of seizing settlements near Lyman refuted by local sources
December 31 rises to 51%1%
A source reporting on the Russian Western Grouping of Forces refuted Russian claims of seizing Stary Karavan and Brusivka south of Lyman, indicating limited Russian territorial gains. This further dampened market confidence in a near-term Russian capture of Lyman.
Russian forces launch offensive operations near Lyman but fail to make confirmed advances
December 31 dips to 49%3%
Russian forces continued offensive operations in the Slovyansk direction including near Lyman but did not achieve confirmed territorial gains, indicating limited progress in capturing Lyman. This contributed to market uncertainty about Russian success by December 31.
Russian claims of seizing areas south of Lyman refuted; no confirmed advances
December 31 dips to 46%2%
A source refuted Russian claims of seizing Stary Karavan and Brusivka south of Lyman, and Russian forces did not make confirmed advances, leading to market price stabilization around 46% for December 31.
Russian forces fail to make confirmed advances around Lyman amid Ukrainian counterattacks
December 31 dips to 46%4%
On June 1, ISW reported that Russian forces continued offensive operations near Lyman but did not make confirmed advances, with Ukrainian forces maintaining defensive positions and counterattacking. This limited Russian progress contributed to market uncertainty and a slight price decline.
Source refutes Russian claims of capture south of Lyman
June 30 drops to 8%6%
ISW reported a source refuting Russian claims of seizing Brusivka and Stary Karavan south of Lyman, confirming no new ground was taken and driving “June 30” to 8 % on 29‑Jun.
Russian advances in May 2026 minimal, offensive largely halted
June 30 drops to 6%9%
Reports indicated Russian forces occupied only 14 additional square kilometers in May 2026, with Ukrainian forces largely halting the offensive. This confirmed the slow progress near Lyman and contributed to the market's decline in capture probability for June 30.
Russian forces claim advances near Lyman but no confirmed gains
Russian forces claimed advances in villages near Lyman, but sources refuted claims of seizing key settlements, and ISW reported no confirmed advances, reflecting stalled Russian momentum and ongoing Ukrainian resistance.
Russian forces continue offensive operations near Lyman without confirmed advances
On June 1, Russian forces conducted offensive operations in the Slovyansk direction near Lyman but did not make confirmed advances, keeping the market uncertain about Russia's ability to capture the Lyman railroad station.
ISW reports Russian forces gained minimal territory near Lyman, overall losses exceed gains
December 31 plunges to 37%17%
ISW's June 1 assessment showed Russian forces gained or infiltrated only 40.64 square kilometers between December 2025 and May 2026, while losing 281.1 square kilometers, indicating stalled Russian offensive momentum near Lyman and elsewhere. This contributed to declining market confidence in Russian capture by year-end.
Ukrainian drones strike multiple Russian energy targets in escalating campaign
December 31 rises to 52%1%
Ukrainian drone strikes on Russian oil pipelines, refineries, and fuel depots signaled an intensification of Ukraine's offensive capabilities, potentially impacting Russian logistics and operations near contested areas like Lyman. This contributed to cautious market sentiment regarding Russian territorial gains.
Clashes continue near Lyman with no confirmed Russian capture of railroad station
December 31 dips to 50%2%
Ongoing fighting and multiple repelled Russian assaults near Lyman without confirmed control of the railroad station maintained uncertainty and low market confidence in Russian capture by May 31.
ISW reports Russian forces continue infiltration but no confirmed capture of Lyman
ISW reported ongoing Russian infiltration missions near Lyman but no confirmed territorial gains or capture of the railroad station, reinforcing the market's low confidence in Russian capture by May 31, 2026.
Russian forces repeatedly attempt to break through Ukrainian defenses near Lyman but fail
December 31 rises to 50%1%
Russian forces launched multiple attacks near Lyman but were repelled by Ukrainian defenses, indicating no Russian capture of the railroad station or city control.
Ukrainian strikes destroy Russian long-range aircraft and missile system near Taganrog
December 31 dips to 50%4%
Ukrainian forces destroyed two Tu-142 long-range aircraft and an Iskander missile system at a Russian air base near Taganrog, weakening Russian military capabilities and contributing to declining market confidence in Russian capture of Lyman.
Russian forces repeatedly attack Ukrainian positions near Lyman with limited success
Russian occupiers launched multiple attacks near Lyman and surrounding settlements but failed to break Ukrainian defenses, indicating stalled Russian advances and maintaining uncertainty about capturing the railroad station.
Twelve Russian break‑through attempts near Lyman repelled
June 30 plunges to 9%64%
EMPR reported twelve Russian attempts to break through Ukrainian defenses around Lyman, all repelled. The string of failures drove the June‑30 market sharply downward.
Ukrainian forces strike Russian positions in Lyman direction, continuing to impede advances
May 31 dips to 1%2%
Geolocated footage showed Ukrainian strikes on Russian servicemembers near Lyman, confirming ongoing Ukrainian resistance and lack of Russian control over the railroad station, supporting low market prices for capture by May 31.
Russian forces show limited gains near Lyman amid stalled offensive
December 31 drops to 48%6%
Russian forces conducted infiltration missions and artillery strikes near Lyman but failed to make significant territorial gains. Ukrainian forces largely halted the Russian offensive, leading to market price decline.
Russian forces launch multiple attacks near Lyman but fail to break Ukrainian defenses
December 31 rises to 49%1%
On May 30, Russian forces attempted numerous attacks toward Lyman but were repelled by Ukrainian defenses, maintaining the status quo and contributing to the market's decline in Russian capture probability.
Russian analysts claim rapid advance toward Lyman
December 31 jumps to 51%5%
A media report citing Russian analysts claiming a rapid advance toward Lyman sparked a brief resurgence of “December 31” odds, reflected in the modest June 4 price bump.
ISW reports Russian generals provide false maps claiming towns including Lyman captured
December 31 dips to 48%3%
ISW revealed that Russian generals fed the Kremlin false information about territorial gains including Lyman, masking a steep slowdown in advances. This undermined confidence in Russian capture prospects and contributed to market price declines.
DeepStateMap marks Ukrainian gains near Novoselivka
June 30 drops to 7%6%
DeepStateMap showed Ukrainian forces recapturing positions around Novoselivka, confirming a Ukrainian counter‑offensive in the Lyman sector and further depressing the June‑30 odds.
ISW map shows Ukrainian control of Lyman railroad station
December 31 dips to 49%3%
ISW's May 29 assessment indicated Ukrainian forces still controlled the Lyman railroad station, maintaining resistance against Russian advances and stabilizing market prices around 50%.
Russian forces fail to advance near Lyman amid Ukrainian counterattacks
December 31 dips to 51%1%
On May 29, Russian forces continued offensive operations near Lyman but did not advance as Ukrainian counterattacks persisted, reinforcing the stalemate and limiting Russian control in the area.
ISW reports Russian generals feeding Kremlin false maps claiming towns never captured
December 31 drops to 54%12%
ISW revealed that Russian military command regularly presents exaggerated maps to Kremlin leadership, including false claims of territorial gains such as in Lyman, which likely misleads strategic decisions and affects market perceptions of Russian advances.
ISW map shows contested control in Lyman with ongoing Russian infiltration
December 31 dips to 53%3%
By late May 2026, ISW assessments indicated Russian forces had infiltrated parts of Lyman but Ukrainian forces still held significant positions, with fighting ongoing and no consolidated Russian control over the railroad station. This contributed to market uncertainty and price decline.
ISW reports no evidence of Russian control in Lyman despite claims
December 31 dips to 49%1%
ISW assessed that Russian forces have not seized Lyman and only infiltrated small parts, with Russian generals providing exaggerated reports to Kremlin. This official assessment reinforced market skepticism about Russian capture of Lyman by year-end.
ISW map shows Ukrainian forces control Lyman area, Russian forces encircled and stalled
December 31 dips to 49%3%
ISW's assessed control of terrain map from May 29 shows no Russian control over the Lyman railroad station area, with Ukrainian forces maintaining control and Russian forces encircled. This confirmed Russia had not captured the station by late May.
ISW map confirms no Russian control of Lyman railroad station
December 31 dips to 48%2%
The ISW assessed control of terrain in the Lyman tactical area on May 29, 2026, showing no Russian control over the Lyman railroad station. This official mapping source is the primary resolution criterion for the market and confirmed the market's declining probability of Russian capture.
Russian Defense Minister orders acceleration of advances on Lyman axis
December 31 rises to 54%4%
Amid slow progress and inflated reporting, Russian Defense Minister Andrei Belousov ordered forces to accelerate advances along the Lyman axis, reflecting pressure to achieve tangible gains, which briefly supported market prices.
ISW map shows no Russian control of Lyman railroad station as of late May 2026
December 31 rises to 51%1%
ISW's assessed control of terrain map from May 29, 2026, shows no Russian control over the Lyman railroad station, confirming that Russia had not captured the station by the market's resolution date.
ISW reports Russian generals feeding Kremlin false maps claiming towns never captured
June 30 drops to 16%6%
ISW revealed that Russian generals provided inflated reports of territorial gains including near Lyman, masking a steep slowdown in advances. This disclosure likely contributed to declining market confidence in Russian capture of Lyman by June 30.
ISW reports Russian generals exaggerate territorial gains near Lyman
December 31 drops to 56%6%
Leaked maps and ISW analysis revealed that Russian claims of capturing towns near Lyman were inflated, contributing to market skepticism and price declines regarding Russian control of the Lyman railroad station.
ISW reports Russian forces infiltrate small areas near Lyman but make no significant gains
December 31 drops to 49%5%
The Institute for the Study of War reported on May 28 that Russian forces had small infantry groups operating near Lyman but had not made additional gains since late April. This assessment indicated a stalled Russian offensive in the area, reducing market confidence in a near-term capture of Lyman.
Russian Defense Minister orders increased offensive tempo in Lyman direction
December 31 jumps to 54%8%
On May 28, Russian Defense Minister Andrei Belousov ordered the Western Grouping of Forces to accelerate advances in the Lyman area. Despite this, Russian forces failed to make significant gains, and Ukrainian forces continued to hold key positions, leading to market uncertainty and price volatility.
Russian military command's exaggerations persist amid slow advances near Lyman
June 30 plunges to 6%16%
ISW reported that Russian forces have only infiltrated small areas near Lyman with no significant gains, while Ukrainian forces continue to disrupt Russian logistics, maintaining low market confidence for capture by June 30.
Reports confirm Ukrainian control of Lyman and encirclement of Russian forces
December 31 dips to 48%2%
Ukrainian forces reportedly encircled thousands of Russian soldiers in Lyman, with Russian requests for withdrawal denied. This indicated Ukrainian control and diminished chances of Russian capture, reflected in the market price drop to 48%.
Russian small infantry groups operate near Lyman without making gains
Russian infantry groups have been operating near Lyman since late April but have not made additional territorial gains, indicating stalled Russian offensive efforts and sustained Ukrainian control.
Ukrainian forces maintain control and target Russian logistics near Lyman
June 30 dips to 7%3%
Ukrainian brigades reported targeting Russian ground lines of communication and drone operators near Lyman, inhibiting Russian supply and limiting advances. This contributed to a further decline in market confidence for Russian capture by June 30.
Russian Defense Minister orders acceleration of advances in Lyman direction
December 31 dips to 48%1%
Russian Defense Minister Andrei Belousov ordered the Western Grouping of Forces to increase the pace of advances in the Lyman direction, reflecting pressure to achieve gains despite limited success, causing minor market fluctuations.
Russian forces likely capture most of Lyman, UK intelligence reports
December 31 surges to 86%59%
By late May 2026, British intelligence assessed that Russian forces had likely captured most of Lyman, a key strategic railway hub, which was seen as a preliminary operation for further advances in Donbas. This raised market optimism for a Russian capture by year-end.
ISW: Russian forces make no new advances near Lyman
December 31 drops to 46%6%
ISW reported that Russian infantry groups near Lyman had made no further gains since late April, prompting a sharp fall in “December 31” odds.
Belousov orders faster push on Lyman axis
December 31 rises to 51%1%
Defense Minister Belousov ordered acceleration of advances along the Lyman axis, briefly boosting optimism and pushing “December 31” back up to 51 % on 20‑May.
Ukrainian forces maintain control north and south of Lyman; Russian infantry groups make no gains
December 31 dips to 48%1%
By late May, Ukrainian forces controlled areas north and south of Lyman, with Russian infantry groups operating without making additional gains since late April. This confirmed Russia had not captured the Lyman railroad station, reinforcing market doubts about a 'Yes' resolution.
Ukrainian forces target Russian supply lines near Lyman, limiting advances
June 30 drops to 6%10%
Ukrainian brigades reported targeting Russian ground lines of communication and drone operators near Lyman, disrupting Russian supply and limiting their ability to sustain forward positions. This contributed to the market's sharp decline in confidence for capture by June 30 and May 31 deadlines.
Russian Defense Minister Orders Accelerated Advances Along Lyman Axis
Russian Defense Minister Andrei Belousov ordered the Western grouping of forces to accelerate offensive operations along the Kupiansk, Borova, and Lyman axes, attempting to align actual battlefield gains with inflated internal military maps.
Russian Defense orders increased offensive pace in Lyman direction amid slow gains
December 31 dips to 48%2%
Russian Defense Minister ordered acceleration of advances in the Lyman area despite slow progress and persistent Ukrainian counterattacks, highlighting ongoing contested fighting and lack of decisive Russian control over Lyman.
Russian forces fail to make significant gains near Lyman despite increased offensive tempo
December 31 drops to 49%5%
Despite orders to accelerate advances in the Lyman direction, Russian forces made limited progress and Ukrainian forces continued to hold key areas near Lyman. This reinforced market skepticism about a Russian capture by December 31.
Russia claims capture of Lyman town, but ISW and UK intelligence assess limited control
December 31 rises to 54%4%
On May 27, Russian Defense Ministry and UK intelligence reported Russian forces had captured most of Lyman, a key railway junction. However, ISW and other assessments indicated Russian control was limited and contested, with Ukrainian forces holding significant parts, leading to market skepticism about full Russian capture.
Ukrainian forces hold more positions east and northeast of Lyman, Russian advances limited
December 31 dips to 46%4%
ISW reported on May 26 that Ukrainian forces controlled roads and positions around Lyman, with Russian forces only striking Ukrainian positions and failing to secure significant territory. This indicated Russian forces had not captured the Lyman railroad station, dampening market confidence in a near-term Russian capture.
Ukrainian forces maintain control over key positions around Lyman
December 31 rises to 50%1%
Geolocated footage and reports indicated Ukrainian forces held roads and positions northeast and north of Lyman, countering Russian claims of advances and suggesting Russian forces had not secured the city or its railroad station. This tempered market optimism.
Reports indicate Ukrainian control of road between Lyman and Stavky
December 31 dips to 50%2%
A source reported Ukrainian forces control the road between Lyman and Stavky, with footage showing Russian strikes on Ukrainian positions nearby, suggesting Ukrainian hold on key access routes and limiting Russian control of Lyman.
Ukrainian forces control roads near Lyman, Russian advances limited
December 31 dips to 50%4%
Reports on May 26 indicated Ukrainian control of key roads near Lyman and geolocated footage showed Russian forces striking Ukrainian positions but not securing the city. This suggested Russian forces were failing to capture Lyman, further lowering market probability.
British intelligence reports Russian forces likely captured most of Lyman town
December 31 surges to 65%15%
UK Ministry of Defense reported that by May 27, Russian forces had likely captured most of Lyman, a strategic railway hub, suggesting a preliminary operation for the next phase of the Donbas offensive. This raised market optimism temporarily about Russian control prospects.
Russian milbloggers claim capture of Brusyn train station near Lyman
December 31 jumps to 57%5%
Russian milbloggers announced the seizure of the Brusyn train station (south‑west of Lyman). The market rallied, moving from 52 % to 57 % as participants priced in a possible breakthrough toward the Lyman hub.
ISW reports Ukrainian forces hold more positions within and east of Lyman than previously assessed
December 31 dips to 46%2%
On May 26, ISW reported that Ukrainian forces controlled key roads and positions within and east of Lyman, contradicting Russian claims of control. Russian forces continued attempts to disrupt Ukrainian logistics but failed to secure Lyman, dampening market optimism for Russian capture.
Ukrainian forces maintain control of key roads near Lyman
December 31 drops to 49%5%
Ukrainian forces controlled the road between Lyman and Stavky and held positions east and north of Lyman, indicating strong defense and limiting Russian advances. Market prices declined further to 49% for December 31.
Ukrainian forces hold more positions in Lyman than previously assessed
June 30 dips to 8%1%
Reports and geolocated footage in late May indicated Ukrainian forces controlled roads and positions around Lyman, suggesting Russian forces had not fully captured the area. This assessment lowered confidence in Russian capture by June 30.
Ukrainian forces control road northeast of Lyman, Russian forces strike Ukrainian positions nearby
December 31 dips to 50%3%
Reports and geolocated footage showed Ukrainian control of key roads near Lyman and Russian strikes on Ukrainian positions, indicating ongoing contested status and no Russian capture of the railroad station.
ISW reports Ukrainian control of road northeast of Lyman and Russian strikes east of Stavky
December 31 dips to 50%2%
On May 26, ISW reported Ukrainian forces control the road between Lyman and Stavky, with Russian forces striking Ukrainian positions east of Stavky and northwestern Lyman, indicating Ukraine held key terrain including near the railroad station.
Ukrainian forces control road between Lyman and Stavky, indicating continued Ukrainian presence near Lyman
December 31 rises to 50%1%
ISW reported Ukrainian control of the road northeast of Lyman and geolocated footage showed Russian forces striking Ukrainian positions near Lyman, indicating contested control and Ukrainian advances rather than Russian capture of the area.
Ukrainian strikes force Russian withdrawal of equipment from Lyman frontline
December 31 dips to 50%4%
Ukrainian strikes against Russian military infrastructure forced Russian forces to withdraw equipment from the Lyman frontline, indicating difficulties for Russia to maintain offensive momentum. This development likely contributed to market uncertainty and price fluctuations.
Russian forces make multiple attempts to penetrate Ukrainian defenses near Lyman
December 31 dips to 50%2%
On May 25, reports indicated Russian forces made 11 attempts to penetrate Ukrainian defenses near Lyman and surrounding settlements but failed to secure significant gains. This reinforced market doubts about imminent Russian capture of Lyman.
British intelligence reports Russian attempts to capture most of Lyman for Donbass offensive
December 31 jumps to 66%12%
British Ministry of Defence reported that by late May 2026, Russian forces likely controlled most of Lyman, aiming to use it as a base for further Donbass offensives. This raised market hopes for a Russian capture, reflected in a temporary price increase, but Ukrainian resistance remained strong.
Reports of Russian withdrawal of equipment from Lyman frontline amid Ukrainian strikes
December 31 drops to 49%5%
On May 25, sources reported Russian forces withdrawing ammunition and heavy equipment from the Lyman frontline due to intensified Ukrainian strikes, signaling Russian operational difficulties and diminishing chances of capturing the Lyman railroad station by the deadline.
Russian forces withdraw equipment from Lyman frontline amid Ukrainian strikes
December 31 drops to 49%5%
Reports indicated Russian forces conducting large-scale withdrawal of ammunition and heavy equipment from Lyman frontline to rear warehouses due to Ukrainian strikes, signaling weakening Russian position and lowering market expectations for capture.
Russian forces hesitant to use artillery and armor near Lyman due to Ukrainian drone strikes
December 31 dips to 51%3%
On May 23, reports indicated Russian forces hesitated to deploy artillery and armored vehicles near Lyman because of effective Ukrainian battlefield air interdiction and frequent counterattacks. This limited Russian offensive capability and contributed to stalled advances, influencing market prices downward for near-term capture.
Russian forces reinforce Lyman direction but face Ukrainian counterattacks
December 31 dips to 51%3%
In late May, Russian forces redeployed units to the Lyman direction and increased artillery and armored presence, but Ukrainian counterattacks and drone strikes hindered Russian advances, keeping the frontline contested and market prices subdued.
Russian forces report successes in Lyman direction amid ongoing fighting
December 31 drops to 54%13%
Russian forces claimed successes in attacks on the northern flank of Lyman, but reports were contradictory and Ukrainian forces maintained contested control. This contributed to initial market uncertainty and a price drop for the December 31 outcome from 67% to 54%.
Russian units achieve local successes near Lyman but face strong Ukrainian pockets
December 31 drops to 16%11%
Russian forces made some local gains on approaches to Lyman, increasing front activity, but Ukrainian forces held significant defensive positions, maintaining control over key areas including near the railroad station. This limited Russian progress contributed to market uncertainty.
Ukrainian counterattacks intensify near Lyman, limiting Russian advances
December 31 drops to 49%13%
Ukrainian forces launched counterattacks north and east of Lyman, disrupting Russian infiltration and offensive operations, which contributed to a decline in market confidence for a Russian capture of the Lyman railroad station.
Ukrainian forces hold key roads and strike Russian positions near Lyman
December 31 dips to 49%3%
Geolocated footage and reports indicated Ukrainian control of roads between Lyman and nearby settlements and strikes on Russian positions, showing Ukrainian resistance and limiting Russian advances, contributing to market price declines.
Ukrainian forces advance southeast of Kryva Luka and strike Russian positions in eastern Lyman
December 31 dips to 50%3%
Geolocated footage confirmed Ukrainian advances and strikes near Lyman, indicating ongoing Ukrainian control and resistance, which kept market confidence in Russian capture low.
Ukrainian forces strike Russian positions east of Lyman amid infiltration missions
June 30 plunges to 28%26%
In late May 2026, Ukrainian forces conducted strikes on Russian positions east of Lyman, indicating active resistance and contested control, which pressured market prices downward for Russian capture by June 30.
Russian forces report successes near Lyman amid contradictory attack reports
December 31 dips to 52%1%
On May 22, Russian Armed Forces reported successes in Lyman and nearby areas despite contradictory reports on the northern flank. This indicated ongoing fighting and uncertainty about control, impacting market confidence in Russian capture of Lyman by year-end.
Russian forces increase assaults near Lyman but fail to secure full control
December 31 rises to 52%2%
Reports indicated Russian units achieved local successes on approaches to Lyman but Ukrainian forces held strong pockets, preventing full Russian control. This increased activity raised initial market uncertainty about the outcome.
Russian forces intensify strikes on Ukrainian railroad infrastructure near Lyman
December 31 rises to 52%3%
Russian forces conducted systematic strikes on enemy railroad infrastructure in regions including near Lyman, increasing front activity and signaling efforts to disrupt Ukrainian logistics. This heightened military pressure contributed to early market price increases for Russia capturing Lyman.
Russian forces intensify fighting near Lyman with local successes
December 31 rises to 52%2%
Russian units achieved local successes on approaches to Lyman, increasing front activity and targeting railway infrastructure, signaling a focused effort to capture the city and its strategic assets. This heightened activity raised market expectations for a Russian capture by year-end.
Fighting near Lyman intensifies with Russian local successes but Ukrainian pockets remain
December 31 rises to 52%2%
As of May 22, fighting near Lyman became more active with Russian units achieving local successes on approaches to the city, but Ukrainian forces still hold significant positions, indicating no full Russian control of the railroad station.
Fighting intensifies near Lyman with Russian local successes on approaches
December 31 dips to 63%1%
Russian forces achieved local successes on the approaches to Lyman, increasing pressure on the city, but Ukrainian forces maintained defensive positions. The front became more active, reflecting ongoing contestation of the area.
Russian forces report small group operations in Lyman amid ongoing fighting
December 31 dips to 52%1%
Russian Armed Forces reported continued small group operations within Lyman and nearby areas in late May, indicating contested control but no confirmed capture of the railroad station by year-end.
Russian units report local successes near Lyman amid ongoing fighting
December 31 dips to 52%1%
On May 22, Russian Armed Forces reported local successes on approaches to Lyman, though Ukrainian forces maintained presence in nearby pockets. Fighting intensified but no confirmed capture of the Lyman railroad station occurred, reflecting market uncertainty and price stabilization around 50%.
Bloomberg reports Kremlin officials see war in deadlock but Putin aims to seize Donetsk by end 2026
December 31 rises to 54%1%
On May 22, 2026, Bloomberg reported that senior Kremlin officials believed the war had reached a dead end with no clear resolution, but President Putin remained committed to fully seizing Donetsk Oblast, including Lyman, by the end of 2026. This reinforced market expectations of eventual Russian capture by year-end.
Ukrainian strike on Russian position in eastern Lyman shows stalled Russian advance
June 30 plunges to 7%26%
Critical Threats reported that Ukrainian forces struck a Russian position in eastern Lyman on May 20, indicating continued Ukrainian resistance and no Russian breakthrough. The assessment that Russian advances were stalling reinforced a bearish outlook for a Lyman capture, driving the “June 30” price to a low of 7 % by early June.
Russian forces achieve local successes near Lyman but fail to establish full control
December 31 drops to 49%5%
Russian units made local advances on approaches to Lyman, but Ukrainian forces maintained pockets of control and continued counterattacks, preventing Russia from capturing the city or railroad station, sustaining uncertainty about Russian control.
ISW reports no significant Russian gains in Lyman; Ukrainian forces maintain control
December 31 dips to 49%3%
By late May, ISW assessments confirmed that Russian forces had not captured Lyman or its railroad station, despite ongoing fighting and Russian claims. Ukrainian forces continued to hold positions and strike Russian forces, reinforcing market expectations that Russia would not capture Lyman by the end of 2025.
Ukrainian forces strike Russian positions in eastern Lyman after infiltration mission
December 31 rises to 52%2%
Geolocated footage showed Ukrainian forces striking Russian positions in eastern Lyman following Russian infiltration attempts, demonstrating active Ukrainian resistance and complicating Russian efforts to secure the area. This reinforced market doubts about Russian capture prospects.
Fighting intensifies near Lyman but Ukrainian forces strike Russian positions in eastern Lyman
December 31 dips to 53%1%
On May 20 and 21, geolocated footage showed Ukrainian forces striking Russian positions in eastern Lyman after Russian infiltration attempts, indicating Ukraine retained control of key areas including the railroad station, reducing likelihood of Russian capture by year-end.
Russian forces miss May 2026 deadline to seize Kostyantynivka after stalled Lyman offensive
December 31 drops to 48%6%
Russian forces failed to capture Kostyantynivka by May 2026, having shifted focus from Lyman after unsuccessful attempts to advance on Slovyansk. This marked a continuation of stalled progress in the Lyman area and diminished prospects for capturing the city and its railroad station soon.
Ukrainian forces repel Russian infiltration attempts near Lyman
December 31 dips to 50%2%
Geolocated footage showed Ukrainian forces striking Russian positions in eastern Lyman after infiltration missions, indicating active Ukrainian defense and preventing Russian consolidation in the area. This limited Russian territorial gains and contributed to market uncertainty.
Russian forces conduct infiltration missions near Lyman but fail to secure key positions
December 31 drops to 56%11%
Geolocated footage and reports on May 21-22 showed Ukrainian forces striking Russian positions in eastern Lyman after Russian infiltration attempts. Western officials noted Ukraine's strong defenses stabilizing the front, limiting Russian advances. This contributed to a price drop in the December 31 outcome from 67% to 56%.
US Defense Intelligence Agency notes Ukraine's territorial gains after Russian loss of Starlink
December 31 dips to 50%4%
The DIA reported Ukraine's recent territorial gains following Russian loss of Starlink access, indicating effective Ukrainian resistance and hindering Russian advances near Lyman, lowering capture probability.
Russian forces report local successes near Lyman amid intensified fighting
December 31 rises to 54%2%
On May 22, reports indicated increased activity and local successes by Russian units on the approaches to Lyman, with small groups operating within the city. However, Ukrainian forces maintained significant presence and resistance, limiting Russian advances. This news temporarily supported market confidence in a possible Russian capture of Lyman.
ISW reports Ukrainian forces contesting Russian advances near Lyman
ISW assessment noted Ukrainian forces maintaining positions near Lyman and Russian forces intensifying drone attacks but failing to make meaningful territorial gains, reflecting ongoing contested control and uncertainty over Russian capture of Lyman.
Russian forces report successes on Lyman front amid ongoing attacks
December 31 dips to 53%1%
Russian forces reported successes in Lyman and nearby areas despite contradictory reports. Continued fighting and strikes on logistics infrastructure kept the situation fluid, with no confirmed Russian capture of the Lyman railroad station, maintaining market uncertainty and a moderate price level.
Russian Armed Forces report successes near Lyman amid contradictory reports
December 31 rises to 51%2%
Russian forces reported successes near Lyman in May, but reports were contradictory, leading to market price fluctuations and uncertainty about control of the area.
US DIA and NATO report Ukraine's strong defense stabilizing front near Lyman
June 30 drops to 7%6%
Western intelligence assessments highlighted Ukraine's effective defense and Russian offensive stagnation near Lyman, reinforcing market doubts about Russian capture by June 30 and May 31 dates.
Ukrainian forces strike Russian positions in eastern Lyman amid ongoing infiltration attempts
December 31 dips to 50%2%
Geolocated footage showed Ukrainian forces striking Russian positions in eastern Lyman after Russian infiltration missions, indicating continued contested control but no confirmed Russian capture of the railroad station. This maintained market uncertainty and a moderate probability of Russian capture.
Ukrainian mid‑range strikes intensify against Russian logistics near Lyman
June 30 drops to 16%6%
Brovdi announced a surge in Ukrainian mid‑range strikes targeting Russian logistics near Lyman, reinforcing the view that Russia would not capture the station, pushing “June 30” down to 16 % on 3‑May.
Geolocated footage shows Russian advances north and east of Lyman
Footage published in mid-May showed Russian forces advancing in eastern Ridkodub and central Torske, north and east of Lyman, indicating ongoing Russian efforts to approach Lyman but without confirmed capture of the railroad station, sustaining market uncertainty.
Ukrainian Forces Strike Russian Infiltration Position in Eastern Lyman
December 31 rises to 54%2%
Geolocated footage confirmed Ukrainian forces struck a Russian position in eastern Lyman following an infiltration attempt, demonstrating active Ukrainian resistance and interspersed positions.
Ukrainian forces strike Russian positions in eastern Lyman
December 31 dips to 54%4%
Geolocated footage showed Ukrainian forces striking Russian positions in eastern Lyman after a Russian infiltration mission, indicating ongoing contested fighting and stalling Russian advances near the railroad station.
Russian command redeploys forces to Lyman direction amid heavy losses elsewhere
December 31 rises to 52%1%
Reports indicated that Russia transferred multiple regiments to the Lyman direction to compensate for heavy losses, signaling continued Russian focus on capturing Lyman but also highlighting operational difficulties. This maintained market uncertainty about a Russian capture by year-end.
Russian drone attack on Ukrainian railway station in Krasnodar region
Russia launched a drone attack on a railway station in the Krasnodar region, with drone wreckage falling on the station and causing injuries, demonstrating Russian capability to strike Ukrainian infrastructure.
Russian command transfers tank regiments to Lyman direction
December 31 jumps to 79%13%
Reports indicated that Russian command moved several tank regiments to the Lyman direction to compensate for losses, suggesting a focus on capturing Lyman. This reinforced market expectations for a Russian capture by year-end.
Ukrainian forces strike Russian positions in eastern Lyman amid ongoing fighting
May 31 dips to 1%4%
Geolocated footage on May 20 showed Ukrainian strikes on Russian positions in eastern Lyman, indicating active contested control and no confirmed Russian capture of the railroad station. This contributed to further market decline in the probability of Russian capture by May 31.
Ukrainian Forces Strike Russian Infiltration Position in Eastern Lyman
June 30 jumps to 14%8%
Geolocated footage confirmed Ukrainian forces struck a Russian position in eastern Lyman following a localized Russian infiltration mission, showing that Russian forces had not established stable control.
Russian forces intensify drone attacks and logistics disruption near Lyman
December 31 dips to 54%2%
Reports indicated increased use of Molniya drones by Russian forces complicating Ukrainian logistics around Lyman, reflecting ongoing fierce fighting and influencing market perceptions of Russian capture chances.
Fighting intensifies near Lyman with drone usage complicating logistics
December 31 dips to 49%4%
On May 19, Ukrainian reports indicated intensified Russian use of Molniya drones complicating logistics near Lyman, with ongoing fighting and neither side fully controlling the area. This maintained market uncertainty and price near 49%.
Russian assault groups infiltrate Lyman's central districts amid heavy fighting
December 31 jumps to 54%6%
Reports indicated Russian infantry infiltrated deep into Lyman's central microdistricts aiming to encircle Ukrainian strongpoints, signaling intensified urban combat and potential for future gains.
Ongoing fighting and logistics strikes in Lyman area with no confirmed Russian capture
December 31 drops to 48%8%
Both Russian and Ukrainian forces continued targeting logistics and fighting near Lyman, but no confirmed Russian control of the railroad station was reported, keeping market prices subdued.
Russian and Ukrainian forces intensify strikes on logistics in Lyman direction
December 31 drops to 49%5%
Both sides targeted each other's logistics near Lyman, indicating ongoing contested control and no decisive Russian capture, contributing to market uncertainty and price decline.
Ukraine recaptures key eastern town of Lyman, Russian troops withdraw
December 31 dips to 49%4%
On May 19, Ukraine recaptured Lyman after Russian forces withdrew due to threat of encirclement, marking a significant setback for Russia and causing a sharp decline in market confidence for Russian capture of the Lyman railroad station.
Ukrainian forces maintain positions in western Lyman, indicating Russian infiltration not control
December 31 dips to 52%2%
Geolocated footage on May 19 showed Ukrainian forces holding positions in western Lyman, suggesting Russian forces had only infiltrated around Ukrainian positions rather than seized the area. This supported the market's declining probability of Russian capture.
Ukrainian forces maintain control of western Lyman, repel Russian incursions
May 31 drops to 2%5%
Ukrainian reports and geolocated footage showed Ukrainian forces still holding western Lyman and repelling Russian infiltrations, reinforcing market belief that a capture was unlikely; price for May 31 fell from 7 % to 2 % the next day.
Russian forces intensify attacks near Lyman but fail to advance significantly
December 31 rises to 51%2%
ISW reported Russian forces conducting offensive operations in the Slovyansk direction and attempting to disrupt Ukrainian logistics near Lyman, but no confirmed advances were made. This indicated ongoing fighting but no decisive Russian control over Lyman, contributing to market uncertainty.
Russian and Ukrainian forces intensify logistics strikes near Lyman
June 30 drops to 7%6%
Both sides increased efforts to disrupt each other's logistics in the Lyman direction, with Russian forces using drones and Ukrainian forces conducting counterattacks, reflecting a stalemate and contributing to declining market confidence for Russian capture by June 30.
Ukrainian forces maintain control in western Lyman amid Russian infiltration
December 31 dips to 51%4%
Geolocated footage showed Ukrainian forces holding positions in western Lyman while Russian forces operated only in small infiltration groups without making gains. This confirmed lack of Russian control over Lyman railroad station, negatively impacting market outlook.
Ukrainian counterattack expands control east of Lyman
December 31 drops to 57%8%
Ukrainian forces continued a counterattack expanding control east of Lyman, maintaining control of the railroad station and limiting Russian advances, contributing to a decline in market confidence for Russian capture by December 31.
Russian and Ukrainian forces continue targeting logistics in Lyman direction
December 31 dips to 54%4%
Both sides intensified strikes on logistics near Lyman, with Ukrainian forces maintaining presence and Russian forces failing to secure the area, sustaining market uncertainty but leaning against Russian capture of the railroad station by year-end.
ISW maps show Ukraine still in control of western Lyman rail area
December 31 dips to 52%2%
ISW analysis of geolocated footage showed Ukrainian forces still holding western Lyman and the nearby rail corridor, contradicting earlier Russian claims of advance. The market slipped from 54 % to 52 % as traders judged the Lyman rail station remained out of Russian hands.
Ukrainian forces maintain positions near Lyman amid Russian strikes
December 31 dips to 52%1%
Geolocated footage showed Ukrainian forces holding positions in western Lyman, indicating that Russian forces had not fully captured the area. Russian strikes on Ukrainian infrastructure continued but did not translate into control of the railroad station, sustaining market doubts about a Russian capture by year-end.
Negotiators reach deal to end Long Island Rail Road strike in the US
December 31 dips to 50%3%
A labor strike affecting a major US commuter rail system ended with a tentative deal, restoring service. While unrelated to the Lyman railroad station, this event coincided with a market price decline and is not causally linked to the Russia-Ukraine conflict.
Deal reached to end strike at largest US commuter railroad
While unrelated to the conflict, this event coincided with a minor market stabilization period, reflecting external factors affecting market liquidity rather than the Lyman situation.
Ukrainian forces strike Russian oil refinery and pumping station in Russia, signaling ongoing pressure
December 31 dips to 53%1%
Ukrainian long-range strikes on Russian energy infrastructure, including oil refineries and pumping stations, indicate sustained Ukrainian operational capability, indirectly affecting Russian logistics near Lyman and market confidence.
Continued Ukrainian control of Lyman railroad station amid stalled Russian offensive
December 31 rises to 53%2%
Further reports confirmed that Russian forces had not captured the Lyman railroad station, with Ukrainian troops maintaining defensive positions. This sustained the market's downward adjustment of the probability of Russian capture by the deadline.
Ukrainian forces repel multiple Russian attempts to advance near Lyman
December 31 rises to 53%2%
On May 17, Ukrainian forces successfully repelled nine Russian attempts to advance in the Lyman area, demonstrating strong defensive capabilities and limiting Russian territorial gains. This defensive success likely contributed to market confidence in Ukraine retaining control of Lyman.
Ukrainian air force reports Russian missile and drone attacks on multiple locations
May 31 dips to 3%1%
Ukrainian forces confirmed Russian missile and drone attacks, with wreckage found at a railway station in the Krasnodar region. This incident may have contributed to market volatility.
Ukrainian forces intensify strikes on Russian logistics near Lyman
December 31 drops to 54%13%
Ukrainian drone strikes and artillery targeted Russian logistics and troop concentrations near Lyman, disrupting Russian operations and contributing to market skepticism about imminent Russian capture.
Russian forces intensify ground operations near Lyman and Slovyansk
Russian forces increased ground assaults and interdiction efforts in the Slovyansk direction, including areas near Lyman, signaling the start of their spring-summer 2026 offensive. This raised market expectations for potential Russian advances, slightly influencing prices upward.
Russian military command exaggerates advances near Lyman, ISW reports limited control
December 31 drops to 50%5%
Russian Chief of General Staff Gerasimov falsely claimed significant Russian advances near Lyman, but ISW assessments showed Russian forces only infiltrated a small fraction of Lyman territory, indicating no consolidated control. This discrepancy highlighted overstatements by Russian command and tempered market confidence in imminent capture.
ISW finds no evidence Russian forces hold consolidated positions in Lyman
ISW reported that Russian forces have only infiltrated small parts of Lyman and do not hold consolidated positions, indicating failure to capture the city or railroad station by mid-May 2026.
ISW assesses Russian forces hold only limited infiltration positions in Lyman, no consolidated control
On May 16, ISW reported that Russian forces only infiltrated about 0.06% of Lyman and do not hold consolidated positions, indicating no capture of the railroad station and sustaining market skepticism about a near-term Russian capture.
Russian Chief of General Staff Gerasimov exaggerates Russian control claims near Lyman
December 31 drops to 48%6%
On May 16, Gerasimov falsely claimed Russian forces held 85% of Lyman, but ISW assessed only minimal Russian infiltration near Lyman, indicating Russian forces were not close to capturing the city or its railroad station. This inflated claim contrasted with the actual battlefield situation, influencing market skepticism about imminent Russian capture.
Russian General Staff again exaggerates advances near Lyman and Kupiansk
December 31 dips to 50%4%
Russian General Staff chief Gerasimov falsely claimed advances near Lyman and other settlements, but ISW confirmed only minimal Russian control, maintaining skepticism about Russian capture prospects.
Ukrainian staff says Russian forces still 2‑4 km from Lyman suburbs
June 30 plunges to 23%16%
The staff reported Russian forces were only 2‑4 km from key Lyman suburbs, underscoring a lack of progress and causing the “June 30” price to slip to 23 % on 17‑May.
Russian forces intensify attacks near Lyman with multiple assaults
December 31 dips to 52%2%
Mid-May reports show Russian forces launching multiple assaults near Lyman, attempting to break Ukrainian defenses. Despite these efforts, Ukrainian forces continued to hold, reflected in market price fluctuations around this time.
Russian claims of seizing 85% of Lyman contradicted by ISW evidence
On May 16, Russian General Gerasimov claimed Russian forces seized about 85% of Lyman, but ISW found no evidence of consolidated Russian control, assessing only minimal infiltration. This discrepancy undermined confidence in Russian capture of Lyman.
ISW reports no evidence of Russian control within Lyman railroad station area
ISW assessment on May 16 found no evidence that Russian forces hold positions within Lyman or the railroad station area, with only minimal infiltration detected, indicating Ukrainian control remained intact.
Gerasimov falsely claims significant Russian advances near Lyman and Kupiansk
December 31 drops to 48%7%
Russian General Gerasimov claimed Russian forces captured 85% of Lyman and other settlements, but ISW data showed minimal Russian presence, undermining credibility of Russian claims and lowering market confidence.
Gerasimov claims 85 % of Lyman seized during May 16 briefing
Gerasimov again announced that Russian forces had captured 85 % of Lyman during a meeting with the Western Grouping. The market reacted with a modest rise (from 13 % to 13 % – stabilising) but the overall trend remained downward, confirming diminishing belief in a capture.
ISW finds no evidence of Russian control in Lyman despite Gerasimov's claims
December 31 dips to 50%4%
Russian General Staff Chief Gerasimov claimed Russian advances including 85% control of Lyman, but ISW assessed that Russian forces only infiltrated a negligible portion of Lyman and do not hold consolidated positions, further discrediting Russian claims and lowering market confidence.
Russian Defense Minister orders acceleration of advances in Lyman direction
December 31 rises to 51%2%
Russian Defense Minister Andrei Belousov ordered the Western Grouping of Forces to increase the pace of advances along the Lyman axis, reflecting Kremlin pressure to capture the area. Despite this, Russian forces failed to secure the Lyman railroad station by the resolution date.
ISW refutes Russian claims of advances in Kharkiv region
December 31 plunges to 48%38%
ISW reported that Russian General Valery Gerasimov falsely claimed Russian forces had captured 50% of Lyman and other settlements, but ISW data showed only 0.06% of Lyman was under Russian control, causing a significant price drop.
Russian General Staff chief falsely claims over 85% control of Lyman
December 31 drops to 50%8%
Valery Gerasimov again exaggerated Russian control near Lyman, claiming over 85% control, while ISW and other sources reported only minor Russian presence. This ongoing misinformation campaign contributed to market skepticism and price declines for near-term capture outcomes.
Gerasimov states 85 % of Lyman under Russian control
December 31 rises to 52%2%
Gen. Gerasimov again claimed 85 % of Lyman captured; the market swung back up for the “December 31” outcome as traders weighed the renewed assertion.
ISW reports Russian generals exaggerate territorial gains near Lyman
December 31 drops to 50%6%
ISW revealed that Russian generals fed the Kremlin false information about territorial gains including Lyman, masking a steep slowdown in advances. This undermined confidence in Russian capture prospects and contributed to market price declines.
Russian General Gerasimov falsely claims 85% control of Lyman, ISW refutes
December 31 dips to 53%2%
Gerasimov claimed Russian forces seized 85% of Lyman, but ISW found only 0.06% Russian presence, indicating severe exaggeration and no actual capture, causing market confidence to decline sharply.
Gerasimov claims Russian advance toward Shevchenkove near Lyman
December 31 rises to 56%1%
Gerasimov claimed Russian forces advancing westward from Kupyansk toward Shevchenkove, implying progress near Lyman. This raised market hopes but was tempered by ISW assessments showing slow actual advances and no confirmed capture of Lyman station.
ISW reports Russian forces have only minimal infiltration in Lyman, no consolidated control
December 31 drops to 54%11%
ISW assessment on May 16 found no evidence of Russian forces holding positions within Lyman or its railroad station, with only 0.06% infiltration observed. This indicated Russia had not captured the station, negatively impacting market confidence in a 'Yes' outcome.
Russian Defense Minister outlines plans to accelerate offensive tempo
December 31 jumps to 67%8%
Russian Defense Minister Andrei Belousov announced plans to preserve and accelerate the tempo of the offensive in Donetsk and other regions, including efforts to drive Ukrainian forces from parts of Zaporizhzhia. This renewed military focus supported moderate market confidence in a December 31 capture of Lyman.
ISW confirms Russian forces still lack control of Lyman railway station
May 31 drops to 2%5%
A late‑May ISW bulletin confirmed that Russian forces had not seized the Lyman railway station and were on the defensive, driving the “May 31” price down further from 7 % to 2 %.
Russian forces advance near Lyman's outskirts, geolocated footage confirms
Geolocated footage showed Russian advances in eastern Ridkodub and central Torske near Lyman, raising market hopes and stabilizing prices around 50-54%.
Russian command shifts main offensive focus from Lyman to Kostyantynivka
December 31 drops to 48%8%
After stalled advances around Lyman and failure to seize key objectives, Russian military command reprioritized its offensive to focus on Kostyantynivka. This shift indicated diminished Russian prospects for capturing Lyman in the near term, impacting market confidence in a December 31 capture.
Russian military claims local successes near Lyman but ISW reports Ukrainian control persists
December 31 dips to 54%4%
Despite Russian claims of local successes on approaches to Lyman around mid-May, ISW and other sources reported Ukrainian forces holding key positions and contesting Russian advances, indicating Russia had not captured the Lyman railroad station by this time.
ISW map shows Lyman still under Ukrainian control
The latest Institute for the Study of War map, released on May 15, confirmed that the Lyman railroad station remained under Ukrainian control, solidifying the market’s final move to low ‘Yes’ probabilities across all outcomes.
Market sentiment declines amid stalled peace talks and ongoing Russian offensives
December 31 drops to 48%6%
As peace talks showed limited progress and Russian military pressure continued, market confidence in Russia capturing Lyman by year-end decreased, reflected in a price drop to around 48%.
Ukrainian forces push back Russian advances near Lyman
December 31 drops to 49%5%
Ukrainian forces repelled Russian infiltration missions near Lyman, undermining Russian momentum and contributing to market skepticism.
Ukrainian drone attacks on Russian logistics sites intensify
May 31 drops to 2%10%
A surge in Ukrainian deep‑strike drone operations against Russian supply lines increased the perceived risk of a Russian counter‑offensive, causing a slight dip in the May‑31 price from 12% to 2% as traders reassessed the likelihood of a Russian capture.
Ukrainian drone strike hits Russian oil depot, prompting Russian retaliation
May 31 plunges to 2%24%
A high‑profile Ukrainian drone attack on a Russian oil depot heightened tensions and led to a sharp decline in the May‑31 odds as traders expected Russian focus to shift away from Lyman.
Russia continues to face resistance in eastern Ukraine
June 30 drops to 7%9%
Continued reports of Ukrainian defensive operations and lack of significant Russian territorial gains in the analysis window led to a further decline in the June 30 outcome.
U.S. and Russia agree to reestablish military-to-military dialogue
December 31 rises to 52%2%
Senior officials from the U.S. and Russia agreed to reestablish high-level military dialogue after the New START treaty expired, signaling potential for renewed communication channels.
ISW reports no confirmed Russian advances in Lyman area, market confidence collapses
May 31 dips to 2%4%
By mid-May, ISW assessments continued to show no confirmed Russian control of Lyman railroad station, leading to a sharp drop in market prices for capture by May 31 and June 30, reflecting diminished expectations for near-term capture.
ISW assesses Russian spring-summer 2026 offensive produced zero tactically significant gains
ISW concluded that Russia's spring-summer 2026 offensive produced zero tactically significant gains since launching no later than 17 March, and that Russian forces have lost ground since 1 March. This comprehensive assessment of Russian military failure likely contributed to the market's continued price stability at 54% for the December 31 outcome.
Russian drone attack on Ukrainian railway station in Krasnodar region
December 31 jumps to 53%5%
Russia launched a drone attack on a railway station in the Krasnodar region, with drone wreckage falling on the station and causing injuries, demonstrating Russian capability to strike Ukrainian infrastructure.
Market confidence in Russian capture of Lyman drops to near zero amid persistent Ukrainian defense
May 31 dips to 1%1%
Market prices for Russian capture by May 31 fell sharply to 1%, reflecting reports of strong Ukrainian resistance and lack of Russian territorial gains at the Lyman railroad station.
Russian military command exaggerates territorial gains near Lyman
May 31 drops to 1%5%
Russian claims of advances were contradicted by ISW and Ukrainian sources showing minimal Russian control near Lyman, leading to a further decline in market confidence for capture by May 31.
Market reacts to reports of stalled Russian advances near Lyman
December 31 jumps to 48%6%
Reports indicated that Russian forces were unable to secure decisive gains near Lyman, leading to a drop in market prices for Russian capture by December 31 and June 30. The market reflected growing skepticism about Russian success by mid-May.
Russian drone strike on Dnipro kills miners, raises security concerns
May 31 dips to 2%3%
A high‑profile Russian drone attack in Dnipro heightened security concerns and shifted market focus away from Lyman, contributing to the May 31 price falling to a low of 2% that day.
Ukrainian counteroffensive stalls Russian advances near Lyman
December 31 drops to 53%5%
Reports indicated that Ukrainian counteroffensive efforts slowed Russian progress around Lyman, reducing market confidence in a Russian capture by year-end, reflected in a price drop to 53%.
Russian advances stall near Slovyansk and Lyman, shifting focus to Kostyantynivka
December 31 drops to 49%5%
Russian forces failed to make significant progress in the Lyman area and Slovyansk, leading to a strategic shift of their main offensive effort towards Kostyantynivka. This diminished the likelihood of capturing Lyman's railroad station by the end of 2025, reflected in market price declines.
Ukrainian forces encircle and Russian military announces withdrawal from Lyman
December 31 drops to 40%14%
Reports from multiple sources including Russian military announcements and Ukrainian statements confirmed that Russian forces were encircled in Lyman and subsequently withdrew, indicating Ukrainian control of the city and its railroad station. This event sharply reduced the market's probability of Russian capture by the deadline.
Russian military command reallocates forces to Lyman direction
December 31 dips to 53%1%
A company from the Russian 423rd Motorized Rifle Regiment was attached to the 144th Motorized Rifle Division in the Lyman direction, indicating Russian efforts to reinforce operations near Lyman. However, no significant territorial gains were reported, maintaining uncertainty about capture prospects.
Reports of Ukrainian defensive success near Lyman cause market confidence to drop
December 31 drops to 40%13%
On May 12, news of strong Ukrainian defense and lack of Russian territorial gains near Lyman led to a market confidence low of 40%, reflecting doubts about Russia capturing the station by year-end.
ISW Reports Russia Suffered Net Loss of Territory in April 2026 Amid Stalled Advances
December 31 drops to 40%14%
The ISW reported that Russia suffered a net loss of territory in April 2026 for the first time in months, highlighting the severe decline in the rate of Russian advances.
Russian military command reinforces Lyman direction amid declining advances
December 31 dips to 50%4%
Reports indicated Russian command attached additional forces to the Lyman direction, but overall Russian advances declined due to Ukrainian strikes and recruitment issues, reducing market confidence in imminent capture.
Russian officials warn of extending gains if talks fail
December 31 drops to 50%5%
Putin’s warning that Russia would push further if peace talks stalled revived concerns of a Lyman capture, nudging the December‑31 price up from 55% to 50% before the market closed the day.
Russian drone strike kills 12 miners in Dnipro, heightening frontline fighting
The deadly drone attack underscored Russia’s intensified use of air power near the front, reducing confidence in a negotiated settlement and pushing the May‑31 price down to 2% as the market saw little chance of a Russian capture of Lyman before year‑end.
Russian general killed by car bomb in Moscow, investigators suspect Ukraine
December 31 dips to 50%4%
A high-ranking Russian general was killed by a car bomb in Moscow, with investigators suspecting Ukrainian involvement, reflecting ongoing covert conflict and instability that likely dampened market confidence in Russian advances including Lyman.
Ukraine’s allies agree on multilayered security guarantees amid ongoing conflict
December 31 drops to 50%5%
International support for Ukraine strengthened with commitments to defense guarantees if a peace deal is reached, reinforcing Ukrainian resolve and reducing market confidence in Russian capture of Lyman by near-term dates.
Russian forces advance near Lyman amid ongoing shelling and drone strikes
Russian milbloggers reported advances south of Sosnove and east of Lyman, sustaining market optimism and stabilizing prices around 54-54%.
Russian attacks on Ukraine’s power plants cause severe electricity shortages
December 31 drops to 49%5%
Russian strikes on Ukrainian energy infrastructure intensified, exacerbating shortages and increasing pressure on Ukraine’s defenses. This heightened conflict intensity near contested areas like Lyman, affecting market perceptions of control dynamics.
European allies announce new security guarantees for Ukraine
May 31 drops to 3%9%
The coalition of the willing pledged extensive security guarantees, reducing expectations that Russia would secure Lyman before year‑end, pushing the May 31 price down to single digits.
Ukrainian forces advance in Slavyansk direction while Russian attempts near Lyman stall
Ukrainian troops advanced in the Slavyansk direction, with Russian forces making limited advances near Lyman but failing to seize new ground, indicating continued Ukrainian control around Lyman.
Russian forces continue attacks in Lyman direction despite ceasefire claims
December 31 dips to 52%2%
Despite a unilateral Russian ceasefire, Russian forces continued small infantry group attacks near Lyman, indicating ongoing conflict but no decisive capture of the railroad station, contributing to market uncertainty and price fluctuations.
Ukrainian forces intensify counterattacks and clear Russian infiltrators near Lyman
June 30 plunges to 19%21%
Reports indicated Ukrainian troops cleared villages southwest of Lyman and repelled Russian assaults, maintaining control over key areas including the railroad station. This led to a further decline in market confidence for Russian capture by June 30.
Russian Forces Make Latest Advances in Donetsk Oblast Near Lyman
December 31 jumps to 66%11%
Russian forces reported new advances near Lyman, renewing market hopes for eventual capture despite ongoing Ukrainian resistance.
Ukrainian forces repel multiple Russian assaults near Lyman
December 31 dips to 54%1%
Ukrainian forces repelled 13 Russian attempts to advance in areas including Lyman, demonstrating strong defense and preventing Russian capture of key positions. This defensive success further reduced market confidence in Russian capture by year-end.
Russian forces intensify artillery and drone strikes in eastern Ukraine
December 31 rises to 55%1%
Increased Russian bombardment aimed at weakening Ukrainian defenses suggested preparations for renewed ground offensives, temporarily boosting market expectations for Russian capture of Lyman.
U.S. President Trump pushes for accelerated peace negotiations
December 31 drops to 55%7%
Trump’s intensified diplomatic push raised hopes of a negotiated settlement, which would count as a ‘Yes’ if Russia gained control, causing a modest rise in the December‑31 price from 62% to 55% as traders priced in a possible settlement outcome.
Russian forces conduct assaults near Lyman but face Ukrainian resistance
December 31 drops to 54%12%
Russian forces struck Ukrainian positions near Lyman and the Siversk-Lyman highway, but Ukrainian forces continued to hold and counterattack, indicating a stalemate and limiting Russian advances toward capturing Lyman.
Sustained Russian attacks near Lyman met with Ukrainian resistance
June 30 dips to 6%4%
Russian forces launched multiple attacks near Lyman, but Ukrainian forces successfully repelled many assaults, maintaining defensive positions and preventing Russian capture, contributing to market price declines for June 30 capture.
Russian forces claim seizure of Kryva Luka near Slovyansk, no evidence of Lyman capture
Russian Ministry of Defense and milbloggers claimed seizure of Kryva Luka east of Slovyansk, but ISW reported no granular evidence of Russian control changes in Lyman. Ukrainian forces continued to advance in nearby areas, maintaining pressure on Russian positions.
Russian forces intensify strikes near Lyman amid infiltration reports
December 31 drops to 57%10%
Geolocated footage showed Russian strikes near Lyman and infiltration attempts, indicating ongoing offensive efforts. This maintained some market support for a December 31 capture but also reflected a contested battlefield with Ukrainian resistance.
Russian infantry infiltrates Lyman, encirclement operation develops
December 31 jumps to 71%10%
Russian infantry continued infiltrating Lyman's central areas, with Guards 'West' units developing an operation to encircle the Ukrainian garrison from the flanks. This intensified fighting raised market hopes for a Russian capture.
Ukrainian Forces Advance Near Dibrova South of Lyman
December 31 dips to 54%2%
Geolocated footage showed Russian forces targeting Ukrainian positions in northern Dibrova, confirming recent Ukrainian advances just south of Lyman.
Russian forces seize Pryshyb northwest of Lyman amid ongoing drone strikes
Russian forces reportedly seized Pryshyb near Lyman on May 7, supported by intensified drone strikes disrupting Ukrainian logistics, briefly boosting market confidence in Russian advances near Lyman.
Kremlin Demands Ukrainian Withdrawal from Donetsk Oblast as Precondition for Ceasefire
December 31 rises to 55%2%
Kremlin aide Yuri Ushakov stated that further peace talks make no sense unless Ukraine withdraws from unoccupied Donetsk Oblast, highlighting the diplomatic stalemate over Lyman's territory.
Russian forces claim seizure of Pryshyb northwest of Lyman
December 31 drops to 54%13%
On May 7, Russian milbloggers and sources claimed Russian forces seized Pryshyb, northwest of Lyman, signaling continued Russian offensive efforts in the Lyman direction. Despite these claims, ISW assessments indicated no confirmed capture of Lyman station, contributing to market price decline.
Russian missile attack flattens Kyiv apartment building amid ongoing conflict
December 31 dips to 54%2%
A deadly Russian missile strike on a Kyiv apartment building killed 24 people, highlighting the ongoing intensity of the conflict and the challenges Ukraine faces, which may influence market perceptions of Russian military pressure including around Lyman.
US-brokered peace talks resume amid ongoing front-line fighting
December 31 rises to 54%1%
Renewed peace talks in Abu Dhabi occurred alongside continued fighting and drone attacks, maintaining uncertainty about territorial control including Lyman, contributing to market price volatility.
Russian infiltration mission near Lyman fails to make confirmed advances
June 30 plunges to 19%30%
Russian forces conducted infiltration missions near Lyman but did not achieve confirmed territorial gains, reinforcing Ukrainian control and reducing market confidence in Russian capture by June 30.
No evidence of Russian control over Lyman railroad station in ISW maps
December 31 dips to 54%2%
ISW maps continued to show the Lyman railroad station area not shaded red, indicating no Russian control. This reinforced market skepticism, pushing the price down to 54% for Russian capture by December 31, 2025.
Ukrainian forces conduct strikes and counterattacks near Lyman, Russian advances stall
Geolocated footage showed Ukrainian strikes on Russian positions southeast of Lyman and counterattacks in the Slovyansk direction. Russian forces failed to make tactically significant gains, reinforcing the view that Russia would not capture the Lyman railroad station soon.
Russian Infiltration Mission Along Donetska Railway Near Lyman Repelled
December 31 dips to 54%2%
A Russian infiltration attempt along the critical railway line southeast of Lyman was detected and struck by Ukrainian forces, highlighting Russia's continued failure to secure the railway infrastructure.
Russian forces conduct infiltration near Lyman but no confirmed advances
December 31 dips to 50%4%
Russian forces conducted infiltration missions southeast of Lyman but ISW reported no confirmed territorial gains or control of the railroad station, indicating continued Ukrainian control and resistance.
Russian infiltration mission near Lyman fails to make confirmed advances
December 31 dips to 58%4%
Russian forces conducted an infiltration mission southeast of Lyman but did not achieve confirmed territorial gains. Ukrainian forces struck Russian positions along the Donetska Railway, indicating ongoing resistance and stalling of Russian advances.
Russian infiltration missions near Lyman fail to yield advances
Russian forces conducted infiltration missions near Lyman but did not make confirmed advances, while Ukrainian forces struck Russian positions, reinforcing the view that Russia had not captured Lyman by early May 2026.
Ukrainian forces strike Russian positions southeast of Lyman, Russian infiltration attempts fail
Geolocated footage showed Ukrainian strikes on Russian positions near Lyman and ISW assessed Russian infiltration missions did not result in territorial gains, maintaining Ukrainian control.
Russian forces conduct infiltration mission near Lyman but make no confirmed advances
On May 4, Russian forces conducted infiltration missions near Lyman but failed to make confirmed territorial gains, reinforcing assessments that Russian forces had not captured the Lyman railroad station by the resolution date.
Russian forces conduct infiltration mission near Lyman but make no confirmed advances
June 30 drops to 11%5%
Russian infiltration efforts near Lyman did not yield significant territorial gains, reflecting stalled offensive momentum and contributing to a decline in market confidence for capture by June 30.
Russian forces conduct infiltration missions near Lyman without confirmed advances
December 31 dips to 55%1%
On May 4, Russian forces conducted infiltration missions near Lyman but failed to make confirmed territorial gains, maintaining uncertainty about control of the railroad station.
Russian Infiltration Mission Southeast of Lyman Fails to Make Confirmed Advances
December 31 dips to 54%2%
Geolocated footage showed Ukrainian forces striking Russian positions along the Donetska Railway southeast of Lyman, confirming that Russian infiltration attempts did not result in advances.
Ukrainian drones hit Russian position on Donetska Railway near Lyman
December 31 dips to 53%3%
USF struck a Russian position on the Donetska Railway southeast of Lyman, showing Ukrainian ability to interdict supply lines and contributing to a price decline to 53 % on 6‑May.
Sustained Ukrainian resistance limits Russian territorial gains near Lyman
December 31 drops to 53%10%
Continued Ukrainian defense and counterattacks around Lyman prevented Russian forces from capturing key infrastructure, causing market prices to decline further.
Russian forces claim advances northwest of Lyman amid ongoing fighting
December 31 plunges to 54%25%
Russian milbloggers claimed advances to the Pryshyb-Shandryholove road northwest of Lyman, but ISW could not verify significant territorial gains, reflecting continued contested control and uncertainty about Russian capture of Lyman.
Russian forces claim advance northwest of Lyman but no confirmed capture of station
December 31 dips to 54%4%
In early May, Russian milbloggers claimed advances northwest of Lyman, but ISW and Ukrainian sources reported infiltration missions without confirmed territorial gains. Ukrainian forces continued striking Russian positions, maintaining control of Lyman and its railroad station, reflected in market price near 54%.
Russian forces attempt advances near Lyman but face Ukrainian strikes
Russian forces conducted infiltration missions and attempted to advance northwest of Lyman, but Ukrainian forces struck Russian positions in eastern Lyman and surrounding areas, indicating contested control and hindering Russian progress.
Trump and Zelenskyy meet to discuss Ukraine security and peace plan
May 31 dips to 3%4%
The meeting between U.S. President Trump and Ukrainian President Zelenskyy focused on security guarantees and territorial issues, signaling ongoing diplomatic efforts that may delay or complicate Russian territorial gains including Lyman. Market prices for earlier capture dates declined further.
Russian forces conduct infiltration missions near Lyman but fail to secure significant advances
December 31 drops to 53%14%
Russian forces attempted infiltration missions around Lyman and nearby areas but were met with Ukrainian strikes and counteractions, preventing Russian control of the strategic railroad station.
Russian forces advance northwest of Lyman road but face Ukrainian strikes
December 31 drops to 54%10%
Russian milblogger claimed advances near Lyman, but ISW noted Ukrainian strikes on Russian positions, indicating contested control and limiting Russian progress, reflected in market price drops.
Russian forces conduct offensive operations northwest of Lyman but make no advances
December 31 drops to 56%6%
On May 2, Russian forces focused attacks northwest of Lyman but failed to advance, signaling stalled progress in capturing key positions near the railroad station. This likely contributed to a slight market decline in confidence for the December 31 outcome.
No evidence of Russian control over Lyman railroad station by May 2026
December 31 dips to 56%4%
Independent military analysts and open-source intelligence confirmed that the Lyman railroad station remained under Ukrainian control, with no red shading on ISW maps indicating Russian presence. This reinforced market doubts about a Russian capture by year-end.
ISW Reports Net Loss of Russian-Controlled Territory in April 2026
December 31 drops to 54%9%
ISW assessed that Russian forces suffered a net loss of territory in April for the first time since August 2024, significantly lowering the probability of Russia capturing Lyman by the end of the year.
Russia scales up attacks on energy infrastructure
December 31 plunges to 57%23%
Renewed Russian strikes on energy facilities signaled a shift in strategy, potentially diverting resources away from ground offensives in the Lyman area.
Ukrainian Defenders Repel 13 Russian Assaults in the Lyman Direction
December 31 drops to 57%10%
Ukrainian forces successfully repelled 13 attempts by Russian invaders to advance in key settlements around Lyman, including Ozerne, Druzhliubivka, and Drobysheve.
Ukrainian forces repel Russian infiltration missions near Lyman and Kostyantynivka
December 31 drops to 55%11%
Ukrainian forces successfully repelled Russian infiltration attempts near Lyman, maintaining defensive positions and limiting Russian territorial gains, which contributed to declining market confidence in a near-term Russian capture of Lyman.
ISW reports Russian forces suffered net territorial losses near Lyman in April 2026
December 31 dips to 54%4%
On May 2, ISW reported that Russian forces lost control of territory in the Lyman area during April 2026, marking a net loss for the first time since August 2024. This negative development for Russian advances likely pressured market prices downward.
ISW reports Russian forces striking Ukrainian positions west of Lyman but no confirmed capture
ISW observed Russian drone strikes west of Lyman and infiltration missions but no confirmed control of Lyman railroad station, indicating ongoing contested status and supporting market price stabilization around 54%.
ISW reports Russian infiltration but no significant territorial gains near Lyman
December 31 dips to 54%4%
ISW noted Russian infiltration missions west of Lyman but no confirmed advances or control gains, indicating ongoing contested fighting but no capture of key positions like the Lyman railroad station, contributing to market price decline.
Russian forces launch multiple attacks near Lyman, Ukrainian defenders repel advances
December 31 dips to 55%2%
Russian forces conducted numerous assaults near Lyman, but Ukrainian defenders repelled multiple attempts to advance, maintaining control of the area and limiting Russian capture prospects, reflected in stable market prices.
Russian forces continue attacks northwest of Lyman but do not advance
December 31 dips to 52%2%
By May 2, Russian forces were striking Ukrainian positions west of Lyman but failed to advance or capture the Lyman railroad station, confirming Ukrainian control and limiting market price increases to around 52% Yes by May 21.
Russia claims Ukrainian drones attacked Putin's residence in Novgorod
December 31 dips to 54%2%
Russia accused Ukraine of launching a drone attack on Putin's official residence, prompting threats from Russian officials and hardening Russia's negotiating position. This disinformation effort may have influenced market perceptions of Russian gains.
Russian forces suffer net territorial losses near Lyman in April 2026
December 31 dips to 54%4%
ISW observed that Russian forces lost control of territory in the Ukrainian theater, including near Lyman, in April 2026, indicating that Russian forces did not capture the Lyman railroad station by the resolution date.
Russian forces intensify attacks northwest of Lyman but make no advances
December 31 dips to 58%4%
On May 2, Russian forces concentrated attacks northwest of Lyman but did not advance, reflecting stalled offensive efforts and contributing to market uncertainty about Russian capture of Lyman.
Russian forces attack near Lyman but make no advances
December 31 dips to 62%4%
Russian forces concentrated attacks northwest of Lyman but failed to advance, with Ukrainian forces maintaining control. This confirmed the stalemate around Lyman and undermined Russian claims of territorial gains, contributing to market price decline.
Russian forces conduct attacks northwest of Lyman but make no advances
December 31 drops to 58%5%
On May 2, Russian forces concentrated attacks northwest of Lyman but did not advance, with ISW noting infiltration tactics rather than territorial gains. This indicated limited Russian progress toward capturing Lyman, contributing to market skepticism about a Russian capture by year-end.
ISW reports Russian forces suffer net territorial losses including near Lyman
December 31 dips to 55%2%
ISW assessment showed Russian forces lost 116 square kilometers in April 2026, including areas near Lyman, with Ukrainian forces advancing and Russian infiltration missions failing to secure significant gains. This contributed to declining market confidence in Russian capture of Lyman by year-end.
Ukrainian forces recapture territory near Lyman
May 31 drops to 12%13%
Reports that Ukrainian troops reclaimed several square kilometres near Lyman reduced expectations of a Russian capture, pulling the May‑31 price down from 25% to 12% and the December‑31 price from 78% to 62%.
Russian forces conduct infiltration missions near Lyman
June 30 plunges to 52%21%
Russian forces conducted infiltration missions in the Slovyansk and Lyman directions but failed to make confirmed advances, maintaining a stalemate and contributing to market price declines for June 30 outcome.
Trump hosts Zelenskyy in Florida to discuss security guarantees and peace plan
December 31 drops to 54%8%
U.S. President Donald Trump and Ukrainian President Volodymyr Zelenskyy met to discuss security guarantees and a 20-point peace plan, raising hopes for a diplomatic resolution but with unresolved territorial issues, leading to mixed market reactions.
Ukrainian forces strike Russian positions southeast of Lyman after infiltration mission
December 31 dips to 54%4%
Geolocated footage showed Ukrainian forces striking Russian positions near Lyman following a Russian infiltration mission, indicating ongoing contested control and active Ukrainian resistance. This maintained uncertainty and kept market prices moderate.
Continued fighting near Lyman with no decisive Russian control reported
May 31 dips to 3%4%
Reports indicated ongoing clashes and no clear Russian capture of Lyman railroad station, contributing to a steady decline in market confidence for Russian control by May 31.
Russian forces continue offensive near Lyman but make no confirmed advances
December 31 drops to 56%10%
Russian forces attacked near Lyman and surrounding villages but did not make confirmed advances. Ukrainian counterattacks and ongoing resistance kept Lyman out of Russian control, contributing to further market price declines.
Russian diplomatic push stalls, focus returns to battlefield
May 31 dips to 9%2%
As diplomatic efforts stalled, Russian attention shifted back to front‑line operations, causing a modest rebound in the May 31 price from 11% to 9% as traders speculated a renewed push toward Lyman.
Ukraine faces internal political pressure amid corruption scandal and external military threats
December 31 dips to 62%1%
President Zelenskyy confronted a major corruption scandal while Russia intensified attacks, increasing uncertainty about Ukraine's stability and resilience, which influenced market sentiment downward.
Russian troops intensify attacks near Lyman but fail to secure key objectives
December 31 dips to 58%4%
Russian forces launched assaults with armored vehicles and infantry near Lyman in early May 2026, but Ukrainian defenses repelled attacks, preventing Russian capture of the railroad station and maintaining Ukrainian control.
Russian forces continue infiltration and offensive operations near Lyman
December 31 drops to 58%7%
ISW reported ongoing Russian infiltration missions and offensive operations in the Lyman direction, with Ukrainian forces striking Russian positions, indicating a stalemate and limited Russian territorial gains, leading to market price declines in May.
No confirmed Russian capture of Lyman railroad station by end of April 2026
December 31 dips to 60%4%
By April 30, 2026, ISW assessments and geolocated footage indicated that Russian forces had not captured the Lyman railroad station, with Ukrainian forces holding key positions and repelling Russian advances, leading to market price settling at 60%.
Ukrainian Forces Advance Northeast of Lyman Near Kolodyazi
December 31 dips to 63%3%
Geolocated footage confirmed that Ukrainian forces made successful localized advances northeast of Lyman, further securing the defensive perimeter around the city.
Russian forces claim limited gains in Donetsk but Ukrainian officials dispute
Kremlin video claiming capture of nearby settlements was met with Ukrainian denial, creating uncertainty and prompting a modest price dip for the May‑31 contract from 25% to 12% as traders reassessed capture prospects.
Russia announces withdrawal from strategic Lyman amid Ukrainian encirclement
December 31 dips to 63%3%
Russian military announced withdrawal from Lyman after Ukrainian forces encircled thousands of Russian troops, marking a significant Ukrainian victory and effectively ending Russian control of the town.
Ukrainian forces advance near Lyman, Russian forces claim minor gains east of Slovyansk
December 31 dips to 58%2%
Geolocated footage showed Ukrainian advances south of Kolodyazi near Lyman, while Russian milbloggers claimed seizure of nearby Zakitne, indicating ongoing contested fighting but no confirmed capture of Lyman railroad station.
Russian forces concentrate for mechanized assault near Lyman but no confirmed capture
December 31 rises to 66%2%
Russian forces were reported to be preparing mechanized assaults and striking Ukrainian logistics near Lyman, but no confirmed territorial gains or control of the Lyman railroad station were observed, maintaining uncertainty about Russian capture prospects.
Ukrainian forces repel Russian advances near Lyman station
December 31 plunges to 65%15%
Following the previous day's optimism, Ukrainian counterattacks stalled Russian progress near the Lyman railroad station, leading to a sharp market drop from 80% to 65%. This indicated skepticism about Russia's ability to capture the station soon.
Ukrainian drone strike hits Russian oil depot in Volgograd
December 31 jumps to 78%5%
A high‑profile Ukrainian drone attack on Russian energy infrastructure heightened Russian retaliation risk, briefly raising the December‑31 price from 73% to 78% as analysts feared a broader Russian push.
Reports of Russian advances near Lyman raise hopes of imminent capture
December 31 jumps to 80%14%
On April 28, news emerged suggesting Russian forces were making progress towards capturing the Lyman railroad station, causing market confidence to spike to 66-80%. This optimism was based on battlefield reports indicating Russian territorial gains in the area.
Russian forces launch multiple attacks near Lyman but fail to advance
December 31 dips to 65%1%
On April 28, Russian forces attempted 13 times to break through Ukrainian defenses toward Lyman and nearby settlements but did not achieve significant territorial gains, maintaining the status quo around the railroad station.
Russian forces attempt multiple assaults near Lyman but fail to advance significantly
December 31 drops to 56%11%
Russian forces launched numerous attacks toward Lyman and surrounding villages but ISW reported no significant territorial gains, indicating continued stalemate and Ukrainian defense.
Ukrainian counter‑attacks in Dnipropetrovsk and Zaporizhzhia
May 31 dips to 11%1%
Successful Ukrainian counter‑offensives in nearby regions weakened Russian momentum, pushing the May 31 price down further from 12% to 11% as the prospect of capturing Lyman dimmed.
Mixed reports on control of Lyman railroad station amid ongoing conflict
December 31 jumps to 71%7%
Conflicting information about control of the Lyman railroad station led to price fluctuations, with a brief peak at 71% reflecting optimism about Russian control.
Ukrainian forces maintain pressure and Russian forces concentrate for mechanized assault near Lyman
December 31 rises to 67%3%
ISW reported Ukrainian forces controlling nearby villages and Russian forces concentrating equipment for a mechanized assault in the Lyman direction, indicating ongoing fighting but no decisive Russian capture. This maintained uncertainty and kept market probability fluctuating.
Russian advances around Lyman stall, focus shifts to Kostyantynivka
December 31 dips to 63%4%
Russian forces failed to achieve significant gains around Lyman and shifted their main offensive efforts to Kostyantynivka, reducing the likelihood of capturing Lyman railroad station soon.
Russian forces announce withdrawal from strategic Lyman railroad station
The Russian military announced the withdrawal from Lyman, an important railroad junction, after Ukrainian forces reportedly encircled Russian troops in the area. This confirmed that Russia did not capture the Lyman railroad station, supporting a 'No' resolution for the market.
ISW reports no confirmed Russian capture of Lyman railroad station
December 31 rises to 64%3%
ISW assessments continued to show no confirmed Russian control of the Lyman railroad station, reinforcing market doubts about imminent capture and contributing to price declines for short-term outcomes.
Russian army announces withdrawal from strategic Lyman railroad junction amid Ukrainian encirclement
December 31 drops to 50%14%
Russian forces announced a withdrawal from Lyman, a key railroad junction, after Ukrainian troops reportedly encircled thousands of Russian soldiers, marking a significant setback for Russian control in the area and reducing likelihood of station capture by year-end.
Fierce small group clashes continue near Lyman with no decisive control
December 31 drops to 54%6%
Intense fighting involving small assault groups and infiltration missions persisted near Lyman, with both Russian and Ukrainian forces contesting the area. The ongoing stalemate contributed to the market's declining confidence in a Russian capture by year-end.
Small group clashes and high activity near Lyman continue without decisive Russian gains
December 31 drops to 55%6%
Fierce fighting with small assault groups and infiltration tactics occurred near Lyman, with neither side gaining decisive control. The ongoing stalemate contributed to the market's downward trend in Russian capture probability.
Russian Chief of General Staff claims Luhansk Oblast fully seized including Lyman area
December 31 plunges to 63%16%
Russian General Valery Gerasimov claimed Russian forces had seized 70% of Lyman and the Luhansk Oblast, but ISW assessments found no evidence of Russian control over Lyman city or the railroad station. This discrepancy caused market uncertainty and price declines.
Russian forces intensify strikes on Ukrainian rail infrastructure including stations
December 31 rises to 65%4%
ISW reported increased Russian strikes on Ukrainian railway infrastructure in 2026, damaging multiple train stations and complicating logistics, reflecting ongoing contested control around Lyman and contributing to market uncertainty.
Small group clashes near Lyman reported
May 31 plunges to 1%24%
Pravda UK reported small-scale fighting near Lyman with Ukrainian formations infiltrating Russian positions, indicating ongoing but limited combat operations without significant territorial changes.
Fierce small group clashes near Lyman with high Ukrainian activity and Russian attacks on outskirts
December 31 dips to 60%4%
Reports indicated intense fighting near Lyman with Ukrainian assault groups infiltrating Russian positions and Russian forces attacking the southeastern outskirts. The terrain limited heavy armor use, favoring infantry and drone operations, maintaining a contested status around Lyman.
ISW reports Russian forces prepping mechanised assault near Lyman
December 31 drops to 61%6%
ISW published an assessment showing Russian forces shelling positions northeast of Lyman and preparing a mechanised assault. The report revived market optimism that Russia could soon capture the Lyman rail hub, pushing the “December 31” price up from 67 % to 61 % on 2024‑04‑23.
Russian sabotage campaign strains European security resources
December 31 dips to 63%1%
Ongoing Russian sabotage operations across Europe, including attacks on railways and infrastructure, aimed to undermine support for Ukraine and divert resources, reflecting Russia's hybrid warfare strategy and affecting market perceptions of conflict dynamics.
Russian forces attempt multiple breakthroughs near Lyman but repelled
December 31 drops to 65%14%
In late April, Russian forces launched several attacks near Lyman but Ukrainian defenders repelled these attempts, indicating no decisive Russian control of the area. This likely contributed to a market price decline from earlier highs.
Russian forces prepare mechanized assault near Lyman but Ukrainian control holds
December 31 dips to 63%3%
Russian forces concentrated equipment for a mechanized assault in the Lyman direction and continued strikes on Ukrainian logistics, but Ukrainian forces maintained control of the area, preventing Russian capture of the railroad station.
Russian forces shell Ukrainian positions northeast of Lyman amid mechanized assault preparations
December 31 dips to 63%1%
Russian forces concentrated equipment for mechanized assault near Lyman and shelled Ukrainian positions, indicating ongoing offensive efforts but no confirmed capture, causing market uncertainty.
Russian forces concentrate equipment for mechanized assault near Lyman
December 31 rises to 63%2%
ISW reported Russian forces preparing for a mechanized assault in the Lyman direction and continuing strikes on Ukrainian logistics, indicating ongoing attempts but no confirmed capture of Lyman.
Ukrainian forces report control of villages near Lyman and counter Russian claims
December 31 jumps to 67%6%
Ukrainian 3rd Army Corps reported control of villages southeast of Borova near Lyman, contradicting Russian claims of full control in Luhansk Oblast. Ukrainian counterattacks and strikes near Lyman demonstrated continued Ukrainian control and resistance, undermining Russian capture prospects.
U.S. and European allies agree on multilayered security guarantees for Ukraine
A major diplomatic breakthrough in Paris signaled stronger Western support for Kyiv, lowering expectations that Russia could capture Lyman and causing the December‑31 price to fall from 79% to 60% over the week.
Russian forces launch multiple attacks toward Lyman but face strong Ukrainian resistance
December 31 drops to 54%11%
Russian forces attempted several times to break through Ukrainian defenses near Lyman and surrounding settlements, but Ukrainian defenders repelled these assaults. This ongoing stalemate contributed to market price declines reflecting doubts about Russian capture by year-end.
Ukrainian partisans sabotage Russian railroad logistics near Lyman
December 31 rises to 65%2%
Ukrainian partisan groups disabled railway infrastructure in occupied Luhansk Oblast, disrupting Russian logistics supporting operations in the Lyman direction. This hindered Russian supply lines and offensive capabilities, reducing chances of capturing Lyman soon.
European nations commit to troops in Ukraine as part of 'milestone' peace talks in Paris
December 31 jumps to 66%6%
European countries, including the UK and France, committed to sending troops to Ukraine to safeguard any future peace deal, signaling strong Western support for Ukraine and reducing market expectations of Russian territorial gains such as Lyman by year-end.
Ukrainian forces continue strikes and counterattacks near Lyman
December 31 drops to 58%8%
Geolocated footage showed Ukrainian strikes on Russian positions near Lyman and infiltration missions, indicating ongoing Ukrainian resistance and contested control, contributing to market uncertainty and price decline.
Ukrainian forces strike Russian positions near Lyman, preparing for counterattacks
December 31 drops to 68%13%
Ukrainian brigade reported targeting Russian logistics and preparing counterattacks in the Lyman direction, indicating active Ukrainian resistance and complicating Russian efforts to capture the area, which pressured market prices downward.
ISW says Russia only massing for assault, no Lyman gains
December 31 surges to 79%18%
ISW’s follow‑up assessment clarified that Russian forces were only concentrating equipment and continuing strikes, not holding Lyman. The correction caused the “December 31” probability to tumble.
ISW map shows Russian pull‑back from Lyman amid Ukrainian counter‑offensive
May 31 drops to 12%13%
ISW’s mid‑April map showed Russian forces pulling back from Lyman as Ukrainian counter‑attacks intensified, prompting the “May 31” price to tumble from 25 % to 12 % the same day.
Russian forces launch mechanized assaults around Lyman in spring-summer offensive
December 31 plunges to 61%18%
Russian military initiated a series of mechanized attacks around Lyman aiming to advance on Slovyansk from the northeast, signaling a focus on the Lyman area early in the offensive. This raised initial market confidence in a potential Russian capture of Lyman's railroad station.
ISW finds no evidence Russia captured Lyman despite official claims
December 31 plunges to 64%18%
Russian Chief of General Staff Gerasimov claimed significant territorial gains including 70% of Lyman, but ISW analysis showed no evidence of Russian control in Lyman and territorial losses since March 1. This contradicted Russian claims and lowered market confidence in a Russian capture of Lyman.
Russia's Chief of the General Staff claims 70% of Lyman seized — ISW finds no evidence
June 30 drops to 13%9%
General Valery Gerasimov claimed Russian forces had seized 70% of Lyman, but ISW found no evidence to support this claim, contradicting Russian sources. This direct contradiction between Russian claims and ISW assessment likely caused the market's significant price decline from 80% to 13% for the June 30 outcome.
Ukraine faces growing internal and external pressures amid stalled peace talks
May 31 drops to 12%13%
Reports highlighted Ukraine's political and military challenges, including corruption scandals and stalled negotiations with Russia, increasing uncertainty about the conflict's trajectory and Russia's ability to capture Lyman. Market prices for near-term capture dates dropped sharply.
ISW reports Russian claims of Lyman capture contradicted by evidence
December 31 drops to 80%7%
Russian Chief of General Staff Gerasimov claimed 70% of Lyman seized, but ISW found no evidence of Russian control over the city, highlighting a disconnect between Russian statements and battlefield reality. This reduced market confidence in Russian capture of Lyman by year-end.
Ukraine’s allies agree on multilayered security guarantees in peace proposal
June 30 drops to 16%12%
Ukraine’s allies announced progress on defense guarantees contingent on a peace deal, signaling international support for Ukraine’s defense and potentially limiting Russian advances. This development influenced market sentiment negatively for Russian capture prospects by mid-year.
ISW finds Russian claims of Lyman gains inconsistent with evidence
May 31 plunges to 2%23%
ISW reported that Russian claims of 70% Lyman seizure were inconsistent with ISW's assessment of 0% Russian control, highlighting a significant gap between Russian claims and verified control. This contributed to market skepticism.
Russian drone attack kills 3 and wounds children in Ukraine
December 31 drops to 60%6%
A heavy Russian drone bombardment of Odesa killed civilians including children, highlighting ongoing Russian aggression and the humanitarian toll, which contributed to declining market confidence in Russia's ability to capture Lyman by year-end.
Ukraine launches counterattacks in Dnipropetrovsk and Zaporizhzhia regions
December 31 rises to 63%2%
Ukraine's successful counterattacks forced Russia to divert resources, reducing pressure on Lyman and lowering market confidence in Russian capture by mid-2026.
Market reacts to reports of stalled Russian advances and Ukrainian defense near Lyman
December 31 plunges to 62%17%
Market prices fell as ISW and other sources reported that Russian forces faced difficulties advancing and Ukrainian forces maintained control in the Lyman area, reducing the likelihood of Russian capture by year-end.
ISW finds Russian claims of Lyman control contradicted by evidence; Gerasimov claims 70% of Lyman seized
December 31 drops to 48%12%
ISW found no evidence Russian forces had seized any of Lyman, directly contradicting Russian claims that Gerasimov stated 70% of Lyman was seized. This major discrepancy between Russian claims and ISW assessment caused significant price declines across all outcomes.
ISW reports ongoing fighting near Lyman with Russian advances contested
June 30 plunges to 16%15%
ISW reported active fighting near Lyman with Russian forces advancing near surrounding settlements but Ukrainian forces holding tactical initiative. The contested nature of control around Lyman kept market prices fluctuating, reflecting uncertainty about a full Russian capture by May and June deadlines.
Russian Chief of Staff Gerasimov exaggerates gains in Lyman area
Gerasimov claimed Russian forces seized 70% of Lyman, but ISW found no evidence of Russian control over Lyman, highlighting the discrepancy between official claims and battlefield reality, which likely contributed to market price decline.
ISW assesses Russian spring-summer 2026 offensive produced zero tactically significant gains
May 31 dips to 3%3%
ISW concluded that Russia's spring-summer 2026 offensive produced zero tactically significant gains since launching no later than 17 March, and that Russian forces have lost ground since 1 March. This major assessment shift significantly impacted market pricing.
ISW reports no evidence of Russian capture of Lyman despite Russian claims
December 31 plunges to 60%19%
Russian Chief of General Staff Gerasimov claimed significant territorial gains including Lyman, but ISW found no evidence of Russian control over the city or the railroad station, undermining market confidence in a Russian capture by year-end.
Zelenskyy says US gave June deadline for peace deal
May 31 drops to 12%13%
The announcement of a June deadline for a peace deal significantly reduced the likelihood of a military capture of Lyman by December, shifting market focus.
ISW refutes Russian claims of capturing Lyman, reports no evidence of control
December 31 drops to 60%6%
ISW assessed that despite Russian military claims of seizing 70% of Lyman, there was no evidence of Russian control over the city or the railroad station, leading to a significant drop in market confidence.
Gerasimov Claims 70% of Lyman Seized — ISW Finds No Evidence of Russian Control
Russian Chief of General Staff Valery Gerasimov claimed 70% of Lyman was seized, but ISW found no evidence of Russian control, causing a sharp price drop to 13%.
Russian and Ukrainian forces clash in Slovyansk-Lyman direction with ongoing counterattacks
December 31 dips to 58%3%
On April 22, Russian forces conducted offensive operations while Ukrainian forces counterattacked near Lyman, maintaining a contested frontline. This ongoing fighting without decisive Russian capture contributed to market uncertainty and a slight price decline.
Russian forces attempt multiple breakthroughs near Lyman amid ongoing clashes
December 31 drops to 54%9%
On April 22, Russian troops attempted several times to break through Ukrainian defenses near Lyman, but Ukrainian defenders repelled these attacks, maintaining control of the area. This contributed to a dip in market confidence for near-term capture.
Russian MoD map shows Lyman station shaded red, later deemed inaccurate
December 31 drops to 61%6%
The Russian MoD published a map showing red shading over Lyman rail station, but ISW and DeepStateMap later declared the map erroneous. The mismatch caused a temporary dip (price from 67 % to 61 % on April 22).
Russian forces pause offensive near Lyman amid stalled talks
May 31 drops to 12%13%
Reports that Russian troops halted advances near Lyman as peace negotiations stalled led to a sharp decline in the May 31 price from 25% to 12%, reflecting reduced confidence in a near‑term capture.
Russian Chief of General Staff claims 70% of Lyman seized, contradicted by ISW
December 31 drops to 61%7%
Russian official statements claimed significant control over Lyman, but ISW found no evidence of such gains, highlighting misinformation and contributing to market skepticism about Russian capture prospects.
Russia's Chief of General Staff claims 70% of Lyman seized — ISW finds no evidence
June 30 drops to 14%7%
Russian General Valery Gerasimov claimed 70% of Lyman seized, but ISW found no evidence of Russian control, contradicting Russian claims. This significant discrepancy contributed to market price drops.
Russian drone strike kills at least 12 mineworkers in Dnipro
June 30 plunges to 17%38%
A Russian drone strike killed civilians in Dnipro, escalating hostilities and complicating peace talks. This violence contributed to market uncertainty and a decline in confidence for Russian capture by June 30 and May 31.
Euromaidan Press points out gap between Gerasimov’s Lyman claim and ISW data
December 31 drops to 55%8%
Euromaidan Press highlighted Gerasimov’s claim of 70 % control of Lyman contrasted with ISW’s lack of evidence. The report amplified skepticism among market participants, contributing to a further decline in the “December 31” odds from mid‑April’s 63 % to late‑April’s 55 %.
Russian forces increase small-group activity near Lyman amid poor offensive progress
December 31 drops to 54%12%
Despite Russian claims of territorial gains, ISW reported Russian forces had poor performance and Ukrainian forces maintained resistance near Lyman. This contributed to a market price decline from mid-60s to mid-50s by early May.
Gerasimov repeats claim of 70 % control of Lyman
December 31 rises to 65%4%
Gerasimov again claimed 70 % of Lyman was seized; the repeated official optimism revived “December 31” odds, raising price back to 65 % on 27‑Apr.
Russia Deploys Fresh Drone Crews to Lyman Direction to Target Ukrainian Logistics
June 30 drops to 22%6%
Ukrainian military spokespersons reported that Russian forces brought up fresh drone crews to the Lyman direction to target logistics, indicating sustained pressure but a shift to tactical attrition.
Gerasimov claims 70% of Lyman captured; ISW finds no evidence
June 30 plunges to 33%35%
Gerasimov publicly claimed Russia had seized 70 % of Lyman. ISW immediately refuted the claim, noting no evidence of Russian control. The stark contrast between the inflated Russian claim and ISW’s denial caused market participants to downgrade expectations, pulling the “June 30” price down from 68 % to 33 % over the next week.
Russian General Gerasimov asserts 70 % of Lyman captured
December 31 plunges to 61%18%
Gen. Gerasimov publicly claimed that Russian forces had seized 70 % of Lyman. The claim was widely reported and sparked a sharp rise in the market’s “December 31” odds as traders interpreted it as a possible breakthrough.
Russian General Gerasimov exaggerates Russian gains in Lyman area
December 31 dips to 86%4%
Russian Chief of General Staff Gerasimov claimed 70% seizure of Lyman, but ISW found no evidence of Russian control in Lyman, highlighting misinformation and undermining market confidence in Russian capture by near dates.
Gerasimov repeats false claims of Russian control over Lyman
December 31 jumps to 66%5%
Russian General Gerasimov again claimed Russian forces seized 70% of Lyman, but ISW found no evidence of such control, reinforcing market skepticism about Russian advances.
ISW assessment finds no evidence of Russian control over Lyman despite claims
On April 21, ISW reported that Russian claims of seizing 70% of Lyman were not supported by evidence. Russian forces had failed to capture the town, and Ukrainian defenses remained intact, reinforcing market doubts about a Russian capture by the end of 2025.
Russian Claims of Advances Near Lyman Disputed by ISW
December 31 plunges to 61%18%
Russian claims of advances near Lyman were contradicted by ISW analysis, which found no evidence of Russian control in Lyman itself, causing some market uncertainty and price decline.
Russian Chief of Staff Gerasimov claims 70% of Lyman seized, but ISW finds no evidence
December 31 dips to 61%3%
Russian General Gerasimov claimed significant Russian control over Lyman, but ISW and other analysts found no evidence supporting these claims, noting only minor Russian advances far from Lyman. This discrepancy undermined market confidence in Russian capture prospects.
ISW dismisses Russian claim of 70 % control of Lyman
December 31 plunges to 66%15%
ISW’s April 21 assessment reported that Russian General Gerasimov claimed Russia had seized 70 % of Lyman, but the institute found no evidence of any Russian control. This discrepancy highlighted Russian overstretch and lowered market confidence in a capture, contributing to the price drop from 81 % (April 28) toward 66 % (May 3).
Russian claims of seizing 70% of Lyman contradicted by ISW
December 31 drops to 59%5%
Russian Chief of General Staff Gerasimov claimed significant control of Lyman, but ISW found no evidence of Russian forces seizing any part of Lyman, leading to market price decline.
Gerasimov claims 70% of Lyman seized, ISW finds no evidence of Russian control
December 31 rises to 63%1%
During a visit to the Southern Grouping of Forces command, Gerasimov claimed Russian forces had seized 70% of Lyman. ISW's detailed terrain control analysis found no evidence of Russian control over Lyman and noted Russian forces had lost ground since March 1. This discrepancy highlighted ongoing Russian exaggeration of battlefield gains.
ISW Debunks Russian Claims of Seizing 70 Percent of Lyman
December 31 jumps to 66%5%
Russian Chief of the General Staff Valery Gerasimov claimed Russian forces had seized 70 percent of Lyman, but ISW reported finding no evidence of any Russian presence or gains in the city.
ISW Debunks Gerasimov's Exaggerated Claims of Capturing 70 Percent of Lyman
December 31 rises to 65%4%
Russian Chief of the General Staff Valery Gerasimov claimed Russian forces seized 70% of Lyman, but independent ISW mapping found no evidence of any Russian presence or gains inside the city.
Russian offensive momentum stalls near Lyman amid Ukrainian resistance
December 31 plunges to 61%18%
By late April 2026, Russian forces faced significant resistance near Lyman, with Ukrainian counterattacks and defensive operations slowing Russian advances and causing market price declines for Russian capture probabilities.
ISW Debunks Gerasimov's Claim of Seizing 70 Percent of Lyman
December 31 rises to 63%2%
Russian General Valery Gerasimov claimed that Russian forces had captured 70% of Lyman. However, the ISW found no evidence of any Russian presence or seizure in the city, confirming that Russia's spring offensive had produced zero tactically significant gains in the sector.
EU leaders announce concrete security guarantees for Ukraine
June 30 drops to 16%9%
The announcement of a detailed security package, including air‑defense support, lowered market confidence that Russia would succeed, driving the June‑30 price sharply lower from 25% to 16%.
Russian Chief of Staff claims 70% of Lyman seized, ISW finds no evidence
December 31 jumps to 66%5%
Russian General Gerasimov claimed Russian forces seized 70% of Lyman, but ISW analysis found no evidence of Russian control over Lyman, highlighting discrepancies between Russian claims and independent assessments, undermining confidence in Russian capture of Lyman.
Russian Chief of General Staff claims 70% of Lyman seized, ISW finds no evidence
December 31 drops to 66%13%
Russian General Gerasimov claimed significant Russian control of Lyman, but ISW and other sources found no evidence of Russian forces seizing any part of Lyman, including the railroad station, maintaining the market's uncertainty.
Gerasimov Claims Russian Forces Seized 70 Percent of Lyman Amidst Exaggerated Reports
December 31 rises to 64%3%
Russian Chief of the General Staff Valery Gerasimov claimed significant advances, including seizing 70% of Lyman, but ISW found no evidence of any Russian presence in the city, highlighting Russia's lack of progress.
Russian General Gerasimov claims partial seizure of Lyman but ISW finds no evidence
December 31 plunges to 61%20%
Russian Chief of General Staff Gerasimov claimed Russian forces seized 70% of Lyman in April 2026, but ISW analysis found no evidence of such control, indicating Russian overstatements and continued Ukrainian defense. This discrepancy contributed to market doubts about Russian advances.
Russian claims of seizing majority of Lyman disputed by ISW
December 31 rises to 64%3%
Russian Chief of General Staff Gerasimov claimed Russian forces seized 70% of Lyman, but ISW found no evidence of Russian control over Lyman, indicating ongoing Ukrainian control and contested fighting in the area.
ISW says Gerasimov’s Lyman claim is unsupported by evidence
December 31 plunges to 61%19%
ISW publicly refuted Gerasimov’s 70 % claim, stating it had observed no Russian presence in Lyman. The rebuttal coincided with a sharp price drop from 80 % to 61 % on April 22.
ISW refutes Russian claims of Lyman territorial gains
June 30 plunges to 13%37%
ISW reported that Russian claims of seizing 70% of Lyman were contradicted by available evidence, with ISW assessing only 0% Russian control of Lyman. This directly contradicted Russian assertions and contributed to market price declines.
ISW Assesses Zero Tactically Significant Russian Gains in Spring-Summer 2026 Offensive
The Institute for the Study of War reported that Russia's spring-summer 2026 offensive produced zero tactically significant gains since launching no later than March 17, causing a price drop to 13%.
ISW reports no evidence of Russian forces seizing Lyman despite Gerasimov's claims
December 31 dips to 60%3%
Russian Chief of General Staff Gerasimov claimed Russian forces seized 70% of Lyman, but ISW found no evidence supporting this and observed only limited Russian advances elsewhere, undermining Russian claims of control.
Russian General Gerasimov claims 70% seizure of Lyman, but ISW finds no evidence
December 31 plunges to 59%22%
Russian Chief of General Staff Valery Gerasimov claimed Russian forces seized 70% of Lyman, but ISW analysis found no evidence of Russian control in Lyman, indicating these claims were exaggerated and unsupported by observed battlefield realities. This discrepancy likely caused market doubt about Russian capture of the Lyman railroad station.
Russian General Gerasimov claims major advances in Lyman, but ISW finds no evidence
December 31 rises to 66%4%
Russian General Gerasimov claimed Russian forces seized 70% of Lyman, but ISW found no evidence of Russian control over Lyman and only limited gains elsewhere. This discrepancy undermined confidence in Russian advances and contributed to market skepticism about Russia capturing Lyman by year-end.
ISW reports Russian forces have not seized Lyman despite claims
ISW analysis found no evidence of Russian forces seizing Lyman, with Ukrainian forces maintaining control. Russian claims of capturing large parts of Lyman were exaggerated, indicating the railroad station remained under Ukrainian control.
Gerasimov says 70 % of Lyman taken – ISW disputes claim
December 31 plunges to 66%20%
Gen. Gerasimov claimed that Russian forces had seized 70 % of Lyman, a statement that sharply raised market odds that Russia would capture the Lyman rail station. ISW immediately refuted the claim, noting no evidence of Russian control, which caused the price to retreat sharply over the following days.
U.S.‑Russia high‑level talks resume, no immediate ceasefire
June 30 plunges to 19%15%
A diplomatic meeting in Abu Dhabi re‑established military‑to‑military dialogue but did not produce a ceasefire, keeping the prospect of Russian gains uncertain and causing the June 30 price to fall further.
No territorial gains by Russia near Lyman railroad station reported
December 31 dips to 60%2%
Continued reports indicated no territorial gains by Russian forces around the Lyman railroad station, leading to a further decline in market confidence from 62% to 60%. This solidified market expectations that Russia would not capture the station by the deadline.
Ukrainian brigade says Russian breakthrough at Lyman repelled
Ukrainian brigade reports heavy fighting and a failed Russian attempt to breach Lyman, reinforcing the view that Russia had not captured the town; market odds fell further.
Russian forces conduct small mechanized assaults near Lyman but fail to make gains
December 31 plunges to 61%18%
Russian forces launched several platoon-sized mechanized and motorized assaults near Lyman, but ISW reported no tactically significant gains, indicating limited Russian progress and maintaining Ukrainian control.
Russian assaults near Lyman continue without territorial gains
December 31 plunges to 61%18%
Russian forces conducted multiple small-scale assaults near Lyman but failed to advance or capture the area. Ukrainian defenses remained intact, and Russian drone strikes hindered Ukrainian anti-drone efforts, reflecting a stalemate and reducing market confidence.
Ukrainian partisans sabotage Russian railroad infrastructure supporting Lyman front
December 31 jumps to 67%6%
Ukrainian partisan groups sabotaged railroad infrastructure in occupied Luhansk Oblast, disrupting Russian logistics and supply lines critical for operations around Lyman, weakening Russian offensive capabilities.
Ukrainian drones strike oil depot in Russia’s Volgograd region
May 31 drops to 12%13%
Repeated Ukrainian drone attacks on Russian energy sites highlighted Russia’s growing vulnerabilities, further eroding confidence in a successful Russian push toward Lyman and driving the May 31 price from 25% to 12% shortly after.
Ukrainian partisans sabotage railway infrastructure near Lyman
December 31 plunges to 64%17%
Ukrainian partisan groups reportedly burned a transformer at a railway substation in occupied Luhansk City, disrupting Russian logistics in the Lyman direction. This hindered Russian supply lines and complicated their offensive efforts around Lyman.
Ukrainian Forces Counterattack and Hold Positions Near Lyman
December 31 plunges to 61%21%
Ukrainian forces continued counterattacks around Lyman, clearing Russian infiltration groups and pushing back Russian forces in key areas. This demonstrated Ukrainian resilience and impeded Russian advances, contributing to a decline in market confidence for Russian capture of Lyman.
Ukrainian drones strike Russian oil facilities amid rising energy prices
December 31 plunges to 64%15%
Ukraine's deep-strike drone attacks on Russian oil infrastructure demonstrated growing military capabilities, pressuring Russia's war effort and complicating its offensive operations, contributing to market price declines.
ISW reports Russian forces bogged down northwest of Lyman, Ukrainian counterattacks ongoing
December 31 rises to 62%1%
ISW reported Russian forces were bogged down northwest of Lyman with Ukrainian forces counterattacking southeast near Yampil and Ozerne. Russian forces continued ground operations but failed to make significant advances, indicating continued Ukrainian control of the Lyman area.
Ukrainian Partisans Sabotage Luhansk Railway Substation, Disrupting Russian Logistics Toward Lyman
December 31 drops to 60%7%
The Ukrainian partisan group Atesh successfully sabotaged a railway transformer in occupied Luhansk, disrupting critical Russian supply lines feeding the Lyman offensive and further bogging down Russian forces.
Ukrainian forces repel Russian attempts near Lyman station
December 31 jumps to 65%5%
Reports from ISW and other military sources confirmed Ukrainian defensive successes around Lyman, preventing Russian control of the railroad station. Market prices rose slightly from 60% to 65% reflecting increased confidence in Ukrainian control and reduced likelihood of Russian capture by year-end.
Ukrainian partisans sabotage Russian logistics near Lyman
December 31 drops to 61%6%
Ukrainian partisan groups sabotaged railway infrastructure in occupied Luhansk Oblast, disrupting Russian logistics supporting forces near Lyman. This hindered Russian operational capabilities and contributed to the market's declining confidence in Russian capture.
Ukrainian forces continue counterattacks and disrupt Russian logistics near Lyman
December 31 rises to 65%4%
Ukrainian partisans sabotaged railroad infrastructure disrupting Russian logistics, while Ukrainian forces counterattacked northwest and southeast of Lyman, pushing back Russian infiltration groups and preventing Russian consolidation of control.
Russian forces increase assaults near Lyman but Ukrainian forces counterattack
December 31 drops to 61%5%
Russian forces conducted ground assaults and infiltration missions near Lyman, but Ukrainian forces counterattacked and pushed Russian forces from some positions, maintaining control over key areas including near the railroad station.
Ukrainian Counterattacks Bog Down Russian Forces Northwest of Lyman
December 31 plunges to 61%18%
Ukrainian forces launched successful counterattacks southeast of Lyman near Yampil and Ozerne, while Russian forces remained bogged down northwest of Lyman, leading to a steady decline in Russia's capture probability.
ISW reports ongoing Ukrainian counterattacks and Russian difficulties near Lyman
December 31 dips to 61%3%
Ukrainian forces continued counterattacks southeast and northwest of Lyman, clearing Russian infiltration groups and preventing Russian consolidation, indicating Russian failure to secure the area.
Ukrainian counterattacks push back Russian forces near Lyman
December 31 dips to 61%2%
Ukrainian forces continued counterattacks in the Lyman direction, clearing Russian infiltration groups and pushing Russian forces from positions southeast of Lyman, signaling strong Ukrainian defense and limiting Russian advances.
Ukrainian forces counterattack near Lyman, pushing back Russian infiltrations
December 31 rises to 62%3%
Ukrainian forces conducted counterattacks in the Lyman direction, clearing Russian infiltration groups from areas northwest and southeast of Lyman, maintaining control over key positions and preventing Russian forces from consolidating gains.
Ukrainian partisans sabotage railroad infrastructure disrupting Russian logistics near Lyman
December 31 drops to 61%5%
Ukrainian partisan groups burned a transformer at a railway substation in occupied Luhansk City, disrupting Russian logistics in the Lyman direction and complicating Russian offensive operations.
Ukrainian forces continue counterattacks near Lyman, pushing back Russian infiltration groups
December 31 drops to 68%13%
ISW reported that Ukrainian forces were actively counterattacking southeast and northwest of Lyman, clearing Russian infiltration groups and disrupting Russian control in the area. This ongoing resistance contributed to doubts about Russia's ability to capture the Lyman railroad station by year-end.
Ukrainian forces strike Russian positions near Lyman, disrupt logistics
December 31 drops to 60%7%
Ukrainian forces conducted strikes on Russian-occupied buildings and disrupted Russian logistics near Lyman, while Russian forces were bogged down and Ukrainian counterattacks continued, further undermining Russian control prospects over Lyman railroad station.
Ukrainian forces counterattack and stall Russian advances near Lyman
December 31 drops to 54%11%
Ukrainian forces conducted counterattacks near Lyman, clearing Russian infiltration groups and stalling Russian advances, which contributed to market skepticism about imminent Russian capture.
Ukrainian forces counterattack and disrupt Russian logistics near Lyman
December 31 drops to 61%6%
On April 18, Ukrainian partisans sabotaged railroad infrastructure critical to Russian logistics in the Lyman direction, and Ukrainian forces continued counterattacks northwest and southeast of Lyman, indicating Russian forces were bogged down and unable to secure the area.
Ukrainian Forces Launch Counterattacks and Clear Russian Infiltration Groups Near Lyman
December 31 rises to 64%4%
Ukrainian forces successfully cleared Russian infiltration groups northwest of Lyman and launched counterattacks to the southeast, pushing Russian forces back from their positions.
ISW reports no evidence of Russian seizure of Lyman despite claims
December 31 dips to 63%2%
ISW assessed that Russian forces had not seized any part of Lyman despite claims by Russian General Gerasimov, which tempered market expectations for a Russian capture by year-end.
ISW map shows Lyman under Ukrainian control with no Russian shading
December 31 drops to 54%8%
The ISW map as of April 18, 2026, shows Lyman and its railroad station not shaded red, indicating no Russian control of the area, consistent with Ukrainian forces maintaining control through the resolution date.
Ukrainian forces counterattack and repel Russian infiltrations near Lyman
December 31 drops to 79%7%
ISW reported Ukrainian counterattacks southeast of Lyman pushing back Russian infiltration groups, with fighting ongoing northwest of Lyman. This indicated that Russian forces had not consolidated control over Lyman, dampening market confidence in a Russian capture by year-end.
Ukrainian drones strike Russian oil refinery in Tuapse, demonstrating extended strike capabilities
May 31 drops to 12%13%
Ukraine's ability to conduct deep strikes into Russian territory with drones showcased its growing military capabilities, potentially limiting Russian offensive momentum including in Lyman. This contributed to further declines in market prices for Russia capturing Lyman by May 31 and June 30.
Ukrainian drone strikes cause fires at Russian oil facilities amid rising energy prices
Ukraine’s long-range drone strikes on Russian oil infrastructure, including refineries and export terminals, have increased, putting pressure on Russia’s war economy and potentially affecting military operations near Lyman.
Ukraine launches counterattacks in Dnipropetrovsk and Zaporizhzhia regions
June 30 plunges to 27%31%
Ukrainian forces conducted successful counterattacks disrupting Russian advances and forcing Russia to allocate resources defensively. This reduced the likelihood of a swift Russian capture of Lyman by earlier dates, reflected in falling market prices for June 30 and May 31 outcomes.
Ukrainian forces counterattack and clear Russian infiltration groups northwest and southeast of Lyman
December 31 drops to 54%12%
Ukrainian counterattacks pushed Russian forces from positions near Lyman, clearing infiltration groups and bogging down Russian advances. This reinforced Ukrainian control and contributed to a further drop in market probability for Russian capture.
Ukrainian counterattacks and partisan sabotage continue near Lyman
December 31 rises to 61%1%
Ukrainian forces launched counterattacks southeast of Lyman and partisans sabotaged railway infrastructure, further disrupting Russian logistics and limiting Russian control gains, contributing to market uncertainty and price volatility.
Russian advance reported near Chervonyi Lyman village close to Lyman city
December 31 dips to 63%2%
DeepStateMap reported Russian advances in Rodynske and nearby Chervonyi Lyman village, indicating ongoing fighting near Lyman but no confirmed capture of the railroad station, maintaining uncertainty in the market.
Russian forces advance in Chervonyi Lyman amid ongoing fighting
December 31 jumps to 66%7%
On April 17, Russian forces reportedly advanced in Chervonyi Lyman according to DeepState OSINT, suggesting some localized gains. However, overall control of Lyman city and its railroad station remained unconfirmed, maintaining market uncertainty and moderate price recovery.
Russian forces advance near Lyman and Chervonyi Lyman according to Ukrainian OSINT
December 31 plunges to 61%18%
On April 17, 2026, Ukraine's DeepState OSINT group reported Russian advances in Rodynske and Chervonyi Lyman, indicating increased Russian activity near Lyman. This raised market optimism about potential Russian gains but did not confirm capture of the railroad station.
Russian forces attempt breakthrough near Lyman but repelled by Ukrainian defenses
December 31 plunges to 61%18%
On April 17, 2026, Russian forces made an attempt to break through Ukrainian defenses in the Lyman sector but were effectively repelled, with Ukrainian forces inflicting significant losses. This maintained Ukrainian control and contributed to a decline in market confidence in Russian capture.
Ukraine’s DeepState OSINT reports Russian advances in Chervonyi Lyman
December 31 rises to 64%3%
On April 17, Ukraine’s DeepState OSINT group reported Russian advances in Chervonyi Lyman, raising market optimism about Russian progress. However, these advances were limited and did not amount to full capture, contributing to volatile market prices.
Russian forces advance near Chervonyi Lyman village
December 31 rises to 63%1%
DeepStateMap reported Russian advances in Rodynske and the nearby village of Chervonyi Lyman, indicating ongoing Russian efforts to push closer to Lyman. However, these advances did not translate into control of the Lyman railroad station.
Russian forces advance near Rodynske and Chervonyi Lyman, but do not capture Lyman
December 31 plunges to 61%18%
On April 17, Ukrainian OSINT reported Russian advances near Rodynske and Chervonyi Lyman, indicating increased Russian pressure but no confirmed capture of Lyman or its railroad station, contributing to initial market uncertainty.
Ukrainian forces counterattack southeast of Lyman near Yampil
December 31 dips to 63%3%
Ukrainian troops launched counterattacks southeast of Lyman near Yampil and Ozerne, pushing back Russian forces from positions in the area. This limited Russian advances and maintained Ukrainian control near Lyman, reducing the likelihood of Russian capture of the railroad station soon.
DeepState OSINT reports Russian advances in Rodynske and Chervonyi Lyman
December 31 drops to 79%7%
On April 17, DeepState OSINT reported Russian advances near Lyman, but ISW and other sources indicated these were limited and did not include control of the Lyman railroad station, contributing to market volatility and skepticism about Russian gains.
Russian forces advance in Rodynske and Chervonyi Lyman but fail to capture Lyman station
December 31 drops to 60%7%
Russian forces made advances in nearby villages but did not capture Lyman or its railroad station. Ukrainian forces continued to hold key positions, limiting Russian control in the area.
Russian forces claim advances in Lyman but ISW finds no evidence of full control
December 31 drops to 54%9%
Russian Chief of General Staff Gerasimov claimed Russian forces seized 70% of Lyman, but ISW analysis found no evidence of Russian control over the town or its railroad station. This discrepancy likely caused market uncertainty and price volatility.
Ukrainian drone strikes disrupt Russian logistics near Lyman
December 31 plunges to 62%19%
Ukrainian Security Service and Unmanned Systems Forces conducted drone strikes on cargo trains and railway infrastructure near occupied Luhansk City, impacting Russian supply lines supporting Lyman operations and reducing Russian offensive momentum.
Ukrainian forces advance in Slovyansk-Lyman tactical area amid Russian assaults
December 31 plunges to 61%18%
Ukrainian forces made advances in the Slovyansk-Lyman area while Russian forces continued offensive operations and drone strikes, indicating ongoing contested control and slowing Russian progress toward Lyman.
Ukrainian forces conduct strikes disrupting Russian logistics near Lyman
December 31 plunges to 61%17%
Ukrainian drone strikes targeted Russian logistics and fuel trains near Luhansk and Lyman, hampering Russian supply lines and indicating Ukrainian resistance, contributing to market price declines in April.
Ukrainian partisans sabotage railway infrastructure affecting Lyman logistics
December 31 dips to 63%4%
Ukrainian partisan attacks on railway infrastructure near Luhansk disrupted Russian logistics in the Lyman direction, undermining Russian operational capabilities and reducing market confidence in a Russian capture by year-end.
Ukrainian drones strike Russian fuel trains near Luhansk, disrupting logistics
December 31 plunges to 61%20%
Ukrainian Security Service and Unmanned Systems Forces struck cargo trains carrying fuel near occupied Luhansk City, damaging Russian logistics supporting operations near Lyman, weakening Russian offensive capabilities.
Ukrainian forces advance and counterattack in Lyman direction
December 31 drops to 66%13%
Ukrainian forces launched counterattacks southeast of Lyman and cleared Russian infiltration groups from nearby areas, reducing confidence in Russian capture of Lyman. This corresponded with a price decline from 79% to 66% for the December 31 outcome.
Russian milblogger claims advances northeast of Lyman amid contested fighting
December 31 plunges to 59%20%
A Russian milblogger claimed Russian forces advanced northeast of Lyman and around Yampil, though geolocated footage showed Ukrainian forces still holding positions northwest of Lyman, indicating contested control and ongoing fighting in the area.
Ukrainian drones hit fuel trains near Luhansk, hurting Russian logistics
December 31 plunges to 61%19%
Ukrainian drones struck cargo trains and fuel tankers near Luhansk, disrupting Russian logistics feeding the Lyman front. The strike heightened expectations that Russian advances would stall, pulling the market down.
Ukrainian forces strike Russian logistics near Lyman, disrupting supply lines
December 31 plunges to 67%20%
Ukrainian drone strikes targeted cargo trains and railway infrastructure near Luhansk and Lyman, damaging Russian logistics and hindering their offensive capabilities, which tempered market optimism about Russian capture of Lyman.
Ukrainian drone strikes damage Russian logistics near Lyman, Russian advances unconfirmed
On April 16, Ukrainian drones struck cargo trains carrying fuel near occupied Luhansk City, disrupting Russian logistics critical for operations in the Lyman direction. Russian milbloggers claimed advances northeast of Lyman, but ISW geolocated footage showed Ukrainian control in nearby Sosnove, contradicting Russian claims. These developments reinforced market skepticism about Russian capture of Lyman by year-end.
Ukrainian strikes damage Russian logistics near Lyman, disrupting Russian offensive
December 31 plunges to 60%19%
Ukrainian drone strikes destroyed fuel cargo trains and damaged railway infrastructure near Luhansk City, disrupting Russian logistics supporting operations around Lyman, which hindered Russian advances and influenced market price declines.
Russian milblogger claims advances near Lyman but Ukrainian forces hold key positions
December 31 jumps to 66%6%
Despite Russian claims of advances northeast of Lyman, geolocated footage confirmed Ukrainian control within Sosnove northwest of Lyman, maintaining Ukrainian hold on the area and dampening Russian capture prospects.
Ukrainian drones strike logistics near Lyman disrupting Russian supply lines
December 31 plunges to 62%17%
Ukrainian Security Service and Unmanned Systems Forces conducted drone strikes on cargo trains carrying fuel near occupied Luhansk City, damaging railway infrastructure and disrupting Russian logistics supporting operations near Lyman.
Ukrainian Partisans Sabotage Russian Railway Infrastructure Supplying Lyman
December 31 drops to 61%6%
Ukrainian partisan and security forces successfully struck cargo trains and railway infrastructure in occupied Luhansk, disrupting critical Russian logistics and supply lines heading toward the Lyman front.
Ukrainian drones strike railway fuel trains near Luhansk, disrupting Russian logistics to Lyman
December 31 dips to 64%4%
Ukrainian Security Service and Unmanned Systems Forces destroyed fuel tankers and damaged railway infrastructure near occupied Luhansk City, disrupting Russian logistics supporting operations in the Lyman direction. This logistical disruption likely hindered Russian offensive capabilities, contributing to market price declines.
Ukrainian partisans sabotage railway transformer in occupied Luhansk
June 30 plunges to 39%30%
Atesh reported burning a railway transformer in occupied Luhansk, disrupting logistics for the Lyman axis. The logistics setback lowered confidence in a rapid capture, pushing the “June 30” price down to 39 % on 1‑Apr.
Ukrainian drones strike Russian railway logistics near Luhansk, impacting Russian operations near Lyman
December 31 plunges to 61%21%
Ukrainian Security Service and Unmanned Systems Forces destroyed fuel cargo trains and damaged railway infrastructure near occupied Luhansk City, disrupting Russian logistics supporting operations in the Lyman direction, contributing to market price decline.
Ukrainian forces conduct counterattacks in Lyman direction
December 31 drops to 67%14%
Ukrainian forces advanced and counterattacked near Lyman, disrupting Russian positions and logistics, which dampened market optimism about Russian capture of Lyman by year-end.
Ukrainian drones strike Russian logistics near Lyman, disrupting supplies
December 31 drops to 60%7%
On April 16, Ukrainian Security Service and Unmanned Systems Forces drones struck cargo trains and railway infrastructure near occupied Luhansk City, disrupting Russian logistics supporting forces in the Lyman direction, hindering Russian offensive capabilities.
Ukrainian drones strike railway infrastructure near Lyman, disrupting Russian logistics
December 31 plunges to 61%18%
Ukrainian Security Service and Unmanned Systems Forces conducted drone strikes on cargo trains carrying fuel at railway stations near occupied Luhansk City, about 99 km from the frontline, damaging Russian logistics supporting Lyman operations. This hindered Russian offensive capabilities and contributed to a market price decline from 79% to 61% Yes for December 31.
Russian forces attack near Lyman amid heavy drone and missile strikes
December 31 rises to 61%2%
On April 15, Russian forces launched multiple attacks near Lyman and conducted extensive drone and missile strikes, killing and injuring civilians. This intensified fighting raised market confidence in a possible Russian capture of Lyman.
Russian forces announce withdrawal from Lyman amid Ukrainian encirclement
December 31 plunges to 50%18%
Russian military announced a withdrawal from Lyman after Ukrainian forces reportedly encircled thousands of Russian troops, signaling a major setback for Russia and causing a sharp market decline in capture probability.
Ukraine regains full control of Lyman logistics center, Russian forces announce withdrawal
December 31 plunges to 50%17%
Ukrainian forces reportedly took full control of the Lyman logistics center, a key railway hub, while Russian military announced their withdrawal from Lyman, confirming Ukrainian control and effectively ending Russian presence in the town by mid-April.
Russian Defense Minister outlines new Donetsk offensive plans
December 31 jumps to 73%5%
Belousov’s statements about accelerating the tempo of Russian offensives in Donetsk revived fears of a Lyman capture, causing a brief rebound in the December‑31 price from 68% to 73%.
Russian forces fail to seize Lyman despite multiple attacks in March and April
December 31 plunges to 66%15%
Throughout March and April 2026, Russian forces launched multiple attacks near Lyman but failed to capture the city or its railroad station. Ukrainian forces maintained control, repelling assaults and conducting counterattacks, sustaining Ukrainian hold on Lyman.
Russian mechanized assault near Lyman repelled
December 31 jumps to 67%6%
ISW reported a mechanized Russian assault attempt near Lyman that was repelled, contributing to a moderate dip in “December 31” odds.
Russian claims of control in Lyman contradicted by ISW and Ukrainian reports
December 31 dips to 55%4%
Despite Russian claims of control over Lyman and surrounding areas, ISW and Ukrainian sources reported no evidence of Russian seizure of Lyman or its railroad station, reinforcing market skepticism about Russian capture by the deadline.
Russian army regiment destroyed and troops captured on Lyman front by Ukrainian forces
December 31 drops to 79%7%
Ukrainian forces destroyed a Russian regiment and captured troops in the Lyman direction, improving their tactical position and limiting Russian maneuverability, which reduced the likelihood of Russia capturing the Lyman railroad station by year-end.
Russian military command orders acceleration of advances along Lyman axis
December 31 jumps to 67%6%
Russian Defense Minister Andrei Belousov ordered the Western grouping to accelerate advances along the Lyman axis, indicating high priority for capturing the area, but ISW assessments showed limited actual territorial gains by Russia.
Ukrainian commander reports holding off Russian offensives near Lyman
December 31 dips to 77%3%
Ukrainian commander-in-chief Oleksandr Syrskyi stated that Ukrainian forces held off Russian offensives near Lyman during March 2026, reinforcing Ukrainian control and dampening market expectations of Russian capture.
Ukrainian forces hold positions within Sosnove near Lyman, countering Russian claims
December 31 plunges to 61%18%
Geolocated footage confirmed Ukrainian control within Sosnove northwest of Lyman, contradicting Russian claims of advances and indicating Ukrainian defensive resilience in the Lyman area.
Russian forces launch mechanized assaults around Lyman but make no significant gains
December 31 plunges to 60%26%
In mid-April, Russian forces initiated mechanized assaults around Lyman aiming to advance on Slovyansk, but ISW reported no significant territorial gains. This early failure set the tone for a protracted contest over Lyman, reflected in the initial market price decline from 86% to 60%.
Ukraine reports new advances and Russian attacks near Lyman
December 31 drops to 61%7%
Despite ongoing Russian attacks near Lyman, Ukrainian forces reported advances in the area in mid-April, including counterattacks that delayed Russian progress. This contributed to a further decline in market confidence in Russian capture of Lyman by year-end.
Russian military chief claims partial seizure of Lyman, but ISW finds no evidence of control
December 31 drops to 61%6%
Russian Chief of the General Staff claimed Russian forces seized 70% of Lyman, but independent ISW assessments found no evidence of Russian control over the city or the railroad station, undermining Russian claims and affecting market confidence.
Russian forces fail to unite efforts and make limited gains near Lyman
December 31 drops to 55%5%
Russian forces failed to fully unite their efforts around Lyman, managing to seize only small villages and failing to secure the city or railroad station, indicating operational difficulties and limiting prospects for capturing Lyman by year-end.
Russia announces withdrawal from strategic Lyman position
December 31 drops to 52%12%
Russian military announced withdrawal from Lyman, conceding the city to Ukrainian forces who had encircled Russian troops. This event strongly indicated Russia did not capture the Lyman railroad station by the resolution date, impacting market prices downward.
Market price drops to 59% amid persistent failure of Russian forces to capture Lyman
December 31 drops to 59%7%
By mid-April, despite ongoing Russian offensives, no credible evidence emerged of Russian control over the Lyman railroad station, reflected in the market price decline to 59% Yes, signaling reduced confidence in Russian capture by December 31, 2025.
Ukrainian forces maintain control of Lyman amid ongoing Russian assaults
December 31 drops to 49%12%
Despite ongoing Russian attacks and local Russian successes on approaches to Lyman, Ukrainian forces retained control of the city and its railroad station. Russian assault units operated only in small groups within Lyman, preventing full Russian capture and influencing market price decline.
Ukrainian OSINT reports Russian forces advancing in nearby areas but not capturing Lyman
December 31 plunges to 61%18%
Ukraine's DeepState OSINT group reported Russian advances in Rodynske and Chervonyi Lyman, but no evidence indicated Russian control of Lyman's railroad station, maintaining uncertainty about Russian capture of the key logistics hub.
Russian forces prepare mechanized assault near Lyman but fail to advance
December 31 drops to 60%7%
Russian forces concentrated equipment for a mechanized assault near Lyman and continued strikes on Ukrainian logistics, but ISW and Ukrainian reports indicated no significant territorial gains, reflecting stalled Russian efforts to capture Lyman.
Ukrainian forces advance in Slovyansk-Lyman area, Russian infiltration missions fail
December 31 drops to 71%8%
Ukrainian forces advanced in the Slovyansk-Lyman tactical area while Russian infiltration missions did not change control of terrain. This indicated Ukrainian defensive strength and stalled Russian offensive progress near Lyman.
Russian General Gerasimov exaggerates control claims over Lyman
December 31 drops to 60%7%
Russian Chief of the General Staff Gerasimov claimed significant control over Lyman, but ISW assessments found no evidence of Russian forces seizing the town or railroad station, maintaining market skepticism about a Russian capture by year-end.
Ukrainian counter‑offensive stalls Russian advance near Lyman
June 30 plunges to 37%34%
Ukrainian reports of successful defensive actions slowed Russian momentum, leading to a noticeable drop in the June‑30 price as market participants reassessed short‑term capture odds.
Ukrainian partisan sabotage disrupts Russian logistics near Lyman
December 31 drops to 60%11%
Ukrainian partisans sabotaged railway infrastructure in occupied Luhansk Oblast, disrupting Russian logistics in the Lyman and Kostyantynivka directions, complicating Russian offensive operations and reducing chances of capturing Lyman railroad station.
Ukraine intensifies drone strikes on Russian oil infrastructure, signaling growing military capabilities
June 30 drops to 17%11%
Ukraine's increased drone attacks deep inside Russia demonstrated enhanced military reach, suggesting continued Ukrainian resilience and complicating Russian territorial gains including Lyman, contributing to market price declines.
Russian military command claims advances near Lyman despite contested control
December 31 rises to 65%1%
Russian Chief of the General Staff claimed Russian forces entered nearby settlements northwest of Lyman, but these claims were viewed as exaggerated. The ongoing fighting and lack of confirmed capture kept market prices moderate.
Russian army announces withdrawal from strategic Lyman railroad junction
December 31 drops to 49%5%
The Russian military officially announced the withdrawal of forces from Lyman, a key railroad junction, after Ukrainian forces reportedly encircled thousands of Russian soldiers. This confirmed that Russia did not capture the Lyman railroad station by the end of 2025, supporting a 'No' resolution for the market.
Ukrainian forces repel Russian assaults in Lyman sector
December 31 drops to 59%8%
By mid-April, Ukrainian units, including the 66th Mechanized Brigade, successfully repelled Russian attacks involving over twenty enemy vehicles in the Lyman direction. Russian troops suffered losses and some retreated without reaching the frontline, signaling strong Ukrainian defense and diminishing Russian prospects of capturing Lyman, reflected in the market price falling to 59%.
Russian forces advance in Rodynske and Chervonyi Lyman areas
December 31 rises to 61%2%
Reports from Ukraine’s DeepState OSINT group indicated Russian advances near Lyman, suggesting ongoing contested fighting and attempts to regain ground. This news slightly increased market confidence from 59% to 61%.
Ukrainian forces encircle Russian troops in Lyman, prompting Russian withdrawal announcement
December 31 plunges to 61%18%
Ukrainian forces encircled thousands of Russian soldiers in Lyman, leading to a Russian announcement of withdrawal from the city. This indicated loss of Russian control over Lyman and its strategic railroad station, negatively impacting market confidence in Russian capture.
Ukrainian forces repel multiple Russian assaults near Lyman
December 31 plunges to 59%20%
Ukrainian soldiers successfully repelled eight Russian attempts to advance near Lyman, demonstrating strong defensive capabilities and reducing the likelihood of Russian capture. This contributed to a market price decline from 79% to 59%.
Market reacts to reports of stalled Ukraine-Russia peace talks and ongoing fighting
December 31 plunges to 42%15%
Reports indicated no breakthrough in peace negotiations, with both sides entrenched and fighting continuing. This uncertainty contributed to a market price trough reflecting doubts about imminent Russian territorial gains including Lyman.
Market price drops to 59% amid ongoing stalemate around Lyman railroad station
December 31 drops to 59%8%
Despite continued Russian attacks, Ukrainian forces maintained control over Lyman and its railroad station, with no confirmed Russian capture by the resolution date. This led to a significant decline in market confidence for a Russian capture by December 31, 2025.
Russian forces claim advances near Lyman and Slovyansk
December 31 jumps to 67%6%
Russian milbloggers claimed advances in northern and northeastern Lyman and nearby settlements, suggesting ongoing offensive efforts. However, these claims were unconfirmed and likely aimed at creating an impression of success, causing minor market fluctuations.
Ukraine launches counterattacks in Dnipropetrovsk and Zaporizhzhia
June 30 plunges to 21%30%
Ukrainian counter-offensive operations forced Russia to divert resources, reducing the immediate threat to the Lyman sector and causing a sharp drop in the market price for a June 30 resolution.
Russian and Ukrainian forces exchange attacks near Lyman during Orthodox Easter ceasefire
December 31 drops to 61%5%
Despite a unilateral ceasefire, both sides accused each other of violations with continued attacks near Lyman, indicating persistent conflict and no decisive control change, which contributed to market uncertainty and price decline.
Russian attacks on Ukraine’s power plants cause severe electricity shortages
June 30 plunges to 22%29%
Russia's intensified attacks on Ukrainian infrastructure increased pressure on Ukraine but did not translate into immediate territorial gains such as capturing Lyman. Market prices for later capture dates dropped significantly, reflecting uncertainty about Russia's ability to secure Lyman soon.
Ukrainian forces strike Russian-occupied building near Lyman, disrupting Russian infiltration
December 31 plunges to 61%18%
Geolocated footage showed Ukrainian forces attacking a Russian-occupied building in southern Yampil near Lyman, indicating active Ukrainian counterattacks that hinder Russian consolidation in the area.
Ukrainian forces advance in central Yampil near Lyman
December 31 plunges to 59%20%
Geolocated footage showed Ukrainian advances in central Yampil southeast of Lyman on April 10, indicating continued Ukrainian control in the Lyman area and limiting Russian prospects of capturing the railroad station.
Russian forces fail to make significant advances near Lyman
December 31 plunges to 64%16%
Russian military shifted focus to other fronts after struggling to advance on Slovyansk and Lyman, leading to decreased market confidence in Russian capture of Lyman railroad station.
U.S.‑backed peace talks gain momentum in Paris
June 30 plunges to 25%43%
AP covered a major Paris meeting where 27 European nations pledged security guarantees for Ukraine, signaling a possible diplomatic path that reduced expectations of a Russian capture of Lyman, pushing the June‑30 price down from 68% to 25%.
Russian forces make limited advances near Lyman amid heavy fighting
December 31 drops to 67%12%
Between March 17 and April 14, Russian forces lost 1 square mile of territory but claimed advances near Lyman and Chervonyi Lyman. Ukrainian forces held off offensives, and ISW reported no significant Russian control over Lyman, causing market uncertainty and a price drop.
Ukrainian forces strike Russian positions southeast of Lyman amid ongoing fighting
December 31 dips to 79%2%
Ukrainian advances and strikes on Russian positions near Lyman indicated strong resistance, limiting Russian territorial gains and causing market confidence in Russian capture to decline.
Russian forces strike Ukrainian positions in southeastern Lyman
December 31 drops to 59%7%
Geolocated footage showed Russian strikes in southeastern Lyman, but no confirmed territorial gains were observed. This indicated ongoing fighting but no decisive Russian capture of the Lyman railroad station, maintaining uncertainty about Russian control.
Russian forces advance in Rodynske and Chervonyi Lyman but fail to capture Lyman station
December 31 plunges to 67%16%
Despite reported Russian advances in nearby settlements, Ukrainian forces held key positions around Lyman, preventing Russian capture of the railroad station. This stalemate and continued Ukrainian resistance led to a significant drop in market confidence.
Ukrainian forces advance in Yampil near Lyman, Russian forces fail to advance
December 31 dips to 79%2%
Ukrainian forces advanced in central Yampil southeast of Lyman, while Russian forces continued attacks near Lyman but did not make territorial gains, signaling stalled Russian offensive and reducing likelihood of capturing Lyman railroad station soon.
U.S. and Russia re‑establish high‑level military dialogue
December 31 drops to 61%5%
The diplomatic thaw reduced immediate expectations of a Russian offensive, contributing to a dip in the December 31 price from 66% to 61% as traders reassessed the likelihood of a rapid capture.
Ukrainian forces maintain control of Lyman railroad station area
December 31 drops to 68%11%
New intelligence and battlefield reports confirmed that Ukrainian troops continued to hold the Lyman railroad station area, causing market confidence in Russian capture to fall further from 79% to 68%. This reinforced doubts about Russia's ability to secure the station by year-end.
ISW: Russian strikes around Lyman, no territorial gain
ISW noted heavy Russian strikes around Lyman but no advance; the market’s “December 31” odds remained high but began to drift downward later in April.
Ukrainian forces repel Russian advances near Lyman railroad station
December 31 drops to 68%13%
Reports emerged that Ukrainian troops successfully defended the Lyman railroad station area, preventing Russian forces from gaining control. This military setback for Russia caused market confidence in a Russian capture to decline.
Russian forces continue attacks near Lyman but fail to advance
December 31 dips to 79%3%
Russian forces attacked near Lyman and surrounding areas on April 9 and 10 but did not make territorial gains. Ukrainian forces advanced in central Yampil southeast of Lyman, maintaining control and repelling Russian assaults, signaling continued Ukrainian defense success in the Lyman area.
Ukraine’s allies agree on multilayered security guarantees in peace proposal
June 30 plunges to 22%30%
Ukraine’s allies made progress on defense guarantees to deter future Russian attacks if a peace deal is struck, strengthening Ukraine’s position and reducing market confidence in Russian capture of Lyman by mid-2026.
Small group clashes and high activity reported near Lyman amid forested terrain
December 31 drops to 61%7%
Fierce small unit engagements and infiltration attempts by Ukrainian forces near Lyman's forested outskirts indicated ongoing contested control, maintaining uncertainty and lowering market confidence.
U.S. and Russia agree to reestablish military-to-military dialogue after New START expires
June 30 drops to 17%10%
Following the expiration of the New START nuclear arms treaty, the U.S. and Russia agreed to resume high-level military talks. This diplomatic development may influence future conflict dynamics.
Russian forces attack near Lyman but fail to advance, Ukrainian defenses hold
December 31 drops to 79%7%
Russian forces conducted attacks near Lyman and surrounding areas but did not make territorial gains. Ukrainian forces maintained control, and Russian troop buildups suggested preparation rather than successful capture, leading to a decline in market confidence.
Russian forces increase troop transfers and attacks near Lyman
December 31 jumps to 87%8%
Russian forces reportedly transferred troops and artillery to the Lyman direction and launched attacks near Lyman and surrounding villages, indicating preparation for future offensives. This heightened activity temporarily increased market optimism for Russian capture by December 31.
Russian drone attack on Ukrainian railway station in Krasnodar region
December 31 plunges to 61%18%
Russia launched drones into Ukraine, with wreckage falling on a railway station in the Krasnodar region, confirming Russian military operations in the area and affecting market perception of Russian advances.
Russia Transfers Troops to Lyman Direction in Preparation for Future Offensive
December 31 rises to 67%1%
Ukrainian military spokespersons reported that Russian forces were accumulating infantry and transferring forces to the Lyman direction, temporarily stabilizing the market's decline.
Russian forces accumulate infantry and artillery in Lyman direction for future offensive
December 31 drops to 58%5%
Russian forces reportedly transferred troops and artillery to the Lyman direction, preparing for future offensive efforts, but did not make confirmed advances, maintaining a contested frontline around the railroad station.
Ukraine's allies report progress on defense guarantees if peace deal is struck
December 31 drops to 67%12%
Progress in peace talks and security guarantees led to a decline in the probability of a Russian military capture of Lyman, as a negotiated settlement became more likely.
Russian forces attack near Lyman but face heavy casualties and no territorial gains
December 31 drops to 66%13%
Russian attacks near Lyman on April 7 and 8 resulted in significant casualties without territorial gains, indicating continued Ukrainian control of the area and diminishing chances of Russian capture of the Lyman railroad station by the deadline.
Ukrainian counterattack stalls Russian push near Lyman
December 31 plunges to 65%16%
Ukrainian forces launched a counteroffensive that halted Russian advances around Lyman, leading to a sharp drop in the market’s confidence that Russia would capture the station by year‑end.
Russian forces conduct attacks near Lyman but fail to secure control
December 31 drops to 67%14%
On April 7 and 8, Russian forces attacked near Lyman and surrounding areas but did not achieve significant territorial gains. ISW reported ongoing Russian assaults and drone operations but noted Ukrainian forces maintained positions and counterattacked, indicating continued contested control of the Lyman area and no capture of the railroad station.
Russian Forces Target Siverskyi Donets Crossings and Railway Lines Near Lyman
December 31 drops to 66%13%
Russian forces focused on targeting Ukrainian logistics, bridges, and railway crossings around Lyman rather than achieving direct ground breakthroughs, reflecting a shift to containment tactics.
Russian forces continue attacks near Lyman with no confirmed capture
December 31 dips to 64%3%
Russian forces attacked near Lyman and surrounding areas on April 6-7, but Ukrainian forces held positions and counterattacked. The fighting remained contested with no confirmed Russian capture of the Lyman railroad station, maintaining downward pressure on market probability.
ISW reports Russian forces maintain pressure but fail to advance near Lyman
December 31 drops to 60%8%
Russian forces continued offensive operations near Lyman but did not make significant advances, facing strong Ukrainian resistance. This contributed to a decline in market confidence for Russian capture by both December 31 and June 30.
Ukrainian forces destroy Russian regiment and improve tactical position near Lyman
December 31 drops to 59%12%
Ukrainian 3rd Army Corps and Defense Intelligence Directorate destroyed a Russian regiment and captured troops near Lyman, limiting Russian maneuverability and improving Ukrainian positions, lowering Russian capture chances.
Russian attacks near Lyman continue without decisive gains
December 31 drops to 67%14%
On April 6 and 7, Russian forces launched attacks near Lyman and adjacent areas but failed to make significant advances. Ukrainian forces reportedly made recent advances in nearby Yampil, indicating ongoing contested control and preventing Russian capture of the Lyman railroad station. This contributed to a sharp market price drop from 81% to 67%.
Russian Forces Advance Near Hryshyne and Kotlyne in Donetsk Oblast
Russian forces made advances near Hryshyne and Kotlyne, close to Lyman, suggesting pressure on Ukrainian defenses and potential for further Russian territorial gains, supporting market optimism.
Russian forces continue offensive near Lyman but make no confirmed gains
December 31 dips to 79%3%
Russian forces attacked near Lyman and surrounding areas but did not make confirmed advances, with Ukrainian forces holding positions and counterattacking. This indicated continued Ukrainian control of Lyman and its railroad station.
Ukrainian counteroffensive slows Russian progress near Lyman
December 31 plunges to 61%18%
Reports of a Ukrainian counteroffensive reducing Russian territorial gains near Lyman caused a market price drop from 79% to 61% for the December 31 outcome, reflecting decreased confidence in Russia capturing the station by year-end.
Ukrainian forces counterattack near Lyman, Russian advances limited
December 31 plunges to 60%19%
Ukrainian forces conducted counterattacks southeast of Lyman and cleared Russian infiltration groups from nearby villages, limiting Russian control and dampening market confidence in a Russian capture by year-end.
Russian forces attack near Lyman and surrounding areas with limited advances
December 31 drops to 69%13%
Russian forces attacked near Lyman and adjacent settlements but failed to make confirmed advances, with Ukrainian forces maintaining defensive positions. This contributed to market uncertainty and a gradual decline in confidence about Russian capture of Lyman.
Ukrainian counteroffensive slows Russian advance near Lyman
December 31 drops to 67%14%
Reports of Ukrainian counterattacks near Lyman caused market uncertainty about Russia's sustained control, leading to a price drop from 81% to 67%.
Ukrainian forces advance in Slovyansk direction near Lyman
December 31 plunges to 63%16%
Geolocated footage showed Ukrainian forces advancing near Yampil southeast of Lyman, indicating active Ukrainian resistance and counteroffensive efforts that hindered Russian advances toward Lyman.
Russia intensifies attacks on Ukraine's railway infrastructure including near Lyman
December 31 dips to 60%4%
In April 2026, Russia escalated attacks on Ukrainian railway infrastructure, including areas near Lyman, aiming to disrupt logistics and support military advances, impacting market perceptions of Russian operational capabilities.
Ukrainian Forces Advance Near Yampil as Russian Forces Target Regional Infrastructure
December 31 drops to 66%13%
Geolocated footage showed Ukrainian forces advancing in central Yampil, southeast of Lyman, while Russian forces shifted to targeting bridges and railway crossings to disrupt Ukrainian logistics.
Ukrainian Forces Advance Near Lyman as Counterattacks Push Back Russian Positions
December 31 drops to 67%12%
Geolocated footage confirmed Ukrainian advances in central Yampil, southeast of Lyman, demonstrating successful local counterattacks that pushed back Russian forces and lowered the probability of a near-term capture of Lyman.
Ukrainian General Staff logs Russian artillery strikes near Lyman
December 31 drops to 61%6%
The General Staff documented Russian artillery strikes on Ukrainian positions near Lyman, indicating ongoing fighting but no capture, prompting a price drop to 61 % on 22‑Apr.
Russian forces continue offensive operations near Lyman but do not advance
December 31 rises to 66%3%
On April 3-4, Russian forces attacked toward Lyman and nearby settlements but did not make advances, showing persistent fighting but no capture of the railroad station.
Russian forces attack toward Lyman but fail to advance
December 31 plunges to 62%17%
Russian forces attacked toward Lyman and nearby areas on April 3 and 4 but did not achieve territorial gains, reflecting continued Ukrainian resistance and contributing to a market price decline to around 62%.
Russian forces continue offensive operations near Lyman but make no advances
December 31 drops to 79%7%
Russian forces attacked toward Lyman and surrounding areas on April 2-3 but did not advance, with Ukrainian counterattacks reported. This maintained uncertainty about Russian control of Lyman, contributing to a slight price decline.
Zelensky Reports Frontline Situation Best in 10 Months as Spring Weather Arrives
December 31 drops to 67%14%
Ukrainian President Volodymyr Zelensky reported that the frontline situation was the best it had been for Ukraine since June 2025, with approaching sunny spring weather expected to hinder Russian infiltration operations.
Ukrainian President Zelensky reports best frontline situation in 10 months, Russian attacks near Lyman continue
December 31 drops to 68%13%
Zelensky stated Ukrainian intelligence showed the frontline was the best in 10 months, with ongoing Russian attacks near Lyman but no breakthroughs. This bolstered confidence in Ukrainian defense and contributed to market price declines for Russian capture.
ISW map shows Russian advances near Lyman
December 31 drops to 67%12%
The Institute for the Study of War updated its map showing Russian forces advancing toward Lyman, supporting the market's initial bullish sentiment.
Russian forces continue attacks near Lyman but make no advances
December 31 dips to 79%2%
Russian forces launched multiple attacks around Lyman and nearby settlements but failed to advance, while Ukrainian counterattacks further stalled Russian progress, reducing the likelihood of Russian capture of the Lyman railroad station by year-end.
Russian drone and missile barrage hits Ukrainian energy grid
June 30 plunges to 19%15%
A massive Russian strike on Ukraine’s energy infrastructure shifted focus away from Lyman, prompting traders to lower the June 30 price from 34% to 19% as the war’s broader dynamics dominated market sentiment.
Ukrainian intelligence reveals Russian plans to strike railway and logistics targets
December 31 drops to 79%7%
Ukrainian President Zelensky announced that Russian forces plan to target railway and logistics infrastructure in spring and summer 2026, indicating a strategic focus on disrupting Ukrainian supply lines near Lyman, affecting the battle dynamics and market sentiment.
Ukrainian forces report heavy Russian casualties and counterattacks near Lyman
December 31 dips to 79%2%
Ukrainian President Zelensky and ISW reported significant Russian casualties and Ukrainian counterattacks near Lyman, indicating strong Ukrainian resistance and complicating Russian efforts to capture the area, which contributed to a decline in market confidence.
Russian drone attack on Krasnodar railway station causes temporary flight restrictions
December 31 rises to 63%2%
Russia launched drones into Ukraine, with wreckage falling on a railway station in the Krasnodar region, causing temporary flight restrictions and highlighting Russian targeting of Ukrainian infrastructure.
Reports of Ukrainian forces maintaining control near Lyman railroad station
December 31 drops to 67%14%
News emerged indicating that Ukrainian forces continued to hold positions near the Lyman railroad station, dampening expectations of imminent Russian capture and causing a notable price drop in the December 31 outcome.
Ukrainian forces counterattack near Lyman, clearing Russian infiltration attempts
December 31 dips to 79%2%
Geolocated footage showed Ukrainian forces striking and clearing Russian infiltration missions near Yarova northwest of Lyman, maintaining control of the area and preventing Russian advances toward the railroad station.
Russian drone and missile attacks intensify on Ukrainian energy infrastructure
December 31 plunges to 60%20%
Russia launched large-scale drone and missile strikes targeting Ukraine's energy grid, aiming to weaken Ukrainian resistance and influence peace negotiations, causing market uncertainty and price volatility.
Ukrainian forces advance near Lyman, repelling Russian infiltration attempts
December 31 dips to 79%2%
Geolocated footage and ISW reports showed Ukrainian forces advancing in Yarova northwest of Lyman and striking Russian positions, indicating active Ukrainian defense and counterattacks that prevented Russian control of Lyman. This maintained skepticism about Russian capture prospects, slightly lowering market confidence.
ISW notes largest Russian motorcycle assault near Lyman in 2026
Ukrainian brigade reported the largest motorcycle assault by Russian forces in the Lyman direction since early 2026, indicating intensified Russian efforts but no confirmed capture.
Reports indicate stalled Russian advances near Lyman railroad station
December 31 drops to 67%14%
Military analysts and ISW maps showed no significant Russian territorial gains around the Lyman railroad station, causing market confidence in Russian capture to drop from 81% to 67%. This suggested that Russian forces were unable to secure the station by early April.
Russian drone attack on Ukrainian railway station in Krasnodar region
December 31 jumps to 65%5%
Russia launched a drone attack on a railway station in the Krasnodar region, with drone wreckage falling on the station and causing injuries, demonstrating Russian capability to strike Ukrainian infrastructure.
Russian forces attack near Lyman but make no significant advances
Russian forces launched attacks near Lyman and surrounding areas on April 1 but failed to advance or capture key positions, maintaining a stalemate that kept the railroad station out of Russian control. This contributed to sustained market confidence but with some caution.
Russian forces attack near Lyman but make no confirmed advances
December 31 dips to 80%1%
Russian forces launched attacks near Lyman and surrounding areas but did not achieve confirmed territorial gains. Ukrainian defenses held firm, maintaining control over Lyman and reducing the likelihood of Russian capture by the end of 2025.
Russian forces fail to achieve objectives near Lyman, shift focus to Borova
December 31 drops to 80%6%
Russian forces continued unsuccessful attempts to infiltrate Ukrainian positions near Lyman and are likely shifting their offensive focus toward Borova, indicating diminished prospects for capturing Lyman soon. This dampened market optimism about Russian capture of the Lyman railroad station.
ISW reports Russian infiltration missions near Lyman but no consolidated control
December 31 plunges to 61%21%
ISW reported Russian forces conducting infiltration missions southeast of Slovyansk and near Lyman, but Ukrainian forces maintained or advanced positions around Lyman, indicating no firm Russian control over the area. This limited Russian progress contributed to a decline in market confidence for a Russian capture by year-end.
Ukrainian Forces Advance in Yarova Northwest of Lyman
December 31 drops to 67%14%
Geolocated footage showed Ukrainian forces making tactical advances northwest of Lyman, contributing to a downward trend in the market's expectations of a Russian capture.
Russian forces claim advances near Lyman but control remains unconfirmed
December 31 drops to 67%14%
Russian milbloggers claimed advances in southeastern Lyman on March 30-31, but these claims were unconfirmed and Ukrainian forces continued to hold contested areas, keeping the railroad station out of firm Russian control.
Russian forces launch spring offensive with mechanized assaults around Lyman
December 31 plunges to 61%22%
Russian military command initiated their spring-summer 2026 offensive focusing on mechanized assaults near Lyman, aiming to advance on Slovyansk from the northeast. However, these assaults failed to produce significant territorial gains, signaling early challenges in the campaign.
Russian forces attack near Lyman but fail to secure control
December 31 dips to 79%2%
Russian forces launched attacks near Lyman and surrounding areas but did not achieve significant territorial gains or control of the railroad station, contributing to market uncertainty and a slight price decline.
Russian forces continue attacks near Lyman but fail to seize town or railroad station
December 31 dips to 80%1%
Russian forces attacked near Lyman on March 29-30 but did not capture the town or railroad station. Ukrainian forces maintained control, and ISW assessments confirmed ongoing Ukrainian advances nearby, indicating Russia had not gained control of the Lyman railroad station by the resolution date.
Russian forces launch Spring-Summer offensive with mechanized assaults around Lyman
December 31 drops to 81%5%
Russian military initiated their 2026 offensive focusing on Lyman with mechanized attacks indicating intent to advance on Slovyansk from the northeast. However, no significant territorial gains were made, signaling early challenges in the campaign and impacting market confidence in Russian capture of Lyman.
Ukrainian forces advance near Lyman, Russian attacks continue but stall
By March 29-30, Ukrainian forces made advances southeast of Lyman near Yampil, while Russian forces continued attacks near Lyman but failed to capture key positions including the railroad station. This sustained the market's moderate confidence in a Russian capture by year-end.
Russian Spring-Summer Offensive Begins with Mechanized Attacks Near Lyman
December 31 dips to 82%4%
Russian forces launched their spring-summer 2026 offensive with mechanized assaults around Lyman, indicating an initial focus on advancing toward Sloviansk via Lyman. However, the pace slowed due to heavy losses and stiff Ukrainian resistance, tempering expectations for a quick Russian capture of Lyman.
Ukrainian forces advance near Yampil southeast of Lyman
December 31 rises to 80%1%
Geolocated footage from March 29 shows Ukrainian advances near Yampil, southeast of Lyman, indicating Ukrainian control and active defense in the Lyman sector, further reducing the likelihood of Russian capture of the railroad station.
Russian forces attack near Lyman but fail to secure control
Between March 28 and 29, Russian forces attacked near Lyman and surrounding settlements but did not achieve confident control, with Ukrainian forces holding parts of contested areas. The slow pace and limited gains despite heavy fighting indicated Russian difficulties in capturing Lyman, leading to further market price declines.
Russian forces continue attacks near Lyman but fail to capture key positions
December 31 rises to 81%1%
By March 29, Russian forces continued attacks near Lyman and surrounding settlements but failed to make significant advances or capture the railroad station. Ukrainian forces held key positions, maintaining control of Lyman and its infrastructure, supporting a 'No' resolution for Russian capture by the deadline.
ISW reports Russian attacks near Lyman but no capture of the railroad station
On March 29-30, Russian forces attacked near Lyman and nearby villages but ISW assessments and geolocated footage showed no evidence of Russian control over Lyman or its railroad station. Ukrainian forces continued to hold the area, keeping the station out of Russian hands.
Russian forces slow offensive near Lyman, Ukrainian forces hold town
By March 29, Russian forces had slowed their offensive operations near Lyman, conducting infiltration missions but failing to gain a foothold. Ukrainian forces maintained control of Lyman and its railroad station, with assessments indicating Russian forces unlikely to seize the Fortress Belt in 2026 without capturing Lyman first.
Ukrainian forces advance near Lyman, Russian forces unable to reverse situation
Geolocated footage showed Ukrainian advances in southern Yampil near Lyman, while Russian forces struggled to maintain offensive momentum. Russian ultranationalist milbloggers expressed doubts about Russia's ability to reverse battlefield setbacks in 2026.
Ukrainian forces repel Russian attacks in Lyman sector
December 31 rises to 81%1%
Ukrainian forces successfully repelled Russian assaults involving more than twenty enemy vehicles in the Lyman sector, maintaining control over the area and preventing Russian capture of the Lyman railroad station by the resolution date.
Russian forces launch Spring-Summer 2026 offensive with mechanized assaults near Lyman
December 31 plunges to 64%15%
Russian military began their 2026 offensive with mechanized attacks around Lyman, signaling an intent to advance on Slovyansk from the northeast. However, Russian forces failed to make significant gains, leading to a decline in market confidence for a Russian capture of Lyman.
Russian 3rd Combined Arms Army Stalls East of Sloviansk and Lyman Offensive Slows
Military observers reported that the Russian offensive toward the critical Fortress Belt and Lyman had ground to a halt, with forces unable to sustain the intensity of their earlier mechanized pushes.
Russian forces conduct infiltration missions near Lyman but fail to secure control
December 31 drops to 79%7%
Geolocated footage and ISW assessments in late March 2026 showed Russian forces striking Ukrainian positions near Lyman and conducting infiltration missions without changing control of terrain. Ukrainian forces maintained defensive positions, preventing Russian consolidation around the Lyman railroad station.
Russian forces reduce offensive tempo but continue infiltration missions near Lyman
December 31 dips to 80%2%
Following intense operations, Russian forces decreased large-scale attacks but maintained infiltration efforts around Lyman. Ukrainian forces held their positions, preventing Russian capture of the railroad station, which kept market sentiment cautious.
Russian forces intensify infiltration missions near Lyman but fail to gain foothold
December 31 drops to 80%6%
ISW reported that Russian forces reduced activity in Lyman direction but continued infiltration missions without gaining control. Ukrainian sources confirmed Russian failure to establish foothold, indicating stalled Russian offensive efforts in Lyman.
Russian Offensive Activity Slows Near Lyman as Forces Fail to Gain Foothold
Ukrainian military officials reported a reduction in Russian offensive activity in the Lyman direction, noting that Russian forces failed to establish a foothold in the city and may shift their focus elsewhere.
Ukrainian forces repel Russian assaults and conduct counterattacks near Lyman
December 31 plunges to 60%19%
Ukrainian forces successfully repelled Russian mechanized assaults near Lyman and launched counterattacks in eastern Lyman, preventing Russian forces from gaining a foothold. This contributed to a decline in market confidence in a Russian capture of Lyman by year-end.
Russian forces decrease offensive tempo in Lyman after mechanized assault; focus shifts to Kostyantynivka
December 31 drops to 81%6%
Following a battalion-sized mechanized assault, Russian forces reduced their offensive activity in Lyman and resumed infiltration tactics, with ISW noting a shift in focus to Kostyantynivka, dampening prospects for Lyman capture.
Ukrainian advances in eastern Lyman limit Russian offensive tempo
December 31 drops to 79%11%
Geolocated footage showed Ukrainian forces advancing in eastern Lyman, while Russian forces reduced offensive operations and focused on infiltration, maintaining contested control and limiting Russian capture prospects.
Russia launches Spring-Summer 2026 offensive with mechanized assaults around Lyman
December 31 drops to 77%9%
Russian forces initiated their offensive with mechanized attacks near Lyman, signaling intent to advance on Slovyansk from the northeast. However, they failed to make significant gains, leading to a shift in focus to Kostyantynivka. This initial failure contributed to a decline in market confidence for Russia capturing Lyman by year-end.
Ukrainian forces repel Russian attempts to gain foothold in Lyman
December 31 dips to 79%1%
Ukrainian spokesperson reported Russian forces failed to gain foothold in Lyman and reduced activity there, focusing instead on other directions. This dampened market confidence in Russian capture prospects.
Russian forces reduce activity near Lyman amid continued Ukrainian resistance
December 31 rises to 82%1%
By March 28, Russian forces had reduced offensive activity near Lyman but continued infiltration missions. Ukrainian forces reportedly advanced in eastern Lyman, indicating sustained Ukrainian control and resistance to Russian capture efforts.
Russian forces fail to gain foothold in Lyman after intensified assaults
December 31 rises to 81%2%
Despite intensified offensive operations and infiltration missions near Lyman, Russian forces failed to secure a foothold in the city. Ukrainian forces reportedly advanced in eastern Lyman and continued to repel Russian assaults, leading to a market reassessment of the likelihood of Russian capture by year-end.
Russian forces reduce activity but continue infiltration missions toward Lyman
December 31 dips to 79%2%
Russian forces slowed their offensive intensity near Lyman but maintained infiltration efforts, indicating stalled progress and limiting expectations of imminent capture.
Ukrainian forces advance in eastern Lyman, Russian offensive tempo decreases
December 31 plunges to 61%18%
Ukrainian troops made advances in eastern Lyman while Russian forces reduced their offensive operations but continued infiltration missions, indicating that Russia had not secured full control of Lyman or its railroad station, tempering market expectations.
Russian forces maintain offensive pressure near Lyman with mechanized assaults
December 31 rises to 81%2%
Russian forces continued mechanized assaults near Lyman, including a 500-strong push intercepted by Ukrainian drones and artillery, indicating persistent Russian efforts to capture the area and supporting sustained market confidence.
Ukrainian forces repel Russian infiltration attempts in Lyman area
December 31 drops to 79%7%
Despite ongoing Russian attacks and infiltration missions around Lyman on March 27-28, Ukrainian forces successfully counterattacked and maintained control, with Russian forces failing to gain a foothold. This dampened market optimism, with prices declining from 86% to 79%.
ISW reports ongoing fighting near Lyman with contested advances
ISW reported Russian forces attacked near Lyman and surrounding villages but made no confirmed advances, with Ukrainian forces maintaining tactical initiative, sustaining market uncertainty about Russian capture.
Ukrainian forces counterattack and hold positions in Lyman area
December 31 drops to 80%7%
Following intensified Russian assaults, Ukrainian forces counterattacked and maintained control in eastern Lyman, preventing Russian forces from gaining a foothold. This dampened market optimism about Russian capture prospects.
Ukrainian Forces Advance in Eastern Lyman as Russian Infiltration Missions Fail to Gain Ground
December 31 dips to 79%2%
Geolocated footage confirmed that Ukrainian forces made successful advances in eastern Lyman, while Russian operations in the area were limited to infiltration missions that failed to change control of the terrain.
Russian forces continue offensive near Lyman but make no confirmed advances
December 31 drops to 81%6%
Despite ongoing attacks near Lyman and claims of advances into southern Lyman, no confirmed territorial gains were reported by ISW, leading to some market price stabilization and slight decline.
Ukrainian forces repel Russian assault involving over twenty enemy vehicles in Lyman sector
December 31 rises to 80%1%
On March 27, Ukrainian forces repelled a Russian assault involving dozens of vehicles and infantry in the Lyman sector, further demonstrating Ukrainian control and preventing Russian capture of the Lyman railroad station.
Russian attacks near Lyman continue without capture
December 31 rises to 81%2%
On March 25 and 26, Russian forces attacked near Lyman and surrounding villages but failed to capture the town or railroad station, with Ukrainian forces maintaining control and disrupting Russian logistics.
Russian forces launch attacks near Lyman but Ukrainian counterattacks continue
December 31 drops to 81%6%
Russian forces attacked near Lyman and surrounding areas, but Ukrainian forces continued to strike back and prevent Russian consolidation, keeping the situation fluid and the market cautious.
Ukrainian partisans sabotage railway near Lyman logistics hub
December 31 rises to 81%1%
A Ukrainian partisan group reported sabotage of a railway relay cabinet that serves the Lyman logistics route. The threat to Russian supply lines nudged the market back up toward 81 % by the end of March, as traders reassessed the difficulty of a Russian capture.
Russian forces continue attacks near Lyman but fail to capture key positions
December 31 rises to 81%2%
Russian forces attacked near Lyman and surrounding villages on March 25 and 26 but did not secure control of the town or railroad station. Ukrainian forces counterattacked and prevented Russian advances, maintaining control over Lyman and its critical infrastructure.
Ukrainian forces sabotage Russian logistics near Lyman, hindering offensive operations
December 31 drops to 80%6%
Ukrainian partisan groups reportedly disabled railway infrastructure critical for Russian supply lines in the Kupyansk and Lyman directions, restricting Russian offensive capabilities and contributing to stalled advances around Lyman.
Ukrainian Partisans Sabotage Critical Russian Railway Logistics for Lyman Front
December 31 rises to 81%2%
The Ukrainian partisan group Atesh disabled a railway relay cabinet near occupied Luhansk City, disrupting ammunition and spare parts deliveries to Russian frontline units operating in the Lyman direction.
Ukrainian partisan sabotage and Russian claims of advances near Lyman
December 31 rises to 81%1%
In late March, Ukrainian partisans sabotaged railway infrastructure critical to Russian logistics near Lyman, impacting Russian offensive capabilities. Concurrently, Russian milbloggers claimed advances in areas around Lyman, though some claims were disputed. These mixed developments contributed to market stabilization around 79-81% probability for Russian capture by year-end.
Ukrainian forces maintain control of Lyman amid ongoing Russian assaults
ISW and Ukrainian brigade spokespersons reported no Russian presence in Lyman, with Ukrainian forces repelling multiple Russian attacks and conducting sabotage against Russian logistics. This confirmed that Russia had not captured the Lyman railroad station by the resolution date.
Ukrainian partisans sabotage railway critical to Russian logistics near Lyman
December 31 rises to 83%4%
On March 26, Ukrainian partisan group Atesh disabled a railway relay cabinet near occupied Luhansk, disrupting Russian supply lines to Lyman and limiting Russian offensive capabilities, which influenced market perceptions of Russian operational challenges.
Russian forces conduct infiltration missions near Lyman but fail to secure control
December 31 rises to 81%2%
Russian forces launched attacks near Lyman and conducted infiltration missions in the surrounding areas, but Ukrainian forces maintained control and counterattacked, preventing Russian territorial gains including the railroad station.
Ukrainian sabotage disrupts Russian logistics near Lyman
Ukrainian partisan groups sabotaged railway infrastructure critical for Russian supply lines near Luhansk, impacting ammunition and spare parts deliveries to forces in the Lyman direction. This disruption likely hindered Russian offensive capabilities, contributing to market doubts about capture.
Russian forces continue offensive operations near Lyman but make no advances
December 31 rises to 81%2%
Russian forces continued offensive operations in the Kostyantynivka-Druzhkivka tactical area near Lyman but did not advance, with Ukrainian forces striking Russian positions and maintaining control of Lyman and its railroad station.
Ukrainian partisans sabotage railroad infrastructure critical to Russian logistics near Lyman
December 31 dips to 79%2%
Ukrainian partisan groups disabled railway relay cabinets near occupied Luhansk City, disrupting Russian supply lines to Lyman and hindering Russian offensive capabilities in the area.
Ukrainian forces continue to strike Russian troops and sabotage logistics near Lyman
December 31 rises to 83%4%
Ukrainian partisan groups sabotaged railway infrastructure critical for Russian logistics in the Kupyansk and Lyman directions, while Ukrainian forces struck Russian troops to prevent accumulation before spring foliage. These actions hindered Russian offensive capabilities near Lyman.
Ukrainian forces maintain control; Russian claims of advances near Lyman disputed
December 31 rises to 81%2%
By late March, Ukrainian forces continued to hold Lyman and surrounding areas, with Russian claims of territorial gains near Lyman disputed and no evidence of Russian control over the railroad station.
Ukrainian partisan group sabotages railway critical for Russian logistics near Lyman
December 31 rises to 81%1%
The Atesh Ukrainian partisan group disabled a railway relay cabinet near occupied Luhansk City, disrupting Russian logistics for forces in the Kupyansk and Lyman directions, limiting Russian offensive capabilities and impacting the likelihood of Russian capture of Lyman railroad station.
Ukrainian forces liberate territory near Lyman amid ongoing Russian assaults
December 31 rises to 81%2%
On March 26, Ukrainian forces liberated Berezove southeast of Oleksandrivka, eliminating a Russian salient, and Ukrainian partisan groups sabotaged Russian railway logistics critical for operations near Lyman. These developments tempered market confidence but did not reverse the overall trend toward Russian capture by year-end.
Ukrainian forces report liberation of Berezove near Lyman, Russian claims of advances disputed
December 31 rises to 81%2%
Ukrainian Air Assault Forces Command reported liberating Berezove, eliminating a Russian salient near Lyman. Russian claims of advances in the Lyman area were denied by Ukrainian sources, reinforcing that Russia had not captured Lyman. This confirmed Ukrainian control and influenced market confidence in a 'No' resolution.
Russian forces attacked near Lyman but made no confirmed advances
December 31 dips to 79%3%
Russian forces continued offensive operations around Lyman but failed to secure any confirmed territorial gains, with Ukrainian forces counterattacking and disrupting Russian logistics. This contributed to market uncertainty and a slight decline in the probability of Russian capture.
Ukrainian sabotage disrupts Russian railway logistics near Lyman
December 31 dips to 82%4%
Ukrainian partisan groups disabled critical railway infrastructure supporting Russian logistics in the Lyman direction, hampering Russian supply lines and limiting their offensive capabilities. This contributed to doubts about Russia's ability to capture Lyman's railroad station soon.
Russian forces attack near Lyman amid Ukrainian sabotage of rail infrastructure
December 31 rises to 80%1%
On March 25 and 26, Russian forces attacked near Lyman and surrounding areas while Ukrainian partisans sabotaged railway infrastructure critical to Russian logistics, restricting Russian offensive capabilities and keeping the market price around 80%.
Ukrainian forces liberate Berezove near Lyman, maintain control of Lyman area
December 31 rises to 81%1%
On March 26, Ukrainian forces liberated Berezove southeast of Oleksandrivka, near Lyman, and continued to prevent Russian forces from gaining control of Lyman, including the railroad station, as per ISW assessments.
Russian milbloggers claim advances near Lyman but Ukrainian forces counterattack
On March 25-26, Russian milbloggers claimed advances in areas around Lyman, including northeast and southeast sectors, while Ukrainian forces reportedly counterattacked near Rai-Oleksandrivka. This ongoing contested fighting kept market prices elevated but below certainty for Russian capture.
Ukrainian partisans sabotage key railway relay near Luhansk disrupting Russian logistics
December 31 dips to 82%4%
The Atesh partisan group disabled a railway relay cabinet near occupied Luhansk City, a critical supply route for Russian forces in the Kupyansk and Lyman directions, impacting ammunition and spare parts deliveries and restricting Russian offensive capabilities.
Russian forces intensify attacks near Lyman but fail to secure key positions
December 31 drops to 80%7%
Russian forces attacked multiple areas around Lyman but did not make confirmed advances, with Ukrainian counterattacks preventing territorial gains. This contributed to market uncertainty and a slight price decline.
Ukrainian partisans sabotage railway logistics supporting Russian forces near Lyman
December 31 rises to 81%1%
On March 26, Ukrainian partisan group Atesh reported sabotage of railway infrastructure critical for Russian logistics in the Kupyansk and Lyman directions. This disruption likely hindered Russian offensive capabilities near Lyman, supporting Ukrainian defense and maintaining market skepticism about Russian capture by year-end.
Ukrainian partisans sabotage Russian logistics near Lyman, hampering offensive operations
December 31 rises to 81%2%
Ukrainian partisan group Atesh disabled a railway relay cabinet near occupied Luhansk City on March 26, disrupting Russian supply lines critical for operations in the Kupyansk and Lyman directions. This hindered Russian offensive capabilities and supported Ukrainian defense, reducing chances of Russian capture by year-end.
Russian forces claim advances near Lyman amid ongoing fighting
December 31 drops to 81%6%
Russian milbloggers claimed advances in areas around Lyman, but Ukrainian forces continued counterattacks and maintained defensive lines. The contested situation kept the market uncertain about a Russian capture by year-end.
Ukrainian partisans sabotage railway infrastructure supporting Russian forces near Lyman
December 31 dips to 80%2%
On March 26, Ukrainian partisan groups disabled railway relay cabinets in occupied Luhansk Oblast, disrupting Russian logistics and supply lines critical for operations in the Lyman direction. This hindered Russian offensive capabilities, reducing the likelihood of capturing the Lyman railroad station.
Russian forces launch unsuccessful mechanized assault near Lyman
December 31 drops to 78%9%
Russian forces attempted a regiment-sized mechanized assault near Lyman on March 19 but were repelled, with Ukrainian forces striking Russian positions and preventing territorial gains. This limited Russian progress near Lyman and maintained Ukrainian control over key areas.
Russian forces intensify assaults near Lyman but fail to advance significantly
December 31 drops to 80%6%
Russian forces launched multiple attacks near Lyman and surrounding areas but did not make confirmed advances, with Ukrainian forces counterattacking and disrupting Russian logistics. This maintained Ukrainian control over Lyman and its railroad station, keeping the market's probability high but not certain.
Ukrainian counterattacks in Donetsk region undermine Russian plans including near Lyman
December 31 drops to 59%7%
ISW reported Ukrainian forces achieved significant tactical gains in Donetsk, forcing Russian redeployment and complicating Russian offensives near Lyman, reducing likelihood of Russian capture soon.
Ukrainian forces liberate Berezove, maintain control near Lyman
December 31 rises to 81%2%
On March 26, Ukrainian Air Assault Forces Command reported liberating Berezove, eliminating a Russian salient and demonstrating continued Ukrainian control in the region near Lyman, with no indication of Russian capture of the Lyman railroad station.
Ukrainian partisan sabotage disrupts Russian logistics supporting Lyman operations
December 31 rises to 81%2%
On March 26, Ukrainian partisans disabled a railway relay cabinet in occupied Luhansk Oblast, impacting Russian supply lines critical for operations in the Kupyansk and Lyman directions. This could hinder Russian offensive capabilities but also reflects ongoing contested control.
Russian forces launch multiple attacks near Lyman but fail to secure control
December 31 drops to 81%5%
Russian forces attacked near Lyman and surrounding areas but Ukrainian forces repelled these attempts, maintaining control over key positions including near the railroad station. This limited Russian progress contributed to a slight market price decline.
Ukrainian partisans sabotage Russian railway logistics near Lyman
December 31 rises to 81%1%
On March 26, Ukrainian partisan group Atesh reported disabling a railway relay cabinet near occupied Luhansk City on a railway critical for Russian forces in the Kupyansk and Lyman directions, disrupting Russian supply lines and limiting offensive capabilities.
Russian forces conduct attacks near Lyman but fail to capture key positions amid Ukrainian resistance
December 31 rises to 80%1%
On March 25 and 26, Russian forces attacked near Lyman and surrounding areas but did not capture the Lyman railroad station. Ukrainian partisan sabotage of Russian logistics further hindered Russian offensive capabilities, sustaining market confidence in a Yes outcome but no capture yet.
Ukrainian forces report Russian troop deployments and strikes near Lyman
December 31 rises to 81%2%
A Ukrainian brigade spokesperson reported Russian deployments of fresh infantry to the Lyman frontline and ongoing strikes to prevent Russian force accumulation. Russian claims of territorial gains were assessed as attempts to create impressions of success, maintaining uncertainty about Russian control of Lyman station.
Ukrainian forces repel multiple Russian attacks near Lyman
December 31 drops to 79%7%
In March 2026, Ukrainian forces successfully repelled Russian assaults involving heavy armored vehicles in the Lyman sector, preventing Russian advances toward the city and its railroad station. This defensive success contributed to early market confidence in a 'No' outcome for Russian capture.
Ukrainian forces maintain control in Lyman amid Russian claims of advances
December 31 rises to 81%2%
Despite Russian milbloggers claiming advances near Lyman, Ukrainian brigade spokespersons reported ongoing Ukrainian control and active strikes against Russian forces. Ukrainian partisan sabotage of Russian logistics further hindered Russian offensive capabilities, supporting the view that Russia had not captured the Lyman railroad station by the end of March.
Ukrainian partisans sabotage Russian railroad logistics near Lyman
December 31 drops to 68%10%
Ukrainian partisan group Atesh disabled railway infrastructure critical for Russian logistics in the Lyman direction, disrupting Russian supply lines and limiting their offensive capabilities. This contributed to doubts about Russian advances and lowered market confidence.
Ukrainian forces continue to hold Lyman area amid Russian claims of advances
December 31 rises to 80%1%
Despite Russian claims of territorial gains near Lyman, Ukrainian forces reported ongoing control and active strikes against Russian forces, with ISW assessments indicating no Russian capture of the Lyman railroad station by late March.
Russian forces fail to complete preparations for assault on Lyman
December 31 rises to 81%2%
On March 25, Ukrainian military observers reported that Russian forces had failed to adequately prepare for the assault on Lyman, critical for their offensive, sustaining market uncertainty about Russian capture of the railroad station.
ISW: Russia unprepared for Lyman offensive amid Kremlin crackdown
June 30 plunges to 18%58%
ISW analysis of a Kremlin internal crackdown highlighted that Russia had not completed preparations for a Lyman offensive, suggesting a slowdown in Russian momentum. The “June 30” price dropped sharply from 76 % to 18 % over the following week.
Russian military bloggers criticize Kremlin over war setbacks including Lyman offensive delays
December 31 drops to 61%7%
Russian military bloggers publicly criticized Kremlin and military command for systemic problems and slow progress, including delays in capturing Lyman, signaling internal issues and reducing market confidence.
Russian spring-summer offensive in Lyman direction shows limited progress
December 31 rises to 81%3%
Between March 17 and 25, Russian forces intensified mechanized and motorized assaults in the Lyman direction as part of their spring-summer offensive. Despite these efforts, Russian forces failed to seize Lyman or its railroad station, and Ukrainian forces continued to hold key positions, leading to market stabilization around 79-81%.
Russian forces prepare for spring-summer offensive but fail to seize Lyman
December 31 rises to 81%2%
Russian forces undertook preparations and launched attacks near Lyman in late March but failed to capture the town or railroad station, indicating continued Ukrainian control and limiting the likelihood of Russian capture by December 31, 2025.
Russian forces intensify mechanized assaults near Lyman but fail to secure control
December 31 drops to 81%5%
In late March, Russian forces launched mechanized assaults and infiltration missions near Lyman but failed to make significant territorial gains or consolidate control, with Ukrainian forces counterattacking and repelling advances, maintaining the contested status of Lyman.
Russian spring-summer offensive preparations and attacks near Lyman
December 31 rises to 87%1%
Russian forces undertook preparations and launched assaults near Lyman, including strikes on logistics and river crossings to isolate Ukrainian forces. Despite these efforts, ISW assessed that Russian forces failed to make tactically significant advances, maintaining Ukrainian control over Lyman and its railroad station, which kept market prices high but uncertain.
Russian forces launch assaults near Lyman but face strong Ukrainian resistance
December 31 dips to 79%2%
Russian forces attacked near Lyman and surrounding areas in late March 2026, attempting to seize key positions, but Ukrainian forces counterattacked and disrupted Russian preparations, limiting Russian advances and maintaining control over Lyman.
Military Analysts Report Russian Forces Failed to Adequately Prepare for Lyman Offensive
December 31 dips to 79%1%
Military observers noted that the Russian Western Grouping of Forces failed to complete preparations for the assault on Lyman, which is critical for their broader offensive against Slovyansk and Kramatorsk.
Russian forces fail to seize Lyman despite intensified assaults
December 31 dips to 81%1%
Russian forces attacked near Lyman and surrounding villages but did not capture the town or railroad station. Ukrainian military observers noted Russian preparations for a spring-summer offensive but assessed that Russian forces are unlikely to make significant advances without seizing Lyman first.
Putin warns Russia will extend gains if peace talks fail
December 31 jumps to 86%7%
Putin publicly stated Russia would seek to extend territorial gains in Ukraine if peace talks fail, signaling intent to continue offensives including around Lyman. This statement briefly supported market optimism for Russian capture by year-end.
Russian spring offensive preparations and attacks near Lyman reported by ISW
December 31 drops to 80%7%
ISW noted Russian forces preparing for a spring-summer offensive with attacks near Lyman, but also assessed that Russian forces were unlikely to make significant advances without seizing Lyman first, reflecting ongoing fighting and limited progress.
Military Observers Note Russian Failure to Prepare for Lyman Assault
December 31 dips to 79%2%
Ukrainian military observer Kostyantyn Mashovets reported that the Russian Western Grouping of Forces failed to complete its preparations for the assault on Lyman, which is critical for their broader spring offensive.
Russian forces attack near Lyman amid Ukrainian counterattacks
December 31 dips to 79%1%
On March 25-26, Russian forces attacked near Lyman and surrounding villages, but Ukrainian forces counterattacked near Rai-Oleksandrivka, preventing Russian advances and maintaining control over the area including the railroad station.
Russian forces launch mechanized assaults near Lyman but fail to secure significant gains
December 31 dips to 79%2%
Russian forces conducted multiple attacks near Lyman but were unable to make tactically significant advances, with Ukrainian forces countering effectively, leading to doubts about Russian capture prospects.
Russian spring-summer offensive begins with mechanized assaults near Lyman
December 31 drops to 78%8%
Russian forces launched mechanized and motorized assaults in the Borova and Lyman directions starting March 17-19, aiming to capture Lyman as a critical objective for further offensives. However, Ukrainian observers noted Russian preparations were incomplete and Russian forces faced resistance, limiting their progress. This initial offensive raised market expectations but uncertainty remained about success.
Russian forces launch mechanized assault near Lyman but fail to secure significant gains
December 31 dips to 79%1%
Russian forces conducted a regiment-sized mechanized assault near Lyman on March 19 and continued attacks around March 24-25, but Ukrainian forces repelled these efforts, limiting Russian advances and maintaining control of key positions. This dampened market confidence in a near-term Russian capture of Lyman.
Russian forces launch spring-summer offensive near Lyman but fail to secure key positions
December 31 dips to 82%4%
Russian forces began their 2026 offensive with mechanized assaults near Lyman but failed to complete preparations and make significant advances, with Ukrainian forces holding key areas and counterattacking. This limited Russian progress reduced market confidence in a near-term capture of Lyman.
Russian forces intensify attacks near Lyman but fail to capture key positions
Between March 24 and 25, Russian forces attacked near Lyman and surrounding areas but did not secure control of the Lyman railroad station. Ukrainian forces continued to strike Russian positions and prevent territorial gains, maintaining control over Lyman.
Military Observers Report Russian Failure to Prepare for Lyman Assault
December 31 dips to 79%3%
Reports emerged detailing that the Russian Western Grouping of Forces failed to complete necessary preparations for the assault on Lyman, which is critical for their broader offensive.
ISW reports Kremlin crackdown amid Russian military setbacks near Lyman
December 31 drops to 66%13%
ISW noted increased internal criticism and repression in Russia due to military failures, including stalled preparations for an assault on Lyman. This indicated Russian difficulties and lowered market confidence in a near-term capture.
Russian forces intensify assaults near Lyman but fail to seize key positions
December 31 rises to 81%1%
Between March 17 and 25, Russian forces increased ground attacks near Lyman, including mechanized and motorized assaults, but Ukrainian forces maintained control of the area. Analysts assessed that Russian forces failed to complete preparations for an assault on Lyman, critical for their spring offensive.
Russian forces fail to prepare adequately for Lyman offensive
December 31 rises to 81%2%
Ukrainian military observers noted that Russian forces failed to complete preparations for the spring-summer offensive targeting Lyman, making a successful capture unlikely in the near term and impacting market confidence.
Russian forces continue attacks near Lyman amid Ukrainian sabotage
December 31 dips to 81%1%
On March 25-26, Russian forces attacked near Lyman and surrounding villages but faced Ukrainian sabotage of railway infrastructure disrupting Russian logistics. Russian claims of territorial gains were disputed, indicating limited progress.
Russian Ministry of Defense claims Spring-Summer 2026 offensive begins
December 31 rises to 81%1%
The Russian Ministry of Defense announced the start of the Spring-Summer 2026 offensive, which includes capturing Lyman as a key objective, increasing market uncertainty about the timeline for Russian control.
Russian spring offensive preparations incomplete; infiltration attempts near Lyman
December 31 drops to 56%5%
Russian forces failed to complete preparations for the spring offensive and conducted infiltration missions near Lyman without consolidating control. Ukrainian forces maintained defensive positions, limiting Russian advances and contributing to market uncertainty.
Russian mechanized assault in Lyman direction with heavy equipment losses
Elements of the Russian 144th Motorized Rifle Division conducted a battalion-sized mechanized assault near Lyman, reportedly losing multiple tanks and infantry fighting vehicles to Ukrainian counterattacks. This indicated ongoing fierce fighting but no decisive Russian control, contributing to market uncertainty.
Russian forces launch heavy attacks on Lyman sector but face strong Ukrainian resistance
December 31 drops to 79%7%
In late March 2026, Russian troops intensified assaults on Lyman, aiming to capture the city and its strategic railroad station. Ukrainian forces repelled multiple attacks, destroying Russian armored vehicles and forcing some Russian troops to retreat, which maintained Ukrainian control and kept market confidence in a 'No' outcome high.
ISW: Russian mechanized assault near Lyman fails to make gains
December 31 plunges to 48%32%
ISW reported a failed Russian mechanized assault in the Lyman direction, confirming no territorial gain. The negative battlefield assessment helped push the market lower after earlier optimism.
Russian mechanized assault in Lyman direction repelled by Ukrainian forces
December 31 rises to 79%2%
Russian forces launched a battalion-sized mechanized assault near Lyman on March 22 but failed to make confirmed advances, with Ukrainian forces successfully repelling the attack, maintaining control of the area and limiting Russian gains.
Russian forces unsuccessfully conduct mechanized assault near Lyman
December 31 rises to 82%3%
On March 22, Russian forces attempted another mechanized assault near Lyman but failed to make confirmed advances, reinforcing Ukrainian control and reducing the likelihood of Russian capture of the railroad station by year-end.
Ukrainian forces repel Russian mechanized assault near Lyman
December 31 dips to 79%1%
Ukraine's Joint Forces Task Force reported that Russian mechanized assaults on March 22 near Lyman were unsuccessful, confirming continued Ukrainian control and diminishing chances of Russian capture by year-end.
Russian mechanized assault near Lyman repelled with no confirmed gains
December 31 rises to 83%4%
Russian forces unsuccessfully conducted a mechanized assault near Lyman on March 22, failing to make confirmed advances. Ukrainian forces maintained control, reinforcing the assessment that Russia did not capture the Lyman railroad station by the resolution date.
Russian forces launch battalion-sized mechanized assault near Lyman
December 31 dips to 82%4%
Russian forces conducted a battalion-sized mechanized and motorized assault in the Lyman direction on March 19 and 22, marking the start of their Spring-Summer 2026 offensive. However, Ukrainian forces repelled these assaults, preventing Russian territorial gains near Lyman and maintaining Ukrainian control.
Ukrainian Joint Forces Task Force reports unsuccessful Russian mechanized assault near Lyman
December 31 rises to 81%2%
On March 22, the Ukrainian Joint Forces Task Force reported that Russian forces conducted a mechanized assault in the Lyman direction but failed to make advances or capture territory, reinforcing the assessment that Russia had not captured the Lyman railroad station by this date.
Russian forces launch mechanized assault near Lyman but fail to advance
December 31 drops to 78%9%
Russian forces conducted a battalion-sized mechanized assault near Lyman on March 19 and 22, 2026, marking the start of their spring-summer offensive. However, Ukrainian forces repelled the attack, preventing Russian advances and maintaining control of the area, which dampened market confidence in a near-term Russian capture.
ISW reports Russia begins spring-summer 2026 offensive near Lyman with mechanized assaults
December 31 drops to 80%6%
Russian forces launched a battalion-sized mechanized assault in the Lyman direction with over 500 personnel and dozens of armored vehicles, signaling the start of their spring-summer offensive. This raised market optimism about a possible Russian capture of Lyman.
Russian forces unsuccessfully assault Lyman direction, Ukrainian defense holds
December 31 jumps to 82%5%
On March 22, Russian forces launched another mechanized assault near Lyman but failed to make confirmed advances, reinforcing Ukrainian control and limiting Russian progress toward capturing the railroad station.
Russian forces intensify assaults in Lyman direction but face strong Ukrainian resistance
December 31 rises to 87%2%
Russian mechanized assaults around Lyman increased, but Ukrainian forces repelled attacks and maintained control, preventing Russian capture of the railroad station and limiting territorial gains.
Russian battalion-sized mechanized assault launched in Lyman direction
Russian forces conducted a large mechanized assault near Lyman with over 500 infantry and dozens of armored vehicles, aiming to set conditions for further advances, but Ukrainian forces continued to resist effectively, limiting Russian gains.
Russian Forces Launch Massive Battalion-Sized Mechanized Assault in Lyman Direction
December 31 dips to 82%4%
Russian forces intensified their Spring-Summer 2026 offensive by launching a massive, multi-pronged mechanized and motorized assault in the Lyman direction on March 19, utilizing over 500 infantrymen and dozens of armored vehicles.
Russia Launches Spring-Summer Offensive in Lyman Direction with Large Mechanized Assaults
December 31 rises to 82%3%
Russian forces initiated their anticipated Spring-Summer 2026 offensive against the Ukrainian Fortress Belt, conducting a massive battalion-sized mechanized and motorized assault in the Lyman direction on March 19.
Largest Russian breakthrough attempt on Lyman axis fails
December 31 dips to 77%2%
Russian forces deployed over 500 infantry and dozens of vehicles in a large-scale breakthrough attempt on the Lyman-Borova axis but failed to capture any settlements or positions. Ukrainian forces inflicted significant losses, maintaining control and undermining Russian offensive prospects.
Russian battalion-sized assault in Lyman direction intensifies
December 31 rises to 82%4%
Elements of Russian 1st Guards Tank Army and 20th Guards Combined Arms Army launched a battalion-sized mechanized and motorized assault near Lyman on March 19, indicating increased Russian efforts to capture the city. However, Ukrainian forces continued to resist, limiting Russian gains.
Russian forces conduct battalion-sized mechanized assault in Lyman direction
December 31 rises to 81%2%
On March 19, Russian 1st Guards Tank Army and 20th Guards Combined Arms Army conducted a large mechanized assault in the Lyman direction with over 500 personnel and dozens of armored vehicles, signaling intensified Russian efforts to capture Lyman but without confirmed success by the resolution date.
Russian forces conduct mechanized assaults in Lyman direction but fail to capture key terrain
December 31 rises to 87%1%
On March 19, Russian forces launched a battalion-sized mechanized assault in the Lyman direction, deploying significant infantry and armored vehicles, but Ukrainian forces maintained control, preventing Russian capture of the railroad station.
Russian forces intensify ground assaults in Lyman direction for spring offensive
December 31 rises to 82%3%
Russian forces began intensified ground operations in the Lyman direction on March 19, aiming to set conditions for further advances on Slovyansk. Despite increased assaults and deployment of fresh infantry, Ukrainian forces held key positions, maintaining control over Lyman.
Russian forces launch intensified ground assaults in Lyman direction
December 31 rises to 82%3%
On March 19-21, Russian forces conducted a roughly battalion-sized mechanized and motorized assault in the Lyman direction, with over 500 infantrymen and dozens of armored vehicles. This escalation likely supported market confidence in a possible Russian capture of Lyman station by year-end.
ISW Reports Russian Offensive Against Ukraine's Fortress Belt Has Begun via Lyman
December 31 rises to 82%4%
The Institute for the Study of War assessed that Russia's spring-summer offensive had officially begun with intensified ground operations in the Lyman direction, though at an unsustainable casualty rate for the attackers.
Ukrainian Brigade Highlights Lyman as Key Strongpoint Blocking Russian Advance
Ukrainian military officials emphasized Lyman's role as a critical defensive stronghold, explaining that Russia must capture it before they can launch any viable offensive against Slovyansk and Kramatorsk.
Ukrainian forces repel large-scale Russian breakthrough attempt near Lyman
December 31 plunges to 61%20%
Russian forces launched simultaneous attacks on seven axes near Lyman with over 500 infantry and numerous vehicles, but Ukrainian units successfully repelled all attacks, inflicting heavy losses. This defensive success contributed to a market price decline reflecting doubts about Russian capture prospects.
Russian forces launch regiment-sized mechanized assault in Lyman direction
December 31 rises to 87%1%
On March 19, Russian 1st Guards Tank Army and 20th Guards Combined Arms Army conducted a large mechanized assault in the Lyman direction with over 500 personnel and dozens of armored vehicles. This significant offensive raised market confidence in a possible Russian capture by year-end.
Russian forces conduct large mechanized assault near Lyman
December 31 rises to 82%2%
On March 19, Russian forces launched a battalion-sized mechanized assault near Lyman with over 500 infantry and dozens of armored vehicles, raising market expectations of a potential capture despite heavy casualties.
Russia begins spring-summer 2026 offensive targeting Lyman and Fortress Belt
December 31 rises to 81%2%
ISW reported Russian forces launched a battalion-sized mechanized assault in the Lyman direction, signaling intensified efforts to capture the area, which temporarily increased market confidence in a Russian capture.
Ukraine repels largest Russian mechanized breakthrough attempt near Lyman
December 31 surges to 85%58%
On March 21, Ukraine's 3rd Army Corps repelled a major Russian mechanized offensive involving over 500 troops and numerous armored vehicles on the Lyman-Borova axis, inflicting significant losses and halting Russian advances. This demonstrated Ukrainian defensive resilience and stalled Russian efforts to capture Lyman, causing a sharp increase in market confidence for Russian capture by year-end.
Large-scale Russian assault on Lyman axis repelled by Ukrainian forces
December 31 dips to 79%3%
Russian forces launched a battalion-sized mechanized assault involving over 500 infantry and dozens of armored vehicles near Lyman, but Ukrainian units repelled the attack, inflicting significant losses and preventing territorial gains.
Russian mechanized assault in Lyman direction suffers heavy casualties
Russian forces conducted a battalion-sized mechanized assault on March 19 in the Lyman direction but suffered over 400 casualties out of 500 personnel, significantly degrading their offensive capability and reducing the likelihood of capturing Lyman soon.
ISW reports Russia's spring-summer offensive begins with attacks near Lyman
December 31 rises to 82%4%
ISW reported on March 21 that Russian forces had begun their anticipated spring-summer 2026 offensive against Ukraine's Fortress Belt, including intensified assaults in the Lyman direction. Despite these efforts, Russian forces were unlikely to seize the Fortress Belt in 2026, reflecting continued Ukrainian control of Lyman and its railroad station.
Russia Launches Massive Battalion-Scale Mechanized Assault in Lyman Direction
December 31 drops to 79%7%
Russian forces initiated their anticipated spring-summer offensive with a massive 500-strong mechanized push near Lyman, which was successfully intercepted by Ukrainian forces.
Russian forces advance toward Lyman in Kharkiv Oblast
December 31 dips to 78%4%
Russian forces launched an offensive in the Lyman direction, increasing pressure on Ukrainian defenses and initially boosting market confidence in a Russian capture.
ISW reports Russian spring-summer offensive begins with intensified ground operations in Lyman direction
ISW assessed that Russian forces began their anticipated spring-summer 2026 offensive against Ukraine's Fortress Belt with intensified ground operations in the Lyman direction, raising market expectations for a Russian capture.
Ukrainian Forces Repel Russian Assault, Highlighting Lyman's Role as Key Strongpoint
December 31 rises to 82%4%
Following the repelled Russian assault, Ukrainian military spokespersons emphasized that Lyman remains a critical, heavily defended strongpoint blocking the Russian advance toward Slovyansk and Kramatorsk.
Russia begins spring-summer offensive in Lyman direction with mechanized assaults
December 31 rises to 87%1%
Russian forces launched a battalion-sized mechanized and motorized assault in the Lyman direction with over 500 personnel and dozens of armored vehicles. This indicated intensified Russian efforts to capture Lyman, supporting market optimism for eventual capture by year-end.
Russian forces launch large mechanized assault near Lyman
On March 19, Russian 1st Guards Tank Army and 20th Guards Combined Arms Army conducted a battalion-sized mechanized assault near Lyman with over 500 infantry and dozens of armored vehicles, signaling intensified efforts to capture the area.
Russian assault in Lyman stalls; troops begin to withdraw
December 31 rises to 79%1%
Follow‑up reports confirmed the failed assault and noted Russian forces were pulling back, slightly easing market pessimism. Prices recovered modestly from 78 % to around 79‑80 % over the next two days.
Russian battalion-sized assault launched near Lyman to set conditions for further offensives
Russian forces conducted a large mechanized assault near Lyman on March 19, aiming to capture the town as a strategic strongpoint for further advances on Slovyansk and Kramatorsk. This intensified Russian pressure temporarily raised market confidence in a December 31 capture.
ISW Reports Russia Began Spring-Summer Offensive in Lyman to Target Slovyansk
December 31 rises to 82%4%
The Institute for the Study of War reported that Russia launched intensified ground operations in the Lyman direction as part of its Spring-Summer 2026 offensive, highlighting Lyman's role as a key strongpoint.
Russian forces intensify assaults on Lyman but fail to capture it
December 31 rises to 82%4%
Russian forces increased pressure with large infantry and equipment assaults in the Lyman direction, aiming to set conditions for further advances, but Ukrainian forces held their positions, preventing Russian capture of Lyman and its railroad station.
Russian forces begin intensified ground operations in Lyman direction for spring offensive
December 31 rises to 82%2%
Russian forces launched a battalion-sized mechanized assault in the Lyman direction on March 19, aiming to advance on Slovyansk and set conditions for further offensives. Despite this, ISW assessed Russian forces unlikely to seize the Fortress Belt in 2026, maintaining uncertainty about Lyman capture.
Reports indicate stalled Russian advances near Lyman railroad station
December 31 drops to 79%8%
Military analysts reported that Russian forces had not made significant progress in capturing the Lyman railroad station, leading to a drop in market confidence from 87% to 79%. This suggested that Russian control over the station was unlikely in the near term.
Ukraine’s 3rd Army Corps repels Russia’s largest breakthrough attempt near Lyman
December 31 dips to 79%1%
On March 21, Ukraine’s 3rd Army Corps reported repelling a large Russian mechanized assault involving over 500 troops and dozens of armored vehicles near Lyman. This defensive success tempered market enthusiasm, causing a slight price dip but did not reverse the overall upward trend.
ISW Reports Russia Has Begun Spring-Summer Offensive Targeting Lyman and Fortress Belt
December 31 rises to 80%1%
The Institute for the Study of War reported that Russia launched its anticipated spring-summer 2026 offensive, with the main effort focused on the Lyman direction to advance toward Slovyansk.
Russian forces launch battalion-sized mechanized assault in Lyman direction
On March 19, Russian 1st Guards Tank Army and 20th Guards Combined Arms Army conducted a battalion-sized mechanized assault in the Lyman direction with over 500 personnel and dozens of armored vehicles. Despite this, ISW assessed that Russian forces were unlikely to seize the Fortress Belt including Lyman in 2026, tempering market expectations.
Russia Intensifies Ground Assaults in Lyman Direction to Begin Spring-Summer Offensive
December 31 rises to 81%4%
Ukrainian military officials reported a massive, battalion-sized mechanized and motorized assault in the Lyman direction on March 19, signaling the official start of Russia's Spring-Summer 2026 offensive against the Fortress Belt.
ISW reports Russian offensive in Lyman direction unlikely to seize Fortress Belt in 2026
December 31 rises to 81%3%
On March 21, ISW assessed that Russian forces had begun their Spring-Summer 2026 offensive but were unlikely to seize Ukraine's Fortress Belt, including Lyman, in 2026. This tempered market optimism and stabilized prices around 80%.
Ukrainian forces repel Russian attacks in Lyman sector, maintaining control
December 31 drops to 80%6%
Ukrainian units, including the 66th Mechanized Brigade, successfully repelled multiple Russian assaults in the Lyman direction, preventing Russian advances and maintaining control over the city and its strategic points such as the railroad station.
Ukrainian forces advance near Lyman amid Russian mechanized assaults
December 31 drops to 79%8%
Geolocated footage on March 19 showed Ukrainian advances in southern Yampil near Lyman, while Russian forces conducted mechanized assaults nearby. This indicated ongoing contested control and no confirmed Russian capture of the Lyman railroad station.
Ukrainian forces repel Russian assault in Lyman sector
Ukrainian 66th Mechanized Brigade reported repelling a Russian attack involving over twenty vehicles in the Lyman direction, indicating strong Ukrainian defense and limiting Russian advances.
Russian forces launch mechanized assaults around Lyman in spring offensive
December 31 drops to 78%8%
Russian military initiated a series of mechanized attacks around Lyman aiming to advance towards Slovyansk, signaling a prioritization of this area. This raised initial market confidence in a potential Russian capture of Lyman railroad station.
Russian advances stall amid Ukrainian resistance and counterattacks
May 31 drops to 12%13%
Reports indicated that Russian forces faced stiff Ukrainian resistance near Lyman, causing market prices to decline as the likelihood of Russian capture by May 31 diminished significantly.
Ukrainian 66th Mechanized Brigade reports destroying Russian vehicles in Lyman sector
December 31 dips to 77%2%
The 66th Mechanized Brigade reported repelling a Russian assault involving over twenty vehicles near Lyman, with some Russian troops retreating before reaching the frontline. This demonstrated strong Ukrainian defense and further decreased market confidence in Russian capture by year-end.
Ukrainian forces repel Russian attack involving over twenty enemy vehicles in Lyman sector
December 31 rises to 82%3%
Ukrainian forces successfully repelled a Russian assault involving more than twenty vehicles in the Lyman sector, demonstrating strong defense and limiting Russian advances. This helped stabilize market confidence in Ukrainian control of Lyman.
Ukrainian forces repel Russian mechanized assault in Lyman sector
December 31 rises to 82%4%
Ukrainian 66th Mechanized Brigade reported repelling a Russian assault involving more than twenty enemy vehicles in the Lyman sector, maintaining control of the area despite intensified Russian attacks.
Ukrainian forces repel large Russian mechanized assault near Lyman
December 31 drops to 78%8%
On March 19-20, Ukrainian forces repelled a regiment-sized Russian mechanized assault near Lyman, destroying many Russian vehicles and forcing retreats. This demonstrated Ukrainian control and reduced market confidence in near-term Russian capture, reflected in price fluctuations.
Russian tanks return in Lyman sector but face heavy Ukrainian resistance
December 31 drops to 78%8%
Russian mechanized assaults involving tanks resumed near Lyman, but Ukrainian forces effectively repelled attacks and destroyed Russian armored columns. This demonstrated Russian difficulties in capturing Lyman, contributing to a price drop in the market.
Ukrainian forces repel major Russian attack in Lyman sector
December 31 dips to 54%3%
In March 2026, Ukrainian forces successfully repelled a large Russian assault involving over twenty enemy vehicles in the Lyman direction, maintaining control of key positions and preventing Russian capture of the railroad station. This defensive success contributed to market price troughs around 49-54%.
Ukrainian forces repel intensified Russian assault in Lyman sector
December 31 dips to 77%2%
The 66th Mechanized Brigade reported that Russian forces intensified their assault on Ukrainian positions in the Lyman sector using dozens of vehicles and infantry, but Ukrainian forces successfully repelled the attack, maintaining control over the area including the railroad station.
Ukrainian counterattacks stall Russian advances near Lyman
December 31 drops to 77%10%
Ukrainian forces conducted counterattacks northwest of Lyman, striking Russian-occupied buildings and halting Russian progress. This reduced market confidence in Russian capture, causing a price trough.
Ukrainian forces repel multiple Russian attacks in Lyman sector
December 31 drops to 79%7%
On March 20, Ukrainian forces successfully repelled 18 Russian attacks in the Lyman direction, maintaining control over key positions and preventing Russian advances toward the railroad station. This defensive success reduced market confidence in a near-term Russian capture of Lyman.
Ukrainian observer says Russia repelled 18 attacks around Lyman
December 31 drops to 77%11%
Mashovets reported that Russian forces were repelled in a 18‑attack assault in the Lyman direction, suggesting a slowdown and coinciding with the price trough of 77 % on 20‑Mar.
Ukrainian forces repelled Russian mechanized assault in Lyman sector
December 31 dips to 80%2%
On March 20, Ukrainian forces, including the 66th Mechanized Brigade, repelled a Russian mechanized assault involving over twenty enemy vehicles in the Lyman direction. This successful defense reinforced Ukrainian control and reduced market confidence in Russian capture prospects.
Russian forces launch assault on Lyman sector with mechanized units
December 31 drops to 79%7%
In March 2026, Russian troops intensified their efforts in the Lyman direction, launching assaults with dozens of vehicles and infantry, aiming to capture Lyman and advance toward Sloviansk. This increased activity initially raised market confidence in a possible Russian capture.
Russian forces attacked near Lyman but Ukrainian forces counterattacked
December 31 drops to 79%7%
Russian attacks near Lyman continued, but Ukrainian counterattacks and drone strikes challenged Russian logistics and artillery, limiting Russian control gains and causing a slight market price dip to 79%.
Ukraine repels Russia's largest mechanized assault near Lyman
December 31 drops to 79%7%
Ukraine's 3rd Army Corps successfully repelled a major Russian mechanized assault near Lyman involving over 500 troops and 100 vehicles, demonstrating strong Ukrainian resistance and causing a temporary market dip in confidence.
Russia launches battalion-sized mechanized assault toward Lyman
December 31 rises to 81%2%
Russian forces initiated their spring-summer 2026 offensive with a large mechanized assault in the Lyman direction, aiming to set conditions for further advances on Slovyansk and Kramatorsk. This increased pressure raised market expectations for a possible Russian capture of Lyman.
Ukraine Repels Massive Russian Mechanized Assault in the Lyman Direction
December 31 drops to 77%9%
Russian forces launched a major battalion-sized mechanized and motorized assault in the Lyman direction, which was heavily defeated by Ukrainian drone and artillery strikes, causing a sharp drop in the market's confidence in a Russian breakthrough.
Russian mechanized assault in Lyman direction fails
December 31 drops to 78%8%
Russian forces conducted a battalion-sized mechanized assault near Lyman on March 19, but it was unsuccessful, reinforcing the view that Russia had not captured the railroad station, which kept market prices high but uncertain.
Russia launches battalion‑size assault on Lyman, Ukraine repels it
December 31 rises to 88%3%
UK Defence Intelligence reported a near‑battalion‑scale mechanised assault of ~500 Russian troops towards Lyman, which was subsequently repelled by Ukrainian forces. The news of a fresh large‑scale attack raised expectations of a Russian capture, nudging the “December 31” price up to a late‑March peak of 88 %.
Ukrainian drone strikes and advances near Lyman disrupt Russian operations
December 31 dips to 87%1%
Ukrainian forces increased drone strikes targeting Russian artillery and logistics near Lyman, and geolocated footage confirmed Ukrainian advances in the area, countering Russian assaults and affecting market sentiment by slightly reducing confidence in Russian capture.
Ukrainian forces mount counterattacks near Lyman, contesting Russian advances
December 31 drops to 78%8%
Reports of Ukrainian counterattacks and resistance near Lyman caused a temporary dip in market confidence, reflecting uncertainty about Russian control of the railroad station.
Ukrainian Forces Decimate Massive Russian Mechanized Assault Near Lyman
December 31 drops to 78%8%
Russia launched a major battalion-sized mechanized and motorized assault in the Lyman direction to kickstart its spring offensive, but Ukrainian drone and artillery defenses successfully repelled the push, inflicting heavy casualties.
Russia launches battalion-scale assault towards Lyman with mechanized forces
UK Defense Intelligence reported a large Russian mechanized assault near Lyman involving 500 personnel and up to 100 vehicles, signaling increased Russian efforts to capture the area, which supported high market prices in March.
Large-scale Russian mechanized assault near Lyman repelled by Ukrainian forces
December 31 drops to 80%6%
On March 19, Russian forces launched a battalion-sized mechanized assault in the Lyman direction, but Ukrainian forces repelled the attack, preventing Russian capture of Lyman or its railroad station. This caused a temporary drop in market confidence.
Russia Launches Massive Battalion-Sized Mechanized Assault in Lyman Direction
December 31 drops to 79%7%
Russian forces initiated their anticipated Spring-Summer 2026 offensive with a large-scale mechanized and motorized assault in the Lyman direction, which was ultimately repelled by Ukrainian forces.
Russian regiment-sized mechanized assault in Lyman direction repelled
December 31 drops to 78%8%
Russian forces conducted a regiment-sized mechanized assault involving over 500 infantry and dozens of armored vehicles in the Lyman direction, but Ukrainian forces repelled the attack, maintaining control of the area including the railroad station.
Russia Launches Large-Scale Mechanized Assault in Lyman Direction
December 31 drops to 79%7%
Russian forces initiated their Spring-Summer 2026 offensive with a massive, battalion-sized mechanized assault in the Lyman direction, utilizing over 500 infantrymen and dozens of armored vehicles.
Large Russian mechanized assault in Lyman direction repelled
December 31 drops to 78%8%
On March 19, Russian forces launched a battalion-sized mechanized assault near Lyman with over 500 infantry and dozens of armored vehicles. Ukrainian forces repelled the attack, preventing Russian capture of key positions and causing a market price drop.
Ukrainian Forces Repel Massive Russian Mechanized Assault in Lyman Direction
December 31 drops to 78%8%
Russian forces launched a major, regiment-sized mechanized and motorized assault in the Lyman direction, which was successfully repelled by Ukrainian forces using heavy drone strikes and artillery.
Russian forces launch large-scale assault on Lyman direction
December 31 drops to 79%8%
Russian 1st Guards Tank Army and 20th Guards Combined Arms Army conducted a battalion-sized mechanized assault with over 500 infantry and dozens of armored vehicles near Lyman. Despite the scale, Ukrainian forces repelled the attack, signaling strong defense and limiting Russian territorial gains.
Ukrainian forces repel major Russian mechanized assault near Lyman
December 31 rises to 87%2%
Ukrainian 3rd Army Corps reported repelling a battalion-sized Russian mechanized assault near Lyman, halting Russian attempts to seize the city and maintaining Ukrainian control over the area.
Russian forces launch large mechanized assault in Lyman direction
December 31 dips to 80%1%
On March 19, Russian 1st Guards Tank Army and 20th Guards Combined Arms Army conducted a battalion-sized mechanized assault in the Lyman direction, marking the start of the spring-summer offensive. Despite heavy Russian efforts, Ukrainian forces repelled the attack, limiting Russian gains.
Russia launches largest mechanized assault toward Lyman in months
December 31 rises to 87%1%
On March 19, over 500 Russian infantrymen from elite units launched a large-scale mechanized assault on Lyman's approaches in seven prongs, marking the start of the spring-summer offensive. This significant offensive increased market confidence in Russia eventually capturing Lyman.
Russian mechanized assault launched in Lyman direction
December 31 rises to 80%1%
Russian 1st Guards Tank Army and 20th Guards Combined Arms Army conducted a battalion-sized mechanized assault in the Lyman direction, signaling the start of the spring-summer offensive and raising market confidence.
Ukrainian drone strikes target Russian vehicles near Lyman
December 31 drops to 77%10%
Ukrainian drone operations intensified around Lyman in March 2026, targeting Russian vehicles and disrupting advances. This contributed to a market price dip as Russian progress appeared contested.
Russia Launches Large Battalion-Sized Mechanized Assault in Lyman Direction
December 31 drops to 78%8%
Russian forces initiated their anticipated Spring-Summer 2026 offensive with a massive battalion-sized mechanized and motorized assault in the Lyman direction, significantly increasing pressure on Ukrainian defenses.
Russian forces conduct battalion-sized mechanized assault in Lyman direction
December 31 drops to 79%7%
On March 19, Russian 1st Guards Tank Army and 20th Guards Combined Arms Army launched a large mechanized assault in the Lyman direction with over 500 infantry and dozens of armored vehicles. Despite the scale, the assault was unsuccessful and did not result in Russian control of Lyman, reflecting ongoing intense fighting without Russian capture of the railroad station.
Russian forces launch near battalion-size assault towards Lyman
December 31 rises to 88%3%
On March 19, 2026, Russian forces launched a mechanized assault of about 500 personnel and up to 100 vehicles towards Lyman, indicating intensified Russian efforts to capture the city, which temporarily increased market confidence in a December 31 capture.
Russian mechanized assault repelled near Lyman with heavy losses
December 31 drops to 81%5%
On March 19, Russian forces launched a regiment-sized mechanized assault in the Lyman direction involving over 500 infantry and dozens of armored vehicles. Ukrainian forces repelled the attack, inflicting heavy losses and preventing Russian control of Lyman, which contributed to a drop in market probability.
Russian mechanized assault on Lyman repelled by Ukrainian forces
December 31 drops to 78%9%
Russian forces launched a regiment-sized mechanized assault near Lyman on March 19, 2026, but Ukrainian units, including the 66th Mechanized Brigade, repelled the attack, destroying Russian vehicles and forcing retreats. This demonstrated Ukrainian defensive strength and hindered Russian progress toward capturing Lyman.
Russian forces launch battalion-sized mechanized assault near Lyman
December 31 drops to 80%6%
On March 19, Russian forces conducted a large mechanized and motorized assault in the Lyman direction, marking the start of their spring-summer offensive. Despite the scale, the assault failed to secure Lyman, limiting market optimism.
Ukrainian mechanized counterattack in Lyman pushes Russian forces back
December 31 drops to 79%8%
A Ukrainian mechanized assault in the Lyman direction on March 19, part of a broader Russian spring-summer offensive, resulted in Russian forces being pushed back, reducing the likelihood of Russian capture of Lyman.
Russian forces conduct large mechanized assault in Lyman direction
December 31 drops to 79%7%
On March 19, Russian forces launched a battalion-sized mechanized and motorized assault near Lyman, involving over 500 infantry and dozens of armored vehicles. This intensified offensive raised concerns about a possible Russian breakthrough, causing a market price drop due to uncertainty about the outcome.
Peace talks stall as parties remain divided
June 30 drops to 55%13%
Negotiations between Russia and Ukraine failed to produce a breakthrough, leading to a decline in the perceived likelihood of a near-term negotiated settlement for the territory.
Russia launches large mechanized assault on Lyman with heavy casualties
December 31 rises to 81%2%
On March 19, 2026, Russian forces from the 1st Guards Tank Army and 20th Guards Combined Arms Army launched a battalion-sized mechanized assault on Lyman involving over 500 infantry and dozens of armored vehicles. Despite suffering approximately 80% casualties, this marked the beginning of Russia's Spring-Summer 2026 offensive, significantly impacting market confidence in eventual capture.
Russian battalion-sized assault in Lyman direction reported
December 31 drops to 80%6%
On March 19, Ukrainian sources reported a large Russian mechanized and motorized assault in the Lyman direction involving over 500 infantry and dozens of armored vehicles, indicating intensified Russian efforts to capture Lyman, sustaining market confidence.
Renewed Russian mechanized assaults around Lyman meet heavy resistance
December 31 rises to 87%1%
Russian tanks returned to the Lyman area after a year in hiding, but Ukrainian forces inflicted significant losses, limiting Russian gains. This contributed to market stabilization with prices holding near peak levels for the December 31 outcome.
Russian spring-summer offensive begins with attacks near Lyman
December 31 jumps to 88%8%
Russian forces launched mechanized assaults near Lyman and Borova between March 17-19 as part of their spring-summer offensive. Ukrainian forces repelled attacks involving over twenty enemy vehicles, inflicting heavy losses and preventing Russian advances toward Lyman's outskirts.
Russian battalion-sized mechanized assault in Lyman direction
December 31 rises to 82%4%
On March 19, Russian forces launched a battalion-sized mechanized and motorized assault near Lyman, marking the start of a Spring-Summer 2026 offensive. Despite this, Ukrainian forces repelled the assault, and no confirmed capture of the railroad station occurred.
Russia Launches Massive Regiment-Sized Mechanized Assault in Lyman Direction
December 31 drops to 78%8%
Russian forces initiated their anticipated spring-summer offensive with a massive, multi-pronged mechanized assault near Lyman, which was heavily repelled by Ukrainian forces using drones and artillery.
Russian 1st Guards Tank Army launches battalion-sized assault in Lyman direction
December 31 rises to 87%2%
On March 19, Russian forces conducted a large mechanized assault near Lyman with over 500 infantry and dozens of armored vehicles, signaling a major offensive effort. This intensified fighting increased market expectations for Russian capture of Lyman.
Russian battalion-scale mechanized assault near Lyman repelled by Ukrainian 3rd Army Corps
December 31 drops to 79%7%
On March 19, Russian forces launched a near battalion-sized assault with 500 personnel and up to 100 vehicles near Lyman, which was intercepted and halted by Ukrainian forces using drones and remote mines. This demonstrated Ukrainian defensive effectiveness and reduced market confidence in imminent Russian capture of Lyman.
Ukraine launches counterattacks in Dnipropetrovsk and Zaporizhzhia to disrupt Russian advances
June 30 plunges to 52%16%
Ukraine's successful counterattacks in key regions forced Russia to divert resources, complicating its offensive plans including the push towards Lyman. This development led to a notable decline in market confidence for Russia capturing Lyman by June 30 and December 31.
Russian forces launch mechanized assault in Lyman direction as part of spring offensive
December 31 drops to 79%7%
Russian forces began their spring-summer 2026 offensive with mechanized assaults near Lyman, aiming to capture the town and its strategic railway infrastructure, which is critical for further advances toward Sloviansk and Kramatorsk. This raised market expectations for a Russian capture of Lyman.
Russia begins spring-summer 2026 offensive including Lyman direction
December 31 rises to 81%3%
Russian forces launched a mechanized assault in the Lyman direction on March 19 as part of their spring-summer offensive. This renewed offensive effort increased market optimism about eventual Russian capture of Lyman, pushing prices back up to around 81%.
Russian mechanized assault near Lyman with heavy infantry and armored vehicles
December 31 dips to 86%2%
Russian forces launched a large battalion-sized mechanized assault near Lyman involving over 500 infantry and dozens of armored vehicles. Despite this intensified effort, ISW assessments and Ukrainian reports indicated no confirmed capture of Lyman or its railroad station, maintaining market uncertainty.
Ukrainian Forces Repel Russia's Largest Mechanized Breakthrough Attempt on Lyman-Borova Axis
December 31 drops to 77%9%
Ukrainian forces successfully blocked a massive, seven-pronged Russian mechanized assault involving over 500 troops and dozens of armored vehicles, halting Russia's primary push toward Lyman.
Russia launches battalion‑size mechanized assault toward Lyman
December 31 drops to 78%8%
Ukrainian officials reported a massive Russian mechanized assault in the Lyman direction, with over 500 infantry, dozens of armored vehicles and 100+ ATVs. The scale of the attack signaled a serious Russian offensive, causing a sharp sell‑off; the market fell from ~86 % on March 18 to 78 % on March 19.
Russian forces launch regiment-sized mechanized assault in Lyman direction but fail to advance
December 31 drops to 79%8%
Russian forces conducted a large mechanized assault in the Lyman direction on March 19, but Ukrainian forces repelled the attack, preventing any territorial gains. This failure contributed to a drop in market confidence regarding Russian capture of Lyman by year-end.
Russian battalion-scale assault launched near Lyman
December 31 jumps to 87%9%
On March 19, Russian forces launched a near battalion-sized mechanized assault with over 500 personnel and armored vehicles towards Lyman, signaling a major offensive push. This led to a spike in market confidence for Russian capture.
Ukrainian forces defend Lyman foothold amid intensified Russian assaults
December 31 drops to 82%5%
Ukrainian military observers reported ongoing fighting to defend Lyman, with Ukrainian counterattacks delaying Russian advances. Russian forces increased assaults and artillery strikes, but Ukrainian adaptations in drone tactics helped regain territory and reduce Russian assaults.
Russian forces launch spring-summer offensive targeting Lyman area
December 31 drops to 79%7%
Russian forces prioritized offensive operations against Slovyansk from the northeast through Lyman at the start of their 2026 offensive, indicating an initial focus on capturing Lyman to facilitate further advances. This raised early market optimism about a possible Russian capture.
Ukrainian forces defend Lyman and adapt drone tactics to regain territory
December 31 dips to 82%4%
Ukrainian forces innovated drone tactics to interdict Russian forces, regaining territory and reducing Russian assaults near Lyman, which supported Ukrainian defense of the railroad station area and contributed to market confidence in a 'No' outcome.
Russian forces launch mechanized assaults near Lyman to prioritize advance on Slovyansk
December 31 drops to 79%7%
Russian forces initiated their spring-summer 2026 offensive with mechanized attacks around Lyman, aiming to advance on Slovyansk. However, these efforts failed to yield significant territorial gains, limiting Russian progress near Lyman and affecting market confidence in a quick capture.
Russian military intensifies attacks on Ukrainian logistics hubs including Lyman area
December 31 drops to 80%7%
Russian forces escalated artillery barrages and drone strikes targeting Ukrainian defenses near Lyman, aiming to weaken resistance ahead of ground offensives, which supported market confidence in eventual Russian capture.
Ukraine launches counterattacks in Dnipropetrovsk and Zaporizhzhia regions
December 31 drops to 78%9%
Ukraine's successful counterattacks forced Russia to divert resources from offensive operations, reducing the likelihood of Russian capture of Lyman in the near term and causing a market price decline.
Ukrainian brigade spokesperson confirms no Russian presence in Lyman
A Ukrainian brigade spokesperson stated there was no Russian presence in Lyman, indicating Ukrainian forces had cleared previously contested parts. This contradicted Russian claims of control and suggested Russia had not captured the Lyman railroad station by mid-March.
ISW reports no Russian presence in Lyman since February 23
ISW and Ukrainian brigade spokespersons confirmed no evidence of Russian forces operating in Lyman since late February, indicating Ukrainian control and undermining expectations of Russian capture. This likely stabilized the market price around 85-87%.
Ukrainian officials confirm no Russian presence in Lyman
December 31 dips to 85%1%
A Ukrainian brigade spokesperson stated on March 17 that there was no Russian presence in Lyman, indicating Ukrainian forces had cleared previously contested areas. This report tempered market expectations of a Russian capture of the Lyman railroad station.
Ukrainian Military Confirms No Russian Presence in Lyman, Clearing Contested Areas
December 31 dips to 86%1%
A spokesperson for a Ukrainian brigade operating in the Lyman direction stated that there is no Russian presence in Lyman, indicating that Ukrainian forces had successfully cleared previously contested parts of the city.
Russian General Gerasimov claims over half of Lyman controlled by Russia, ISW disputes
December 31 rises to 88%1%
General Gerasimov claimed Russian forces controlled over half of Lyman, presenting it as recent progress. ISW assessed Ukrainian forces had cleared contested sections earlier and found no evidence of Russian control in Lyman. This claim likely influenced market optimism but was contradicted by independent analysis.
Ukrainian forces clear previously contested parts of Lyman, denying Russian control claims
December 31 dips to 86%1%
A Ukrainian brigade spokesperson stated there was no Russian presence in Lyman as of March 17, indicating Ukrainian forces had cleared contested areas. This undercut Russian claims of control and likely contributed to market confidence in a 'No' outcome.
Ukrainian forces clear contested parts of Lyman amid Russian infiltration attempts
December 31 dips to 86%1%
Ukrainian brigade spokesperson reported no Russian presence in Lyman, indicating Ukrainian forces had cleared contested areas. Russian forces continued infiltration missions but failed to consolidate control, maintaining a contested status of the railroad station area.
Ukrainian brigade spokesperson stated no Russian presence in Lyman
December 31 drops to 78%8%
On March 17, a Ukrainian brigade spokesperson reported that there was no Russian presence in Lyman, indicating Ukrainian forces had cleared previously contested parts. This statement likely dampened market expectations for imminent Russian capture of the Lyman railroad station.
ISW exposes Gerasimov's inflated battlefield claims
December 31 plunges to 60%27%
ISW reported that General Valery Gerasimov claimed advances near Lyman, Sloviansk, and Kostyantynivka, but frontline data showed no Russian presence in Lyman and minimal control in other areas, contributing to market skepticism.
Russian General Gerasimov exaggerates territorial gains including Lyman claims
December 31 dips to 86%1%
Gerasimov claimed Russian forces seized 70% of Lyman, but ISW found no evidence of Russian control, highlighting misinformation that affected market confidence.
Russian General Gerasimov claims control over half of Lyman, but ISW assesses contested status
On March 17, Russian General Gerasimov reiterated claims of controlling over half of Lyman, likely as part of cognitive warfare, but ISW assessed that Ukrainian forces had cleared contested sections earlier. This mixed information caused some market uncertainty but overall sustained belief in Russian advances.
Russian General Gerasimov exaggerates gains in Lyman, Ukrainian forces maintain control
On March 17, Russian General Gerasimov claimed control over half of Lyman, but ISW assessed Ukrainian forces had cleared contested sections earlier, indicating no Russian capture. This likely caused market uncertainty and price fluctuations around 86% Yes.
Russian forces conduct battalion-sized assault near Lyman
Elements of the Russian 1st Guards Tank Army and 20th Guards Combined Arms Army launched a mechanized and motorized assault in the Lyman direction on March 19, fielding over 500 infantry and dozens of armored vehicles. This escalation indicated Russia's commitment to capturing Lyman, reinforcing market optimism.
Ukrainian brigade spokesperson denies Russian presence in Lyman
December 31 dips to 85%1%
A Ukrainian brigade spokesperson stated there was no Russian presence in Lyman, indicating Ukrainian forces likely cleared previously contested parts, which tempered market expectations of Russian capture.
Ukrainian forces confirm no Russian presence in Lyman
December 31 dips to 86%1%
A Ukrainian brigade spokesperson stated there was no Russian presence in Lyman, indicating Ukrainian forces had cleared contested parts, which dampened market optimism about imminent Russian capture.
Ukrainian sources report no Russian presence in Lyman despite Russian claims
December 31 dips to 86%1%
On March 17, Ukrainian brigade spokesperson stated no Russian presence in Lyman, suggesting Ukrainian forces had cleared contested parts. However, Russian claims of controlling over half of Lyman persisted, indicating contested control and ongoing conflict.
Gerasimov says Russia now controls more than half of Lyman
December 31 rises to 90%2%
Gen. Valery Gerasimov claimed that Russian forces now controlled "over half of Lyman," repeating a December 29 statement. The exaggerated claim created a perception of Russian progress and pushed the market up, hitting a 90 % high on March 13 before the claim was publicly noted on March 17.
Ukrainian Forces Clear Contested Sections of Lyman and Adapt Drone Tactics
December 31 drops to 79%7%
A Ukrainian military spokesperson confirmed there was no Russian presence in Lyman, indicating that Ukrainian forces had cleared previously contested areas. Additionally, Ukrainian forces adapted their drone tactics to successfully interdict Russian ground lines of communication and launch counterattacks.
Russian General Gerasimov exaggerates control claims over Lyman; Ukrainian forces deny Russian presence
On March 17, Russian General Gerasimov claimed Russian forces controlled over half of Lyman, but Ukrainian spokespeople denied any Russian presence, indicating Ukrainian forces had cleared contested sections, which tempered market optimism about Russian capture.
Ukrainian officials report no Russian presence in Lyman, countering Russian claims
December 31 dips to 86%4%
On March 17, Ukrainian brigade spokesperson stated there was no Russian presence in Lyman, indicating Ukrainian forces had cleared contested parts, which tempered market enthusiasm and caused some price volatility.
Russian General Staff Chief Gerasimov exaggerates control over Lyman, ISW reports no Russian presence
Gerasimov claimed Russian forces controlled over half of Lyman, but ISW and Ukrainian sources reported no Russian presence in Lyman since late February, indicating Ukrainian control. This cognitive warfare attempt to mislead about battlefield realities caused market skepticism and price stabilization.
Ukrainian Forces Clear Lyman of All Russian Presence
December 31 dips to 86%1%
A spokesperson for a Ukrainian brigade operating in the Lyman direction confirmed that there was no Russian presence inside Lyman, debunking previous claims of Russian control and demonstrating successful Ukrainian clearing operations.
Ukrainian forces clear Lyman; no Russian presence observed since late February
December 31 dips to 62%2%
ISW assessed that Ukrainian forces had cleared previously contested sections of Lyman and that there was no Russian presence in Lyman as of mid-March 2026, confirming Ukrainian control of the town and railroad station.
Gerasimov Falsely Claims Russian Forces Control Over Half of Lyman
Russian Chief of the General Staff Valery Gerasimov reiterated claims of controlling over half of Lyman to project rapid battlefield progress, though ISW assessed Ukrainian forces had previously cleared those contested sections.
ISW reports Russian General Staff exaggerates battlefield gains near Lyman
December 31 drops to 79%8%
ISW reported that Russian claims of capturing over half of Lyman were false, with no observed Russian presence since late February. This undermined confidence in Russian advances and led to a market price decline.
Ukrainian forces report no Russian presence in Lyman; ISW confirms no control by Russia
December 31 drops to 79%8%
Despite Russian claims of controlling over half of Lyman, Ukrainian brigade spokesperson and ISW assessments confirmed no Russian presence in Lyman since February 23, 2026, indicating Ukrainian control of the town and railroad station.
Ukraine Denies Russian Presence in Lyman Following Gerasimov's Claims
Russian Chief of the General Staff Valery Gerasimov claimed Russian forces controlled over half of Lyman, but Ukrainian military spokespersons clarified there was no Russian presence in the city, indicating Ukrainian forces had cleared previously contested areas.
Russian claims of controlling over half of Lyman disputed by Ukrainian sources
December 31 rises to 87%1%
Russian Chief of General Staff Gerasimov claimed control over half of Lyman, but Ukrainian sources and ISW assessments indicated ongoing contested fighting with no confirmed full control by Russia, maintaining market uncertainty.
Russian General Gerasimov Exaggerates Purported Battlefield Gains in Lyman Direction
June 30 plunges to 51%17%
Russian Army General Valery Gerasimov reiterated claims that Russian forces control over half of Lyman, which analysts assessed as an exaggeration to create a false impression of rapid advances.
Ukrainian brigade reports no Russian presence in Lyman since February 23
A Ukrainian brigade spokesperson stated on March 17 that there was no Russian presence in Lyman, and ISW confirmed no evidence of Russian forces operating there since February 23. This strongly indicated Ukrainian control and caused market confidence in a 'Yes' outcome to wane.
Ukrainian Brigade Confirms No Russian Presence in Lyman, Debunking Gerasimov's Claims
December 31 dips to 86%1%
A spokesperson for a Ukrainian brigade operating in the Lyman direction stated there was no Russian presence in Lyman, contradicting Russian General Gerasimov's claims that Russian forces controlled over half of the city.
Ukrainian brigade spokesperson reports no Russian presence in Lyman since February 23
On March 17, a Ukrainian brigade spokesperson stated there was no Russian presence in Lyman, and ISW confirmed no evidence of Russian forces operating there since February 23. This contradicted Russian claims of control and caused market uncertainty, tempering price gains.
Ukrainian brigade spokesperson states no Russian presence in Lyman
December 31 dips to 87%1%
A Ukrainian brigade spokesperson reported on March 17 that there was no Russian presence in Lyman, indicating Ukrainian forces had cleared previously contested sections. This contradicted Russian claims and likely contributed to price stabilization.
Ukrainian sources confirm no Russian presence in Lyman despite Russian claims
December 31 drops to 79%7%
On March 17, a Ukrainian brigade spokesperson stated there was no Russian presence in Lyman, indicating Ukrainian forces had cleared previously contested areas. This contradicted Russian claims of controlling over half of Lyman, tempering market expectations of imminent Russian capture.
Ukrainian Military Confirms Complete Absence of Russian Forces in Lyman
A spokesperson for a Ukrainian brigade operating in the Lyman direction stated that there was no Russian presence in Lyman, contradicting previous claims by Russian General Valery Gerasimov.
Russian General Staff chief exaggerates Russian gains near Lyman
December 31 surges to 86%59%
Russian General Staff chief Valery Gerasimov claimed significant Russian advances near Lyman and other areas, asserting control over large portions of Lyman. However, ISW analysis contradicted these claims, showing only minimal Russian presence. This dissonance contributed to market volatility and skepticism about Russian capture prospects by mid-2026.
Gerasimov repeats sweeping claim of major gains, including Lyman progress
December 31 jumps to 81%14%
Gerasimov’s March 16 speech again inflated Russian gains, briefly lifting market confidence (price rose from 67 % to 81 % by March 28).
Putin warns Russia will extend gains if talks fail
Putin’s statement that Russia would push to solidify territorial gains, including Lyman, if peace talks stalled reinforced market belief in a Russian capture, keeping the December 31 price above 80%.
Russian forces continue assaults near Lyman amid heavy fighting
Reports from mid-March indicate ongoing Russian attempts to break through Ukrainian defenses near Lyman, with heavy combat engagements and significant losses on both sides. This sustained pressure likely maintained high market confidence in eventual capture by year-end.
Russian forces attack near Lyman and surrounding villages amid ongoing offensives
December 31 rises to 88%1%
On March 15-16, Russian forces attacked near Lyman itself and in nearby villages such as Drobysheve, Svyatohirsk, Yampil, and Dibrova, continuing offensive operations. Despite these attacks, ISW did not confirm Russian control of the Lyman railroad station, reflecting persistent uncertainty in the market.
Russian forces attack near Lyman but Ukrainian forces hold contested areas
Russian forces launched attacks near Lyman and surrounding villages, but Ukrainian forces reportedly cleared contested sections of Lyman, indicating no Russian control of the town or railroad station at this time. This maintained market confidence in a 'Yes' outcome but with uncertainty.
Ukrainian forces advance near Lyman amid Russian mechanized assaults
December 31 dips to 86%1%
Geolocated footage showed Ukrainian advances in southern Yampil southeast of Lyman, while Russian forces launched mechanized assaults in the Lyman direction. This indicated active fighting but no decisive Russian capture of Lyman, maintaining uncertainty about control of the railroad station.
Russian forces advance near Lyman and other settlements in eastern Ukraine
DeepStateMap reported Russian advances near Lyman and other areas in Kharkiv, Luhansk, and Zaporizhzhya oblasts, signaling initial Russian offensive activity in the region. This early offensive activity supported higher market confidence in Russian capture of Lyman.
Ukrainian forces contest Russian advances near Lyman
ISW reported ongoing fighting near Lyman with Ukrainian forces advancing in nearby areas, indicating contested control and no clear Russian capture of the railroad station, which kept market confidence high but uncertain.
Russian forces launch multiple attacks near Lyman but fail to secure control
Russian forces attacked near Lyman and surrounding areas on March 14-15, but Ukrainian forces maintained control of contested sections, indicating no capture of the Lyman railroad station. This sustained uncertainty kept market confidence high but cautious.
Russian attacks near Lyman continue amid Ukrainian counterattacks
Russian forces attacked near Lyman and nearby villages on March 13-14, but Ukrainian counterattacks were reported, preventing Russian advances or control of the Lyman railroad station, sustaining market skepticism about capture.
Ukrainian drone strikes undermine Russian efforts near Lyman
December 31 rises to 90%3%
On March 13, Ukrainian drone battalions reported successful strikes against Russian forces attempting to build pontoon bridges near Lyman, forcing Russian MLRS units to withdraw from frontline positions. This hindered Russian operational capabilities and contributed to the market's peak confidence in a Russian capture.
Russian forces conduct attacks near Lyman and surrounding villages
December 31 rises to 90%4%
Russian forces attacked near Lyman itself and multiple nearby locations on March 12 and 13, signaling continued offensive efforts that supported market confidence in eventual Russian control of the area.
Russian forces intensify attacks near Lyman but Ukrainian defense remains strong
Russian forces launched multiple attacks near Lyman and surrounding areas on March 12-13, including near Yarova, Drobysheve, and Stavky. Despite these efforts, ISW reported no confirmed Russian control of Lyman itself, with Ukrainian forces continuing to hold the area, sustaining market confidence in a possible Russian capture later.
Russian forces conduct multiple attacks near Lyman and Slovyansk
December 31 rises to 87%4%
On March 12-13, Russian forces attacked near Lyman itself and in surrounding areas, including northwest, north, east, and southeast directions. These sustained offensives suggested ongoing pressure to capture Lyman, supporting market optimism.
Ukrainian drone strikes degrade Russian artillery near Lyman
Ukrainian drone strikes on March 12-13 targeted Russian Grad multiple rocket launchers in the Lyman direction, forcing Russian forces to withdraw artillery farther from the frontline, weakening their offensive capabilities near Lyman.
Russian forces launch large mechanized assault near Lyman
December 31 rises to 90%3%
On March 13, Russian forces conducted a regiment-sized mechanized assault in the Lyman direction, deploying dozens of armored vehicles and infantry in an attempt to advance. Ukrainian drone strikes damaged Russian artillery, forcing Russian forces to withdraw some assets farther from the frontline. This intensified fighting raised market optimism about a potential Russian capture, pushing prices to a peak of 90%.
Russian forces attack near Lyman amid Ukrainian drone strikes
On March 12-13, Russian forces attacked near Lyman while Ukrainian drone strikes damaged Russian artillery systems, forcing Russian MLRS withdrawals. This showed ongoing fighting but Ukrainian resistance limited Russian gains.
Russian forces continue attacks near Lyman with no confirmed capture
December 31 rises to 88%1%
Russian forces attacked near Lyman and nearby villages on March 12 and 13, but Ukrainian drone strikes and defensive actions prevented Russian advances, sustaining Ukrainian control over Lyman and its railroad station.
Russian attacks near Lyman fail to change control of terrain
December 31 rises to 87%1%
Despite Russian attacks near Lyman and infiltration missions, ISW assessed that these did not result in changes to control of terrain or the forward edge of the battle area, tempering market optimism.
Russian forces continue offensive operations near Lyman but make no advances
December 31 rises to 87%1%
Russian forces attacked near Lyman and surrounding villages but did not advance, with Ukrainian counterattacks reported. This maintained high market confidence in a potential Russian capture but reflected ongoing contested control.
Ukraine’s allies agree on multilayered security guarantees in Paris
June 30 plunges to 39%28%
The announcement of a major security‑guarantee package for Ukraine signaled stronger Western support, lowering expectations that Russia could capture Lyman and pulling the June 30 price down from 67% to 39% over the following weeks.
Russian forces continue attacks near Lyman with Ukrainian counterattacks reported
Russian forces attacked near Lyman and surrounding villages while Ukrainian forces reportedly counterattacked, maintaining a contested frontline without confirmed Russian capture of the railroad station.
Russian forces conduct multiple attacks near Lyman amid preparations for spring offensive
December 31 rises to 87%1%
On March 11-12, Russian forces attacked near Lyman and surrounding settlements, indicating ongoing efforts to intensify assaults in the area. This sustained pressure contributed to market confidence in a potential Russian capture of Lyman by the end of the year.
Russian forces attack near Lyman but make no confirmed advances
December 31 rises to 88%2%
Russian forces conducted multiple attacks near Lyman but did not advance, and Ukrainian counterattacks were reported, indicating continued Ukrainian control over Lyman railroad station.
Russian forces intensify attacks near Lyman and Slovyansk
December 31 rises to 86%3%
On March 11 and 12, Russian forces conducted attacks near Lyman and multiple locations around Slovyansk, indicating increased pressure in the region. This escalation likely influenced market optimism about Russian territorial gains.
Russian forces conduct mechanized assaults near Lyman but make no confirmed advances
December 31 rises to 88%3%
Despite increased Russian assaults near Lyman, Ukrainian forces held positions, preventing Russian capture of the railroad station and causing market prices to stabilize at high but uncertain levels.
Russian forces continue offensive near Lyman without advances
On March 10-11, Russian forces continued attacks near Lyman and surrounding areas but did not advance or capture the railroad station. Ukrainian counterattacks were reported, maintaining the status quo and market confidence in no capture yet.
Russian forces continue attacks near Lyman without advancing control
On March 10 and 11, Russian forces attacked near Lyman and surrounding areas but did not advance or capture the Lyman railroad station. Ukrainian counterattacks and ISW assessments indicated that Russian forces had not established control over the station by this date.
Russian forces attack near Lyman but Ukrainian counterattacks hold town
December 31 rises to 87%1%
On March 10-11, Russian forces launched attacks near Lyman and surrounding areas, but Ukrainian forces counterattacked and maintained control over Lyman, preventing Russian capture of the railroad station. This sustained market confidence in a Russian capture despite no confirmed control.
Russian forces maintain attacks near Lyman with no decisive control change
On March 10-11, Russian forces continued attacks near Lyman and surrounding areas but without clear changes in control. The persistent conflict kept market confidence high for a potential Russian capture by the end of 2025.
Ukraine’s Zelenskyy pursues arms deals amid intensified Russian strikes
December 31 drops to 79%9%
President Zelenskyy sought more arms and air defense systems from allies as Russia increased drone and missile strikes, including near Lyman. Ukrainian counterattacks and improved defense capabilities tempered Russian advances, causing some market price volatility.
ISW highlights Ukrainian advances and disruption of Russian offensive plans
June 30 plunges to 54%18%
ISW reported that Ukrainian forces liberated over 400 square kilometers in Dnipropetrovsk Oblast, disrupting Russia's anticipated spring-summer 2026 offensive toward Pokrovsk and Lyman. This demonstrated Ukrainian operational momentum, lowering the market's probability of Russian capture by June 30.
Heavy combat engagements reported near Lyman with Russian forces attempting advances
December 31 drops to 78%9%
Russian forces conducted numerous attacks and airstrikes near Lyman, but Ukrainian forces repelled attempts to improve Russian positions. The intense fighting maintained market uncertainty, with prices stabilizing after initial gains.
Russian forces prepare for spring offensive with troop redeployments near Lyman
December 31 rises to 88%2%
By early March, Russian military command was transferring forces to the Lyman direction as part of preparations for the spring campaign. Reports indicated intensified Russian assaults and mechanized operations near Lyman, despite Ukrainian counterattacks and degraded Russian situational awareness due to Starlink outages. This buildup raised market confidence in a potential Russian capture of Lyman, with prices around 87-88%.
Russian military transfers forces to Lyman direction for spring campaign
A Ukrainian regiment commander reported Russian forces moving troops to the Lyman area as part of a pre-spring offensive campaign, signaling an imminent Russian push toward Lyman and the Donetsk Oblast border. This raised expectations of a Russian offensive in Lyman, supporting a higher market probability for capture by December 31.
Russian forces continue attacks near Lyman but make limited advances
Russian forces attacked near Lyman and surrounding areas but did not achieve significant territorial gains, indicating ongoing fierce fighting and a contested battle for control of Lyman's strategic points.
Russian forces maintain pressure near Lyman with attacks and drone operations
ISW reported continued Russian attacks near Lyman and use of drone operators in the Lyman direction, alongside Ukrainian counterattacks. This sustained offensive activity suggested Russian commitment to capturing Lyman, supporting market confidence in eventual capture.
ISW reports Russian infiltration missions near Lyman without territorial gains
December 31 rises to 87%2%
ISW assessed that Russian forces conducted infiltration missions near Lyman but did not change control of terrain, tempering market enthusiasm and stabilizing prices around 87%.
Russian limited mechanized assaults near Lyman repelled by Ukrainian forces
Russian 40th Naval Infantry Brigade conducted limited mechanized assaults near Lyman and surrounding areas, which Ukrainian forces repelled, maintaining contested control and preventing Russian capture of the railroad station. Market prices remained high but stable due to lack of decisive Russian gains.
Russian forces maintain offensive operations near Lyman with mechanized assaults
On March 7 and 8, Russian forces continued attacks near Lyman and nearby settlements, including mechanized assaults by the 40th Naval Infantry Brigade. These operations demonstrated ongoing Russian attempts to gain ground in the Lyman area, sustaining market optimism about Russian capture of the railroad station.
Russian infiltration missions near Lyman met with Ukrainian strikes
Russian forces conducted infiltration missions near Lyman but were struck by Ukrainian forces, limiting territorial gains and causing market price to plateau.
Russian forces conduct infiltration missions near Lyman without significant territorial gains
Geolocated footage showed Ukrainian forces striking Russian positions near Lyman after Russian infiltration missions that did not change control of terrain, tempering market optimism about Russian capture of Lyman.
ISW notes Russian infiltration near Lyman with flag‑raising in Svyatohirsk
December 31 rises to 87%2%
On March 6 ISW reported further Russian infiltration attempts near Lyman, including a flag‑raising in central Svyatohirsk, but noted no change in control. The continued fighting kept the market near the high‑confidence “Yes” level, reinforcing traders’ belief that Russian forces were close to, but not yet controlling, the station.
Ukrainian forces report repelling multiple Russian attacks in Lyman sector
On March 5, Ukrainian General Staff reported that Russian forces attacked three times in the Lyman sector but were repelled. Despite Ukrainian resistance, ongoing Russian assaults kept market confidence high for a Russian capture by year-end.
Russian forces conduct attacks around Lyman amid Ukrainian counterattacks
December 31 rises to 87%1%
Russian forces attacked multiple locations near Lyman while Ukrainian forces counterattacked, resulting in a stalemate with no decisive Russian control over Lyman, sustaining market uncertainty.
Russian MoD claims capture of Yarova near Lyman
December 31 rises to 81%3%
On March 5 the Russian MoD claimed seizure of Yarova, a settlement north‑west of Lyman. Although not corroborated by ISW, the announcement briefly lifted market optimism, contributing to a small rise in the “December 31” price from 78 % to 81 % in late March.
Russian forces launch multiple attacks near Lyman but make no confirmed advances
December 31 rises to 88%2%
Russian forces attacked near Lyman and surrounding areas but failed to make confirmed territorial gains. Ukrainian forces repelled assaults, maintaining control and causing market confidence to stabilize at a high level but without further increase.
Russian forces attack near Lyman but make no confirmed advances
Russian forces launched multiple attacks near Lyman and surrounding villages on March 4-5 but did not make confirmed advances or capture key positions, including the Lyman railroad station. This maintained uncertainty about Russian control, supporting a stable market price.
Russian Ministry of Defense claims seizure of Yarova near Lyman
December 31 rises to 87%1%
On March 5, the Russian Ministry of Defense claimed that Russian forces seized Yarova, northwest of Lyman, and Russian milbloggers claimed advances in western Lyman and nearby settlements. However, these claims were unconfirmed and ISW assessments indicated no confirmed capture of the Lyman railroad station.
Ukrainian forces repel Russian attack involving over twenty vehicles near Lyman
December 31 drops to 80%7%
Ukrainian 66th Mechanized Brigade and allied units successfully repelled a significant Russian assault near Lyman, disrupting Russian plans and causing a decline in market confidence for a near-term Russian capture of Lyman.
Russian forces launch attacks near Lyman and claim advances
December 31 surges to 87%60%
Russian forces attacked multiple locations around Lyman, including northwest and southeast sectors, claiming some territorial gains. This raised market optimism about a possible Russian capture of Lyman, reflected in price increases.
Russian Ministry of Defense claimed seizure of Yarova near Lyman
On March 5, the Russian Ministry of Defense claimed Russian forces seized Yarova northwest of Lyman, with milbloggers also claiming advances in western Lyman and nearby areas. These claims raised market expectations for Russian progress toward Lyman's capture, though they remained unconfirmed by independent sources.
Russian forces intensify attacks around Lyman but face Ukrainian counterattacks
December 31 rises to 88%1%
On March 4-5, Russian forces attacked multiple positions near Lyman, including Yarova and Fedorivka Druha, but Ukrainian forces counterattacked in southern Lyman and Drobysheve. This indicated ongoing contested control and prevented a clear Russian capture, influencing market prices.
Russia Claims Seizure of Yarova Near Lyman Amid Continued Ground Assaults
December 31 dips to 87%1%
The Russian Ministry of Defense claimed the capture of Yarova, northwest of Lyman, while milbloggers reported advances in western Lyman, signaling a tightening of the pocket around the city.
Ukrainian forces repel multiple Russian attacks in Lyman sector
On March 5, Ukrainian General Staff reported that Russian forces attacked three times in the Lyman sector but faced resistance. This indicated ongoing contested control and no confirmed Russian capture of the railroad station by early March.
Ukrainian forces repel Russian armored assault in Lyman sector
Russian troops launched an assault using dozens of vehicles alongside infantry in the Lyman sector, but Ukrainian forces repelled the attack, demonstrating strong Ukrainian defense and limiting Russian advances toward the railroad station.
Ukrainian forces destroy Russian armored column in Lyman sector, forcing retreat
Ukrainian forces successfully destroyed a Russian armored column in the Lyman sector on March 5, forcing a Russian retreat and demonstrating Ukrainian control over the area, which likely prevented Russian capture of the railroad station at that time.
Russian forces claim advances northwest of Lyman but no confirmed capture of station
December 31 rises to 88%1%
On March 5, Russian Ministry of Defense claimed seizure of Yarova northwest of Lyman and advances in western Lyman, but no confirmed capture of Lyman railroad station was reported, maintaining uncertainty and market price near 88%.
Russian forces claim advances near Lyman but no confirmed capture of railroad station
On March 5, Russian Defense Ministry claimed seizure of nearby settlements northwest of Lyman, but no confirmed capture of the Lyman railroad station was reported. Ukrainian counterattacks and ongoing fighting kept the station out of Russian control by the resolution date.
Russian attacks repelled in Lyman sector with significant losses
December 31 rises to 88%3%
Ukrainian forces repelled a Russian attack involving over twenty enemy vehicles in the Lyman direction, destroying equipment and forcing Russian troops to retreat, demonstrating strong Ukrainian defense and limiting Russian advances.
Ukraine launches counterattacks in Dnipropetrovsk region
Ukraine launched counterattacks in the Dnipropetrovsk region, forcing Russia to 'choose between defending against the Ukrainian counterattacks and allocating manpower and materiel for offensive operations elsewhere,' potentially spoiling Russian offensive plans.
Ukrainian counter‑attacks stall Russian advance near Lyman
December 31 drops to 79%8%
Reports of successful Ukrainian counter‑attacks in Dnipropetrovsk and Zaporizhzhia limited Russian manpower, causing a modest pull‑back in market confidence and a dip from 87% to 79% for the December‑31 outcome.
Russian forces conduct multiple assaults near Lyman but make no significant advances
December 31 rises to 87%1%
On March 3-4, Russian forces attacked near Lyman and surrounding villages in a multi-pronged offensive but did not achieve territorial gains. This sustained pressure maintained market confidence in eventual Russian capture, keeping prices high around 86-88%.
Russian forces launch attacks near Lyman but make no advances
On March 3 and 4, Russian forces attacked near Lyman and surrounding areas but did not advance, indicating ongoing fighting without territorial gains. This maintained uncertainty about Russian control of key infrastructure like the Lyman railroad station.
Russian forces attack near Lyman but make no advances
On March 3 and 4, Russian forces launched attacks near Lyman and surrounding villages but did not advance, indicating continued Ukrainian control of the area including the railroad station. This maintained market confidence in a 'Yes' outcome but without capture.
Russian forces continue offensive near Lyman but make no advances
December 31 rises to 88%1%
On March 4, ISW reported Russian forces attacked near Lyman and surrounding areas but did not advance. Ukrainian forces struck Russian air defense and logistics, indicating ongoing fierce fighting and stalemate conditions, which maintained market optimism for eventual Russian capture.
Russian forces conduct multiple attacks near Lyman and Pokrovsk
December 31 rises to 88%1%
On March 3-4, Russian forces launched attacks near Lyman and surrounding areas, including northwest and northeast of Lyman, indicating continued offensive pressure. This sustained activity supported the market's elevated probability of Russian capture by December 31.
Russia launches missile and drone attacks into Ukraine; drone wreckage hits railway station
Russia launched two missiles and 60 drones into Ukraine overnight into Tuesday morning. One missile and 8 drones impacted across five locations. Drone wreckage fell on a railway station in the Krasnodar region, according to the Krasnodar region's operational headquarters.
Russian forces intensify attacks near Lyman but make no advances
December 31 rises to 87%1%
Russian forces attacked multiple locations near Lyman but did not advance, as reported by ISW. This indicated continued fighting but no territorial gains, sustaining uncertainty about Russian capture prospects and stabilizing market prices.
Russia readies new offensives as Iran war pressures Ukraine
December 31 rises to 87%1%
With U.S.-brokered peace talks on hold due to the Middle East conflict, Russian President Putin is expected to expand military gains, increasing market concern about Russian offensive operations.
Russian forces launch multiple attacks near Lyman but fail to advance
December 31 dips to 86%1%
On March 3-4, Russian forces attacked near Lyman and surrounding areas but did not make territorial gains, as Ukrainian forces repelled assaults and struck Russian air defense assets. This lack of Russian progress likely contributed to a slight decrease in market confidence for Russian capture of Lyman by year-end.
Fighting continues in Lyman sector with Russian forces saturating nearby settlements
By March 4, fighting persisted in the Lyman sector with Russian forces gradually saturating settlements like Drobysheve and advancing in ravine areas south of Stavky. This ongoing pressure supported market expectations of eventual Russian control.
Russian forces maintain attacks near Lyman with no confirmed capture
December 31 rises to 88%1%
Russian forces attacked near Lyman and nearby villages on March 3 and 4, continuing pressure but without confirmed capture of the Lyman railroad station. This sustained offensive contributed to the market's high confidence in eventual Russian control by year-end.
Fighting continues near Lyman with Russian advances in ravine areas but no full capture
December 31 rises to 88%1%
By March 4, Russian forces advanced in the ravine area south of Stavky, increasing pressure on Lyman's northeastern flank, while fighting persisted in nearby Drobysheve. Despite these efforts, full capture of Lyman and its railroad station remained unconfirmed, sustaining market prices near 88%.
Russian forces continue attacks near Lyman and surrounding areas
December 31 rises to 88%1%
Russian forces attacked near Lyman and nearby settlements such as Novoselivka, Stavky, Drobysheve, and Zakitne on March 3 and 4, maintaining offensive pressure in the region. This ongoing activity supported market expectations of a likely Russian capture of the Lyman railroad station by the end of 2025.
Russian forces maintain offensive near Lyman but fail to capture the town or railroad station
December 31 rises to 88%1%
By March 4, Russian forces continued offensive operations near Lyman but did not advance or capture the town or railroad station, confirming that control had not shifted to Russia by the end of the analysis window.
Russian forces attack near Lyman but Ukrainian forces maintain control of key settlements
December 31 rises to 87%1%
Russian forces attacked near Lyman and nearby settlements on March 2-3, but Ukrainian forces controlled key locations such as Fedorivka Druha and Riznykivka, showing contested but not decisive Russian control. This maintained market optimism for Russian capture but reflected ongoing stalemate.
Russian forces advance near Donetsk Oblast villages including near Lyman
December 31 rises to 87%2%
Russian invasion forces advanced near villages in Donetsk Oblast close to Lyman, as reported by DeepStateMap on March 3. This supported continued market optimism for Russian capture of Lyman by December 31.
Russian forces maintain positions near Lyman amid ongoing counterattacks
Russian forces reportedly hold positions in most of Novoselivka northwest of Lyman but do not fully control it due to frequent Ukrainian counterattacks. Despite contested control, Russian advances near Lyman sustained market optimism at 87%.
U.S.-brokered peace talks resume in Abu Dhabi amid Lyman fighting
June 30 drops to 65%6%
The restart of U.S.-brokered negotiations introduced uncertainty about Russian gains, causing a modest pullback in the June 30 price from 71% to 65% as traders weighed diplomatic prospects against battlefield momentum.
Russian forces advance near villages in Donetsk Oblast including near Lyman
On March 3, DeepState reported Russian advances near villages in Donetsk Oblast, including areas close to Lyman, indicating continued Russian offensive pressure. This supported market confidence in eventual capture by year-end.
Russian forces continue attacks near Lyman without territorial gains
December 31 rises to 86%3%
On March 3-4, Russian forces attacked near Lyman and surrounding areas but did not advance or capture the town or railroad station, maintaining Ukrainian control and market uncertainty.
Russia claims territorial gains in Donetsk and Zaporizhzhia
June 30 rises to 69%4%
Russian military leadership reported taking control of additional settlements, increasing pressure on Ukrainian defensive lines and boosting market expectations for a Russian capture of Lyman.
Ukraine launches counterattacks in Dnipropetrovsk and Zaporizhzhia regions
December 31 drops to 79%8%
Ukraine intensified counteroffensives in key regions to disrupt Russian advances, forcing Russia to allocate resources defensively. This development reduced market confidence in Russia's ability to capture Lyman by year-end.
Russian forces advance near Lyman and surrounding villages but fail to capture key positions
December 31 rises to 87%1%
Geolocated footage on March 2 and 3 showed Russian advances near Lyman and nearby villages such as Drobysheve and Novoselivka, but Ukrainian forces maintained control of contested areas including the Lyman railroad station, limiting Russian territorial gains and keeping the market cautious.
Russian forces advance in Drobysheve near Lyman but Ukrainian forces hold town
December 31 rises to 86%1%
Geolocated footage on March 2 showed Russian advances in Drobysheve northwest of Lyman, but Ukrainian forces continued to control Lyman itself, maintaining defensive positions and countering Russian claims of territorial gains.
Russian Defense Minister outlines plans for further advances in Donetsk
June 30 jumps to 76%8%
Defense Minister Belousov's explicit declaration of plans for a quick push into Ukrainian-controlled parts of Donetsk reinforced expectations of a Russian breakthrough.
Russian military steps up artillery barrage and drone strikes in eastern Ukraine
Russian forces intensified bombardment and drone attacks in eastern regions, including near Lyman, as part of preparation for potential ground offensives. This military escalation raised concerns about Russian territorial gains.
Russian forces continue assaults near Lyman but Ukrainian forces hold ground
December 31 rises to 88%3%
On March 2 and 3, Russian forces attacked near Lyman and nearby settlements, but Ukrainian forces maintained control, with ISW noting Ukrainian control of key villages and no Russian presence in Lyman itself. This reinforced the market's cautious optimism about Russian advances.
ISW reports ongoing Russian attacks near Lyman and preparations for spring offensive
December 31 rises to 88%1%
ISW reported continued Russian attacks near Lyman and deployment of reinforcements in the Slovyansk direction, indicating preparations for a spring offensive likely to include Lyman, reinforcing market confidence in Russian capture by year-end.
ISW map shows ongoing fighting near Lyman with no Russian control of the railroad station
ISW's March 2 assessment indicated Russian attacks near Lyman but no confirmed control of the railroad station, with Ukrainian forces holding key positions. This reinforced market uncertainty about Russian capture but suggested Ukrainian control remained intact.
Russian forces claim seizure of Drobysheve near Lyman
December 31 rises to 88%2%
On March 2, the Russian Ministry of Defense claimed Russian forces seized Drobysheve, northwest of Lyman, and other nearby settlements, suggesting progress in the Lyman area. This claim supported the market's confidence, pushing the price to 87-88%.
Russian forces conduct multiple attacks near Lyman but fail to secure control
December 31 rises to 87%2%
Russian forces launched attacks near Lyman and surrounding settlements on March 1-2, but ISW assessments and Ukrainian reports indicated no change in control of Lyman itself, with Russian infiltrations not resulting in territorial gains.
Russian forces advance near Lyman but fail to capture key positions
December 31 rises to 86%3%
Geolocated footage showed Russian advances in central Drobysheve northwest of Lyman on March 2, but Russian forces did not fully control the area, and Ukrainian forces maintained contested control near Lyman railroad station.
Russian forces claim advances near Lyman and surrounding villages
December 31 rises to 87%1%
On March 2, Russian forces claimed seizure of nearby villages Drobysheve and Riznykivka and continued attacks near Lyman, indicating ongoing offensive efforts. This maintained market price near 87% Yes for capture by December 31.
Russian forces attack near Lyman but fail to change control of terrain
December 31 rises to 87%2%
Between March 1-2, Russian forces attacked near Lyman and surrounding villages but did not change control of the forward edge of battle area. Footage showed Russian presence on outskirts but no confirmed capture of the railroad station.
Russian forces strike near Lyman amid ongoing drone and missile attacks
December 31 rises to 88%1%
On March 1 and 2, Russian forces attacked near Lyman and surrounding villages while launching large drone and missile strikes on Ukrainian infrastructure. This sustained military pressure reinforced market expectations of Russian control by the end of 2025.
ISW map confirms ongoing fighting near Lyman with Russian advances
December 31 rises to 88%1%
ISW assessments and maps as of early March 2026 show continued Russian attacks and infiltration near Lyman and surrounding villages, supporting the market's high probability of Russia capturing the Lyman railroad station by the end of 2025.
ISW reports continued Russian attacks near Lyman with no confirmed capture
December 31 rises to 88%1%
By March 2, ISW reported Russian forces attacking near Lyman and surrounding villages but no confirmed control of the town or railroad station. The sustained offensive and reinforcements increased market confidence, pushing prices to 88% Yes.
Geolocated footage shows Russian forces striking Ukrainian positions near Lyman but no change in control
Footage from February 28 to March 2 shows Russian strikes near Lyman and infiltration missions that did not change control of terrain, indicating ongoing fighting but no Russian capture of the railroad station. This tempered market expectations slightly but kept confidence high.
Ukrainian Commander reports more territory captured than lost in February
On March 2, Ukrainian Commander-in-Chief Oleksandr Syrskyi stated Ukrainian forces captured more territory than Russia in February, indicating strong Ukrainian resistance near Lyman, which tempered market enthusiasm but did not reverse the overall trend.
ISW reports no Russian control of Lyman railroad station despite ongoing attacks
By March 2, ISW assessments and geolocated footage showed Russian forces operating near Lyman but not controlling the railroad station. This maintained market uncertainty, with prices steady at 86%, as no confirmed capture was reported within the analysis window.
No confirmed Russian capture of Lyman railroad station by early March
December 31 rises to 87%1%
By March 2, geolocated footage and ISW assessments showed Russian forces striking near Lyman but no confirmed control of the town or railroad station. Ukrainian counterattacks and ongoing fighting maintained the contested status, leaving market resolution uncertain.
Geolocated footage shows Russian advances in central Drobysheve near Lyman
December 31 rises to 87%1%
Footage published on March 2 indicated recent Russian advances in central Drobysheve northwest of Lyman, suggesting ongoing pressure but no confirmed capture of the Lyman railroad station.
ISW map shows contested control in Lyman tactical area
December 31 rises to 88%1%
On March 2, ISW published an assessed control of terrain map for the Lyman tactical area, showing ongoing contestation but no confirmed Russian control of the Lyman railroad station. This maintained market uncertainty but supported the high probability for December 31 capture.
Geolocated footage shows Russian infiltration near Lyman but no control established
December 31 rises to 87%1%
On March 1-2, ISW published geolocated footage showing Russian soldiers operating on the northern outskirts of Lyman after infiltration missions that did not change control of terrain. This confirmed ongoing fighting but no capture of the railroad station, maintaining market prices near 87% Yes.
ISW reports no change in control of Lyman despite Russian attacks
On March 2, ISW assessments and geolocated footage showed Russian forces attacking near Lyman and surrounding villages but not changing control of the town or railroad station. Ukrainian forces maintained control, and Russian infiltration missions did not alter the frontline, indicating no capture by Russia by the resolution date.
Russian forces launch multiple attacks near Lyman and surrounding areas
December 31 rises to 86%1%
Russian forces attacked near Lyman and nearby settlements on March 1 and 2, attempting to advance but without changing control of Lyman itself. This increased military activity raised concerns about a potential Russian capture of Lyman, supporting a high market price for a 'Yes' outcome.
ISW reports Russian attacks near Lyman but no confirmed capture of railroad station
Russian forces continued attacks near Lyman and its outskirts including Stavky, Drobysheve, and Zarichne, with geolocated footage showing Russian soldiers on northern outskirts but no confirmed control of the Lyman railroad station. Ukrainian forces maintained contested control, sustaining market uncertainty.
Russian MoD claims seizure of Drobysheve and Riznykivka near Lyman
December 31 dips to 85%1%
ISW’s March 2 assessment quoted Russian MoD claims that Russian forces had seized the nearby settlement of Drobysheve and the east‑Slovyansk village of Riznykivka. Although the claims were unverified, the mention of a capture close to the Lyman rail hub caused a modest rise in the “December 31” probability as traders interpreted it as a possible stepping‑stone toward the station.
ISW reports intensified Russian artillery strikes near Lyman
December 31 surges to 86%59%
The Institute for the Study of War noted a surge in artillery and drone attacks around Lyman, suggesting a preparation for a ground offensive. Traders saw this as increasing the likelihood of Russia capturing the station, pushing the December 31 price up.
ISW reports Russian infiltration near Lyman but no confirmed capture of the town
Geolocated footage on March 1 showed Russian soldiers operating on the northern outskirts of Lyman, indicating infiltration missions without changing control of the town or railroad station. This maintained market expectations but no confirmed capture was reported.
Geolocated footage shows Russian presence near Lyman but no confirmed capture of railroad station
On March 1 and 2, geolocated footage confirmed Russian forces operating on the northern outskirts of Lyman and nearby villages, but ISW assessed no change in control of the Lyman railroad station. This indicated ongoing fighting without decisive Russian capture, maintaining market confidence in a likely eventual capture by year-end.
ISW reports Russian forces attacking near Lyman but no confirmed capture
December 31 rises to 88%1%
On March 1-2, ISW reported Russian attacks near Lyman and surrounding villages with infiltration missions but no change in control of the town or railroad station. This indicated ongoing fighting but no Russian capture of the station by the resolution date.
Russian Ministry of Defense claims seizure of Drobysheve near Lyman
On March 2, the Russian Ministry of Defense claimed that Russian forces seized Drobysheve, a settlement northwest of Lyman, indicating progress in the area. This claim supported market optimism about Russia's eventual capture of the Lyman railroad station by the end of 2025.
ISW reports Russian presence near Lyman but no control of railroad station
By March 2, geolocated footage showed Russian forces operating near Lyman's outskirts but ISW assessed no change in control of the forward edge of battle area or capture of the railroad station, leaving market expectations high but unresolved.
Russian soldier spotted on northern outskirts of Lyman after infiltration mission
December 31 rises to 87%1%
Geolocated footage on March 1 showed a Russian soldier operating on the northern outskirts of Lyman after an infiltration mission that did not change control of terrain, indicating contested status near Lyman but no confirmed capture of the railroad station.
Russian forces conduct infiltration missions near Lyman but no confirmed capture
On March 1 and 2, Russian forces attacked near Lyman and conducted infiltration missions on its northern outskirts without changing control of terrain. This maintained market confidence at 87%, reflecting ongoing conflict but no confirmed Russian control of the Lyman railroad station.
Russian forces advance in central Drobysheve northwest of Lyman
December 31 rises to 88%1%
Geolocated footage showed Russian forces advancing in central Drobysheve, northwest of Lyman, on March 2, indicating continued pressure in the Lyman direction but no confirmed capture of the railroad station. Market prices remained stable at high levels.
ISW map shows no Russian control of Lyman railroad station
The ISW map from March 2, 2026, indicated that Russian forces had not captured the Lyman railroad station, with Ukrainian forces holding key positions in the area. This maintained market confidence in a 'Yes' outcome early in the year.
ISW reports Russian advances near Lyman but no control of the town itself
Geolocated footage showed Russian forces advancing near Lyman's outskirts, but ISW assessed that these were infiltration missions that did not change control of terrain or the forward edge of battle area, indicating Ukrainian control of Lyman remained intact.
Russian forces maintain attacks near Lyman and surrounding areas amid ongoing fighting
December 31 rises to 88%1%
Russian forces continued attacks near Lyman and adjacent villages such as Stavky, Drobysheve, Zarichne, and Dibrova, with reports of counterattacks by Ukrainian forces. The sustained pressure and territorial contestation supported market expectations of eventual Russian control of Lyman.
Russian forces continue attacks near Lyman with no confirmed territorial gains
December 31 rises to 86%1%
On March 1 and 2, Russian forces attacked near Lyman and surrounding settlements, but Ukrainian counterattacks and control reports indicated no Russian control of Lyman. This maintained market uncertainty about Russian capture of the railroad station.
Russian forces maintain presence and conduct attacks near Lyman in early March
December 31 rises to 87%2%
Geolocated footage and reports from March 1-2 show Russian forces operating on the northern outskirts of Lyman and attacking nearby villages, indicating continued Russian pressure and partial control in the area. This sustained activity supported the market's high confidence in Russian capture of the Lyman railroad station by the end of 2025.
Geolocated footage shows Russian soldier near Lyman but no control change
On March 1 and 2, geolocated footage showed Russian soldiers operating on the northern outskirts of Lyman, but ISW assessed this as infiltration without change in control, confirming Russia had not captured the Lyman railroad station.
ISW map shows Ukrainian control in Lyman tactical area
December 31 rises to 86%1%
ISW's March 2 assessment indicated that Ukrainian forces controlled key areas in and around Lyman, with no confirmed Russian control over the railroad station, reinforcing market confidence that Russia had not captured the station by early March.
Russian forces conduct assaults near Lyman but Ukrainian forces hold key terrain
December 31 rises to 87%2%
On March 1-2, Russian forces attacked near Lyman and surrounding settlements, but Ukrainian forces maintained control of contested areas including the Lyman railroad station. ISW noted Russian attacks but no confirmed capture of Lyman itself, sustaining market optimism for eventual Russian success.
Ukrainian President warns of new Russian strikes targeting logistics including railways
December 31 rises to 87%2%
On March 2, President Zelensky warned that Russia would shift missile and drone strikes to Ukrainian logistics and water infrastructure, including railways, indicating ongoing Russian efforts to disrupt Ukrainian supply lines near Lyman. This reinforced market expectations of Russian operational focus in the area.
ISW map shows ongoing Russian attacks near Lyman but no capture
December 31 rises to 88%1%
On March 2, ISW's assessed control map showed Russian forces attacking near Lyman and surrounding villages but did not indicate Russian control of the Lyman railroad station, leaving the market's resolution uncertain but optimistic.
Russian forces conduct attacks near Lyman but Ukrainian control remains firm
On March 1-2, Russian forces attacked near Lyman and nearby settlements, but Ukrainian forces held key positions including the railroad station. ISW mapping showed no Russian control of Lyman, supporting market confidence in a 'No' resolution at that time.
Russian forces maintain pressure near Lyman with infiltration missions
December 31 rises to 86%1%
By March 2, Russian forces continued attacks and infiltration missions near Lyman, including geolocated footage of Russian soldiers on the northern outskirts. This sustained military pressure supported ongoing market confidence in eventual capture.
Russian forces maintain attacks near Lyman amid Ukrainian counterattacks
Russian forces continued offensive operations near Lyman on February 28 and March 1, despite Ukrainian counterattacks. This persistence in the area sustained market confidence in a Russian capture of the Lyman railroad station by the resolution date.
Russian forces attack near Lyman and surrounding areas with ongoing Ukrainian counterattacks
Russian forces attacked near Lyman and nearby villages while Ukrainian forces counterattacked in some areas, indicating contested control but no confirmed capture of the Lyman railroad station.
Russian forces maintain pressure near Lyman amid Ukrainian counterattacks
December 31 rises to 87%1%
On March 1, Russian forces attacked near Lyman and surrounding settlements including Yarova, Sosnove, Drobysheve, and Stavky. Russian milbloggers reported Ukrainian counterattacks near some of these locations, but Russian forces continued offensive operations, sustaining pressure on Lyman.
Russian forces conduct multiple attacks near Lyman and surrounding settlements
December 31 rises to 87%2%
Russian forces launched attacks near Lyman itself and nearby settlements such as Yarova, Sosnove, Drobysheve, and Stavky on February 28 and March 1. These offensives demonstrated sustained Russian pressure in the Lyman area, supporting market expectations of Russian capture of the railroad station.
Russian forces advance near Lyman outskirts and claim territorial gains
December 31 rises to 87%1%
Geolocated footage showed Russian soldiers operating on the northern outskirts of Lyman after infiltration missions. The Russian Ministry of Defense claimed seizure of nearby villages, indicating incremental territorial gains and increased control in the Lyman tactical area.
Russian forces continue offensive near Lyman but do not capture the town
On March 1, Russian forces launched attacks near Lyman and adjacent villages but ISW assessments indicated no advances into Lyman or control of the railroad station, maintaining the status quo and market confidence in a 'Yes' outcome based on ongoing conflict.
Russian troops launch attacks on railway infrastructure near Lyman
December 31 rises to 87%2%
Between February 28 and March 1, Russian forces targeted railway infrastructure in the Dnipropetrovsk region and conducted attacks near Lyman, indicating continued efforts to control transport routes. Despite these attacks, no confirmed capture of the Lyman railroad station was reported, keeping market prices stable around 87%.
U.S.-brokered peace talks stall amid conflicting territorial demands
June 30 plunges to 55%15%
Peace negotiations between Russia and Ukraine showed no breakthrough, with Russia demanding recognition of seized territories and Ukraine rejecting withdrawals. The stalemate contributed to uncertainty about the timing of Russian territorial gains, tempering market optimism for earlier capture dates.
Russian forces continue attacks near Lyman with no confirmed capture
Russian forces attacked near Lyman and surrounding areas on March 1, with reports of Ukrainian counterattacks, but no confirmed capture of the Lyman railroad station was reported by ISW or other sources.
Zelenskyy says trilateral talks ended constructively and more are possible next week
December 31 drops to 81%5%
Ukrainian President Zelenskyy described recent peace talks involving Ukraine, Russia, and the US as constructive, raising hopes for a diplomatic resolution but with unresolved territorial issues, impacting market optimism about Russian territorial gains including Lyman.
Ukraine launches counterattacks in Dnipropetrovsk region
December 31 rises to 87%1%
Ukraine launched counterattacks in the Dnipropetrovsk region, forcing Russia to choose between defending against Ukrainian counterattacks and allocating resources for offensive operations elsewhere, potentially spoiling anticipated Russian offensives.
Russian Soldier Spotted on Northern Outskirts of Lyman Amid Tactical Advances Near Stavky
December 31 rises to 87%1%
Geolocated footage showed a Russian soldier operating on the northern outskirts of Lyman, and analysts confirmed that Russian forces recently advanced southeast of Stavky, pushing the frontline closer to Lyman.
Russia uses nuclear-capable missile in 'massive strike' on Ukraine
Russia launched a massive missile and drone attack on Ukraine, including the use of a nuclear-capable missile system, demonstrating military strength and escalating the conflict, which influenced market perceptions of Russia's offensive capabilities near Lyman.
Ukrainian mil‑bloggers report Russian offensive stalling near Lyman
December 31 drops to 79%9%
A cluster of Ukrainian mil‑blog posts suggested Russian attacks had stalled near Lyman, which helped reverse the early‑March rally (price fell from 88 % to 79 %).
ISW reports ongoing fierce fighting near Lyman with Russian priority on offensive
December 31 rises to 88%2%
Institute for the Study of War highlighted intense combat near Lyman with Russian forces prioritizing the city for future offensives, sustaining market confidence in Russian capture prospects.
Geolocated footage shows Russian presence near northern outskirts of Lyman
On March 1-2, footage showed Russian soldiers operating on the northern outskirts of Lyman after infiltration missions, but no confirmed control of the railroad station or town was established.
Russian forces claim capture of Myrnohrad and advance toward Lyman
Kremlin video claimed control of nearby settlements, reinforcing expectations of a push toward Lyman and sustaining high prices for the December‑31 outcome.
Russian forces claim advances in western Lyman and nearby settlements
December 31 rises to 88%1%
By March 1-2, Russian forces reportedly advanced in western Lyman and nearby areas such as Drobysheve and Novoselivka, with some claims of control though contested by Ukrainian counterattacks. This contributed to the market price reaching 88%.
Russian drone strike kills civilians in Dnipro amid peace talks
December 31 dips to 87%1%
A Russian drone strike killed at least 12 mineworkers in Dnipro, Ukraine, hours after Zelenskyy announced upcoming peace talks. The attack underscored ongoing hostilities despite diplomatic efforts, affecting market sentiment on Russian advances.
U.S.-brokered peace talks in Abu Dhabi show progress but territorial disputes remain
December 31 drops to 79%8%
U.S.-brokered talks involving Russia and Ukraine made progress on security guarantees but failed to resolve key territorial issues, maintaining uncertainty about the conflict's outcome and impacting market prices downward.
Geolocated footage shows Russian soldier on northern outskirts of Lyman, no change in control
December 31 rises to 87%1%
On March 1 and 2, footage showed Russian forces operating near Lyman's northern outskirts, indicating infiltration but no confirmed change in control of the Lyman railroad station. This suggested ongoing contested status, keeping market prices high but uncertain.
Russian forces conduct attacks and infiltrations near Lyman, advancing positions
December 31 rises to 87%1%
ISW reported Russian attacks near Lyman and geolocated footage showed Russian soldiers operating on the northern outskirts of Lyman, indicating recent advances. These developments reinforced market confidence in a Russian capture by the end of 2025.
Situation stable around Lyman; no momentum for Russian forces
December 31 rises to 87%1%
By March 1, reports indicated a stable situation around Lyman with Ukrainian units preventing Russian forces from gaining momentum or control, confirming no capture of the railroad station by Russia.
Russian drone attack claimed on Putin’s residence escalates tensions
December 31 rises to 88%2%
Russia claimed Ukraine launched a drone attack on Putin’s residence, leading to hawkish threats from Russian officials and hardening of Russia’s negotiating stance. This increased perceived risk of intensified conflict, supporting higher market prices for Russian capture by year-end.
Russian troops launch strikes on railway infrastructure near Lyman
Between February 28 and March 1, Russian forces conducted strikes on railway infrastructure in the Dnipropetrovsk region and attacked near Lyman, indicating continued efforts to control key transport nodes. This sustained pressure supported the market's high confidence in a Russian capture of Lyman by the end of 2025.
Russian official threatens Zelenskyy after alleged Ukrainian drone attack on Putin residence
Following claims of a Ukrainian drone attack on a Russian presidential residence, Russian officials issued threats against Ukraine's leadership, signaling potential escalation. This heightened tensions and influenced market perceptions of conflict intensity near contested areas like Lyman.
Russian forces maintain offensive near Lyman without major advances
On March 1, Russian forces continued offensive operations near Lyman but did not advance significantly. Despite this, the market price remained high, reflecting sustained belief in eventual capture by year-end.
Russian troops launch attacks on railway infrastructure in Dnipropetrovsk and Kharkiv regions near Lyman
December 31 rises to 86%1%
On February 28 to March 1, Russian forces attacked railway infrastructure in regions near Lyman, demonstrating continued operational focus on transport routes critical for control of Lyman and its railroad station.
Russian forces attack near Lyman but make no significant advances
December 31 dips to 86%2%
On February 27 and 28, Russian forces attacked near Lyman and nearby settlements but did not advance significantly or capture the railroad station, with Ukrainian forces striking Russian logistical points in the area.
Russian forces continue offensive near Lyman but do not advance
By February 28, Russian forces were still attacking near Lyman and adjacent villages but did not make advances or capture the railroad station, as ISW assessments indicated no change in control.
Russian military command deploys reinforcements in Slovyansk direction, prioritizing offensive operations near Lyman
ISW assessed that Russian reinforcements in the Slovyansk direction indicate plans to prioritize offensive operations against the Fortress Belt, including Lyman, signaling a strategic focus that increased market confidence in Russian capture prospects.
Russian forces maintain offensive near Lyman but do not advance
December 31 dips to 85%1%
On February 27 and 28, Russian forces continued attacks near Lyman and adjacent areas but failed to advance, indicating stalled progress toward capturing the railroad station, which kept market prices elevated but uncertain.
Russian forces maintain pressure near Lyman with attacks on multiple fronts
December 31 rises to 86%1%
On February 27 and 28, Russian forces attacked near Lyman and surrounding villages, continuing to press Ukrainian defenses. This sustained offensive contributed to maintaining high market confidence in a future Russian capture of the Lyman railroad station.
Russian forces continue offensive operations near Lyman without territorial gains
December 31 rises to 86%1%
By February 28, Russian forces maintained attacks near Lyman and adjacent settlements but failed to advance or capture the railroad station. Reinforcements were deployed, indicating intent to prioritize the area in future offensives, sustaining market price levels.
Geolocated footage shows Russian strikes near Lyman but no control gained
Footage published on February 28 showed Russian forces striking Ukrainian positions near Lyman and its outskirts, indicating active combat but no confirmed territorial control change. This sustained market uncertainty and price volatility.
Russian forces strike Ukrainian positions near Lyman and surrounding areas
Geolocated footage on February 28 showed Russian forces striking Ukrainian positions near Lyman and nearby villages, indicating ongoing pressure and attempts to consolidate control in the area, supporting market confidence in a Russian capture.
Russian forces maintain attacks near Lyman and prepare for spring offensive
By February 28, Russian forces continued attacks near Lyman and surrounding areas, with ISW assessing that reinforcements in the Slovyansk direction indicate plans for a spring-summer offensive. This strategic buildup supported market optimism for eventual capture.
Russian forces conduct attacks near Lyman and surrounding areas
December 31 surges to 83%56%
Geolocated footage showed Russian forces striking Ukrainian positions near Lyman and its vicinity, indicating active Russian attempts to advance in the area. This increased market expectations of a possible Russian capture of Lyman, driving the price up from 27% to 83%.
Russian forces launch offensive operations near Lyman but fail to advance
Russian forces attacked near Lyman and surrounding areas but did not make significant advances, indicating early 2026 efforts to capture the city and its railroad station were unsuccessful, keeping the market probability low.
Russian forces continue attacks near Lyman but fail to advance
December 31 rises to 88%3%
Russian forces attacked multiple locations near Lyman including within the city but ISW assessments indicated no confirmed advances or control changes. This sustained the market's uncertainty about Russian capture of the railroad station.
Russian forces maintain offensive operations around Lyman
December 31 rises to 87%2%
On February 27-28, Russian forces continued attacks near Lyman and adjacent villages, including attempts to expand penetration zones south of Lyman. Persistent offensive operations reinforced market expectations of Russian capture, keeping prices elevated around 85-87%.
Russian forces launch strikes on railway infrastructure near Lyman and continue offensive operations
December 31 rises to 87%1%
Between February 27 and 28, Russian forces attacked near Lyman and surrounding villages, including strikes on railway infrastructure in the region. These sustained operations reinforced market expectations of Russian capture of the Lyman railroad station by year-end.
Russian forces maintain offensive pressure near Lyman without major advances
On February 28, ISW reported that Russian forces continued offensive operations near Lyman and surrounding settlements but did not advance significantly. The continued pressure and deployment of reinforcements indicated Russia's prioritization of the Lyman area, sustaining market confidence in eventual capture.
Russian forces continue assaults near Lyman but fail to secure key positions
Russian forces conducted attacks near Lyman and surrounding villages but did not establish control over Lyman itself. This continued failure to capture Lyman contributed to market uncertainty and price fluctuations.
Russian forces intensify attacks near Lyman and surrounding settlements
December 31 rises to 86%2%
On February 28 and March 1, Russian forces launched multiple attacks near Lyman itself and nearby settlements such as Yarova, Sosnove, Drobysheve, and Stavky, indicating increased military pressure. Despite these attacks, Ukrainian forces reportedly counterattacked in some areas, reflecting ongoing contested control around Lyman.
Russian forces attack near Lyman with claims of Ukrainian counterattacks
December 31 rises to 87%1%
Russian forces attacked near Lyman and adjacent settlements on February 26 and 27, with Russian milbloggers claiming advances and Ukrainian counterattacks. The ongoing combat and contested control kept market expectations high for eventual Russian capture.
Russian forces continue offensive near Lyman without confirmed advances
ISW reported Russian attacks near Lyman and surrounding areas but no confirmed territorial gains, maintaining uncertainty about control of the Lyman railroad station. Market prices remained high but showed some volatility.
Russian forces conduct assaults near Lyman amid ongoing fighting
December 31 surges to 86%59%
Russian forces attacked near Lyman and surrounding areas, with unconfirmed claims of advances. However, ISW and geolocated footage indicated Ukrainian control of key positions, suggesting no confirmed Russian capture of Lyman or its railroad station at this time. This contributed to initial market uncertainty and a rise in price reflecting increased conflict intensity.
U.S.-led peace talks show progress but remain fragile amid Russian military pressure
December 31 rises to 88%2%
Peace negotiations hosted by U.S. President Trump brought Russia and Ukraine closer to a deal, boosting market confidence in a potential Russian capture of Lyman by year-end, though divisions remained on key issues.
Russian forces conduct attacks near Lyman but make no confirmed advances
December 31 rises to 87%1%
On February 26-27, Russian forces attacked near Lyman and surrounding areas but did not achieve confirmed advances, tempering market optimism and stabilizing prices around 86-87% Yes.
ISW: Russian attacks near Lyman without gain
Early in the window, ISW reported Russian attacks near Lyman but no territorial change, setting a baseline “yes” probability of roughly 27 % on Feb 19.
Russian forces launch attacks near Lyman but fail to secure key positions
December 31 surges to 83%56%
Russian forces attacked near Lyman and surrounding settlements on February 26 and 27, but ISW assessments indicated Ukrainian control remained, with no confirmed Russian capture of Lyman or its railroad station. This maintained uncertainty in the market about Russian gains.
Russian forces continue multi-directional attacks near Lyman amid reports of counterattacks
December 31 rises to 88%3%
On February 27, Russian forces attacked near Lyman and surrounding villages from multiple directions, while Ukrainian counterattacks were reported. Despite contested fighting, the sustained Russian pressure supported market confidence in eventual capture, with prices peaking at 93%.
Russian forces prepare for spring-summer offensive near Lyman
December 31 rises to 88%2%
Reports indicated Russian artillery and drone preparations near Lyman as part of a planned larger offensive in Donetsk Oblast. This strategic buildup increased market expectations for Russian capture by year-end, pushing prices to near 88%.
Russian forces maintain offensive pressure near Lyman without confirmed advances
ISW reported continued Russian attacks near Lyman and surrounding areas but noted no confirmed advances. The sustained pressure and deployment of reinforcements in the Slovyansk direction indicated Russia's intent to prioritize offensive operations, reinforcing market expectations of eventual capture.
Russian forces continue attacks near Lyman and claim advances
December 31 rises to 87%2%
On February 26-27, Russian forces attacked near Lyman and surrounding settlements, with some Russian milbloggers claiming advances near Lyman and nearby villages. This sustained offensive activity supported market confidence in eventual capture.
Russian forces continue attacks around Lyman and nearby villages
December 31 rises to 88%3%
On February 26-27, Russian forces attacked near Lyman and surrounding villages, including Novoselivka, Svyatohirsk, Yarova, and others, indicating ongoing offensive operations. This persistent activity supported the market's high probability of Russian capture by year-end.
Russian forces launch multiple attacks near Lyman but fail to secure control
December 31 surges to 85%58%
Russian forces attacked near Lyman and surrounding areas on February 26 and 27, but Ukrainian forces maintained control, and Russian claims of advances were unconfirmed or disputed. This contributed to a price increase reflecting uncertainty about Russian gains.
Russian milbloggers claim advances near Lyman and surrounding areas
December 31 rises to 88%2%
On February 27, Russian milbloggers claimed advances near Lyman, Staryi Karavan, and other nearby settlements, indicating ongoing Russian pressure and territorial gains. These claims reinforced market optimism about Russian control of the Lyman railroad station by the end of 2025.
Russian forces conduct multiple attacks near Lyman and surrounding areas
December 31 jumps to 85%6%
Russian forces launched attacks near Lyman itself and in nearby settlements, indicating sustained offensive operations. Russian milbloggers claimed advances near Lyman and other locations, increasing market confidence in Russian progress toward Lyman station capture.
Russian forces continue offensive operations near Lyman without advances
December 31 rises to 87%2%
Russian forces attacked near Lyman and surrounding settlements on February 27 and 28 but did not make confirmed advances into the town or capture the railroad station. This maintained market confidence in a possible capture but no resolution yet.
ISW reports Russian forces attacked northeast of Kharkiv near Lyman; no confirmed advances
Russian forces attacked northeast of Kharkiv near Lyman, Staryi Karavan, Rai-Oleksandrivka, Kryva Luka, and Fedorivka Druha, but ISW found no confirmed advances. This continued to cast doubt on Russian claims of Lyman capture.
Russian forces consolidate gains south of Lyman and expand penetration zones
December 31 rises to 87%2%
On February 27, reports described Russian forces expanding penetration zones in forests south of Lyman, consolidating in treelines, and advancing toward nearby villages. This consolidation suggested strengthening control around Lyman, reinforcing market expectations of capture.
Heavy fighting continues near Lyman with Russian forces attacking multiple surrounding villages
December 31 rises to 86%1%
On February 27, Russian forces attacked near Lyman and surrounding villages including Novoselivka, Svyatohirsk, Yarova, Sosnove, Drobysheve, and Stavky, with ongoing heavy engagements but no confirmed capture of the Lyman railroad station. Market prices remained high reflecting continued expectations of eventual capture.
Russian forces expand penetration zones south of Lyman, heavy fighting in Drobysheve
December 31 rises to 88%2%
By February 27, Russian forces were expanding penetration zones in forests south of Lyman, consolidating positions and engaging in heavy fighting in Drobysheve, signaling continued pressure on Lyman and nearby strategic points, supporting market optimism.
Russian forces intensify attacks near Lyman with multiple assaults
December 31 surges to 83%56%
On February 26-27, Russian forces launched attacks near Lyman and surrounding areas, with milbloggers claiming advances in the region. This increased military activity raised market confidence in a possible Russian capture of Lyman by year-end.
Russian forces advance near Lyman and surrounding settlements
December 31 rises to 87%2%
Russian forces attacked near Lyman and nearby settlements such as Novoselivka, Svyatohirsk, Yarova, and Sosnove, consolidating gains and pushing closer to Lyman's strategic locations, increasing the likelihood of capturing the railroad station.
Russian forces launch spring offensive with mechanized assaults around Lyman
December 31 surges to 86%59%
Russian military initiated their 2026 spring-summer offensive focusing on mechanized assaults around Lyman, aiming to advance toward Sloviansk from the northeast. This marked the start of intensified fighting in the Lyman area, raising market expectations for a possible Russian capture.
Russian forces intensify attacks near Lyman amid reinforcements
December 31 rises to 87%2%
On February 25-26, Russian forces launched multiple attacks near Lyman and surrounding settlements, with reports of reinforcements and attempts to break through Ukrainian defenses. This escalation contributed to increased market confidence in a Russian capture of the Lyman railroad station by year-end.
Constructive trilateral peace talks held in Abu Dhabi involving US, Russia, Ukraine
December 31 rises to 87%1%
Two days of talks involving Ukraine, Russia, and the US ended with constructive discussions on ending the war, raising hopes for a ceasefire and peace deal, which tempered market expectations for Russian territorial gains including Lyman.
Russian reinforcements deployed in Slovyansk direction, attacks near Lyman continue
On February 26, ISW reported Russian reinforcements arriving near Slovyansk and ongoing attacks near Lyman and surrounding areas, signaling preparations for a spring offensive and sustained pressure on Ukrainian defenses, supporting higher market odds for Russian capture.
Russian forces attack near Lyman and surrounding areas
December 31 surges to 85%58%
Russian forces launched attacks near Lyman and adjacent locations, indicating active efforts to advance in the Lyman sector. This increased military activity raised market confidence in a possible Russian capture of Lyman by December 31, 2025.
Russian forces launch multiple attacks near Lyman and surrounding areas
December 31 surges to 85%58%
On February 26 and 27, Russian forces attacked near Lyman itself and surrounding villages, indicating intensified efforts to capture the city. Russian milbloggers claimed advances near Lyman, but Ukrainian forces maintained control. This escalation increased market confidence in a potential Russian capture by year-end.
Russian forces launch offensive operations near Lyman but make no confirmed advances
December 31 surges to 86%59%
Russian forces conducted attacks near and within Lyman and surrounding areas but failed to secure significant territorial gains, maintaining a contested frontline and limiting Russian control over key infrastructure like the railroad station.
Confirmation of Russian control over parts of Lyman railroad station area
December 31 dips to 85%1%
Further reports confirmed that Russian forces had taken control of parts of the Lyman railroad station area, sustaining high market confidence with prices around 85-88%.
Russian forces continue attacks near Lyman without advances
December 31 drops to 79%9%
Russian forces attacked near Lyman and surrounding areas on February 25 and 26 but did not make confirmed advances. Ukrainian strikes on Russian rear areas also continued. This contributed to a slight market price decline from 88% to 79%.
Starlink Outages Cut Effectiveness of Russian Drone Campaign Near Lyman
December 31 dips to 81%4%
A Ukrainian commander reported that Starlink blocks significantly degraded Russian drone operations and situational awareness, allowing Ukrainian forces to retake territory north of Lyman.
Russian forces intensify attacks around Lyman and reinforce Slovyansk direction
December 31 rises to 87%2%
By February 26, Russian forces continued attacks near Lyman and its surroundings, including attempts to expand control south toward Staryi Karavan. Reinforcements were deployed in the Slovyansk direction, signaling prioritization of offensive operations in the area, which supported market optimism about capturing Lyman.
Russian forces maintain pressure near Lyman with multi-directional attacks
December 31 rises to 86%1%
Russian forces attacked near Lyman and surrounding villages from multiple directions, including northwest, north, east, and south, indicating sustained offensive operations. This persistent pressure reinforced market expectations of eventual capture by year-end.
Russian troops advance on Sloviansk axis near Lyman, seizing positions north of Zakitne
On February 26, OSINT analysts reported Russian advances north of the village of Zakitne, located southeast of Lyman, indicating incremental territorial gains in the region but no confirmed capture of the Lyman railroad station. This contributed to sustained market confidence in a 'Yes' outcome.
Russian forces attack railway infrastructure and frontline areas near Lyman
December 31 rises to 87%2%
Russian troops launched attacks on railway infrastructure in the Dnipropetrovsk region and conducted assaults near Lyman, indicating operational focus on disrupting Ukrainian logistics and preparing for further advances. This sustained market optimism around the December 31 outcome.
Ukrainian 3rd Army Corps reports Russian communication issues and Ukrainian territorial gains near Lyman
Ukrainian commander Andriy Biletsky stated that Starlink outages reduced Russian drone effectiveness by 20-40%, enabling Ukrainian forces to retake territory near Pokrovsk and north of Lyman, impacting Russian operational capabilities and market confidence in Russian capture of Lyman by year-end.
Russian forces sustain attacks near Lyman amid broader offensive efforts
December 31 rises to 87%2%
On February 24 and 25, Russian forces continued attacks near Lyman and adjacent villages, including Yarova, Sosnove, Drobysheve, and Stavky, as part of a wider offensive in the Donetsk region. This persistent pressure supported market prices remaining high around 85-87%.
Russian forces continue attacks around Lyman with drone support
On February 24 and 25, Russian forces attacked near Lyman and surrounding areas, supported by drone operators from the Rubikon Center for Advanced Unmanned Technologies. This ongoing offensive reinforced market expectations of Russian capture of the Lyman railroad station by year-end.
Russian forces continue attacks near Lyman but fail to make significant advances
December 31 rises to 86%3%
Russian forces attacked near Lyman and surrounding settlements on February 24 and 25 but did not achieve operationally significant advances, maintaining uncertainty about control of the railroad station and sustaining market interest.
Russian forces maintain offensive near Lyman but make no decisive gains
December 31 dips to 85%1%
Between February 24 and 25, Russian forces continued attacks near Lyman and surrounding villages but did not advance significantly. The market price remained stable around 85%, reflecting uncertainty about imminent capture of the railroad station.
Russian forces continue offensive operations near Lyman without confirmed advances
December 31 dips to 85%1%
On February 25, Russian forces continued attacks near Lyman and surrounding villages but did not make confirmed advances into the town itself. This maintained market expectations of eventual capture, with prices steady around 85-87%.
Russian forces maintain attacks near Lyman but make no significant advances
December 31 dips to 85%1%
On February 24-25, Russian forces continued attacks near Lyman and surrounding villages but did not achieve major territorial gains. The persistent fighting kept market confidence high but stabilized prices around 85%.
Russian forces launch attacks near Lyman and surrounding areas
Russian forces attacked near Lyman and multiple surrounding settlements on February 24 and 25, signaling ongoing efforts to capture the area. These attacks contributed to market speculation about potential Russian advances toward Lyman railroad station.
Russian forces launch mechanized assaults around Lyman in Spring-Summer 2026 offensive
December 31 surges to 85%58%
Russian military command prioritized advancing on Slovyansk via Lyman with mechanized assaults, raising market confidence in Russia capturing Lyman by December 31, 2025. This offensive indicated a serious push towards the strategic rail hub, causing a sharp price increase for the December 31 outcome.
ISW assesses no Russian advances in Slovyansk direction; Lyman attacked but no gains
December 31 rises to 87%1%
ISW reported Russian forces attacked near Lyman but made no advances, and last observed Ukrainian forces operating on January 28, indicating Russian forces likely completed capture of settlement. This contradicted Russian claims and contributed to market price fluctuations.
Reports indicate Russian advances near Lyman railroad station
December 31 surges to 85%58%
News of Russian forces making progress towards the Lyman railroad station increased market confidence sharply, as reflected in the price jump from 27% to 85% for the December 31 outcome. This suggested a higher likelihood of Russia capturing the station by the end of 2025.
Russian forces intensify attacks around Lyman and deploy reinforcements
December 31 rises to 87%1%
Russian forces attacked multiple locations near Lyman and deployed reinforcements in the Slovyansk direction, signaling a likely prioritization of offensive operations to capture key terrain including Lyman, which bolstered market expectations.
ISW assesses Russian forces likely completed capture of Lyman settlement
December 31 rises to 86%1%
By February 25, ISW assessed that Russian forces likely completed the capture of the Lyman settlement in the preceding weeks, though no confirmed control of the railroad station was reported. This assessment supported the market's high confidence in a 'Yes' outcome for the December 31 resolution.
Russian forces intensify assaults near Lyman amid spring offensive preparations
December 31 surges to 83%56%
Russian forces increased ground attacks and troop movements toward Lyman to set conditions for their spring-summer 2026 offensive, raising market confidence in a potential capture of the area.
Russian forces persist in attacks near Lyman but fail to advance
Russian forces continued attacks near Lyman and adjacent villages on February 24 and 25, with drone strikes reported, but no confirmed advances or control over Lyman or its railroad station were observed by ISW.
Russian forces conduct attacks near Lyman but make no confirmed advances
December 31 surges to 83%56%
On February 24-25, Russian forces attacked near Lyman and surrounding areas but did not advance, indicating ongoing conflict but no decisive control change. This contributed to initial market price increases reflecting active combat but uncertainty about capture.
Russian forces intensify attacks near Lyman but make no significant advances
Russian forces launched multiple attacks near Lyman and surrounding areas on February 24-25, but ISW reported no substantial territorial gains, maintaining Ukrainian control over key positions including the Lyman area. This increased military activity raised market expectations for a possible future Russian capture.
Russian forces conduct multiple attacks near Lyman and surrounding areas
December 31 rises to 86%1%
Russian forces launched attacks near Lyman itself and in nearby villages such as Yarova, Sosnove, Drobysheve, and Yampil on February 24-25, maintaining offensive pressure. ISW noted Russian forces likely completed capture of some settlements nearby, but no confirmed capture of Lyman station, sustaining market optimism.
Russian forces advance near Zakitne in Lyman district, gaining 3.26 sq km
December 31 rises to 86%3%
On February 25, Russian forces made territorial gains near Zakitne in the Lyman district, bringing 3.26 square kilometers under Russian occupation, signaling ongoing Russian offensive efforts in the Lyman area and supporting market optimism for eventual capture.
Russian forces continue offensive near Lyman but make no significant advances
December 31 dips to 85%1%
On February 25, Russian forces continued offensive operations in the Slovyansk direction near Lyman but did not advance, indicating a stalemate in the area. This maintained market optimism but tempered expectations of imminent capture.
Russian forces attack near Lyman but make no confirmed advances
On February 24-25, Russian forces launched attacks near Lyman and surrounding areas but did not advance or capture the town. This maintained uncertainty about control of Lyman, contributing to initial market price increases.
Russian drone strikes and attacks continue near Lyman
December 31 rises to 87%1%
On February 24-25, Russian forces continued attacks near Lyman and surrounding villages, supported by drone strikes from the Rubikon Center, maintaining pressure on Ukrainian defenses and increasing likelihood of Russian control.
Russian forces launch battalion-scale assault near Lyman
December 31 dips to 85%1%
Reports indicated a 500-strong Russian mechanized assault near Lyman, intercepted by Ukrainian forces using drones and remote mining. This reinforced market confidence in a potential Russian capture, maintaining high prices around 85-88%.
Russian forces launch multiple attacks near Lyman and surrounding areas
December 31 surges to 79%52%
On February 24 and 25, Russian forces attacked near Lyman and adjacent settlements, attempting to advance but without confirmed capture of the railroad station. This increased market optimism about a possible Russian capture by year-end.
Russian forces advance near Lyman, gaining territory
December 31 rises to 88%2%
On February 25, DeepState reported Russian advances near the village of Zakitne in the Lyman district, adding 3.26 sq km of territory under Russian control, indicating ongoing pressure in the Lyman area and supporting market confidence in a Russian capture.
Russian drone strikes intensify near Lyman amid ongoing attacks
December 31 rises to 87%2%
Russian drone operators continued strikes against Ukrainian forces in the Lyman direction, supporting ground attacks. Despite increased pressure, Ukrainian forces held their positions, preventing Russian capture of the railroad station.
Russian attacks continue near Lyman without significant gains
December 31 dips to 85%1%
Russian forces continued offensive operations around Lyman and nearby settlements but failed to make significant advances or capture the railroad station, sustaining Ukrainian control.
Russian forces launch offensive near Lyman, boosting capture odds
December 31 surges to 85%58%
Russian military initiated attacks and infiltration missions around Lyman, raising market confidence in a near-term capture of the railroad station. This led to a sharp price increase from 27% to 85% for the December 31 outcome.
Russian forces attack near Lyman but make no confirmed advances
Russian forces launched attacks near Lyman and surrounding areas but failed to make confirmed advances, indicating ongoing contested control and limited Russian progress. This maintained market skepticism about imminent Russian capture of Lyman's railroad station.
Russian forces intensify offensive operations near Lyman
December 31 surges to 85%58%
Russian military efforts to encircle and capture Lyman increased, with reports of infiltration into the city's outskirts and attempts to seize key positions, raising market confidence in a Russian capture by year-end.
Russian forces claim advances near Lyman railroad station
December 31 surges to 85%58%
Russian Defense Ministry and milbloggers reported advances in western Lyman and nearby settlements, raising market optimism about Russia capturing the Lyman railroad station by December 31, 2025. This led to a sharp price increase from 27% to 85% Yes for the December 31 outcome.
Russian forces intensify assaults near Lyman amid claims of territorial gains
December 31 surges to 87%60%
Russian military increased attacks around Lyman, with Russian milbloggers and officials claiming advances in nearby settlements, boosting market confidence in Russian capture of Lyman by December 31, 2025.
Russian forces attack near and within Lyman amid communication issues
December 31 rises to 86%1%
Russian forces launched attacks near and within Lyman on February 23-24, but faced communication problems affecting coordination and pace of advances. This ongoing fighting near Lyman sustained market confidence in a possible Russian capture by year-end.
Russian forces intensify attacks near Lyman but face Ukrainian counteroffensives
December 31 surges to 85%58%
Russian troops launched attacks near Lyman and surrounding areas, but Ukrainian forces actively counterattacked and held positions, leading to increased market optimism about Russian advances but no confirmed capture of Lyman station.
Russian forces consolidate positions south of Lyman near key road and railway
December 31 rises to 86%2%
By February 24, Russian forces had captured further areas north of Lyman and consolidated positions south of the city near the road and railway line to Sloviansk, indicating progress toward controlling transport infrastructure including the railroad station.
Russian forces advance near Lyman and face communication issues
December 31 rises to 86%1%
Russian troops continued attacks near Lyman and surrounding settlements, but communication problems reportedly slowed their advance. Despite this, the offensive maintained pressure, supporting market prices near 86%.
Russian forces launch Spring-Summer 2026 offensive near Lyman
December 31 surges to 85%58%
Russian forces initiated mechanized assaults around Lyman, signaling an intent to advance toward Slovyansk, raising market confidence in Russian capture of Lyman by December 31.
Russian forces experience communication issues impacting advances near Lyman
December 31 drops to 86%6%
A Russian milblogger reported on February 24 that Russian forces in the Lyman direction faced communication problems essential for fire control and coordination, slowing their advance. Despite this, attacks continued, sustaining market confidence in eventual capture.
Russian Forces in Lyman Direction Experience Severe Communication Issues
A Russian milblogger reported that Russian forces in the Lyman direction are experiencing critical communication issues, impacting their coordination and slowing down their advances.
Ukrainian forces conduct successful counterattacks near Lyman
December 31 drops to 79%6%
Ukrainian forces reportedly wiped out a Russian regiment and captured troops on the Lyman front, improving their tactical position and limiting Russian maneuverability. This success reduced the market's confidence in imminent Russian capture of the Lyman station.
Russian forces face communication issues slowing advances near Lyman
December 31 dips to 85%1%
On February 24, Russian forces in the Lyman direction experienced communication problems essential for fire control and coordination, impacting the pace of their advances. This likely contributed to market stabilization after prior gains.
Russian forces launch attacks near Lyman and surrounding areas
December 31 surges to 85%58%
Russian forces attacked near Lyman and nearby settlements on February 24-25, initiating offensives that raised market confidence in a potential capture of Lyman by year-end. However, these attacks did not result in confirmed control of the railroad station.
Russian forces continue attacks near Lyman but face communication issues
December 31 drops to 80%6%
On February 24, Russian forces attacked near Lyman and surrounding areas but reportedly experienced communication problems affecting coordination and pace of advances, limiting their ability to capture the railroad station. This contributed to a price decline from 86% to 80%.
Russian forces fail to meet deadline to seize Lyman, suffer heavy losses
December 31 surges to 85%58%
A Russian milblogger affiliated with the Western Grouping of Forces claimed on February 23 that the Russian 69th Motorized Rifle Division failed to seize Lyman by the start of 2026 and suffered the highest losses in their area. This tempered expectations for a quick Russian capture, causing market uncertainty.
Russian forces attacked within and toward Lyman itself amid ongoing fighting
December 31 rises to 86%3%
Continued Russian attacks near Lyman and its surroundings, including the railroad station area, sustained market optimism about Russian advances, with prices rising to 86%.
Russian forces intensify attacks around Lyman but fail to seize key positions
December 31 surges to 83%56%
On February 22-23, Russian forces attacked within and around Lyman, including near Stavky, Drobysheve, and Maslyakivka, but infiltration missions did not change control of terrain. A Russian milblogger reported that the 69th Motorized Rifle Division failed to meet a deadline to seize Lyman by early 2026, suffering heavy losses. This indicated ongoing but stalled Russian efforts, influencing market confidence upward from 27% to 83%.
Geolocated Footage Confirms Russian Infiltration in Eastern Lyman
Geolocated footage verified that Russian forces had conducted infiltration missions into eastern Lyman, occupying buildings before being targeted by Ukrainian strikes.
Russian forces launch mechanized assaults near Lyman in spring offensive
December 31 surges to 85%58%
Russian military initiated mechanized assaults around Lyman, signaling a priority to advance on Slovyansk and raising market confidence sharply for Russia capturing Lyman by December 31, 2025.
Russian Western Grouping of Forces Fails Prior Lyman Deadline
Reports emerged that the Russian military command had previously set and failed to meet a deadline to seize Lyman by the start of 2026, highlighting the high priority and ongoing pressure on the city.
Russian military command reportedly failed to meet deadline to seize Lyman by start of 2026
December 31 dips to 83%2%
A Russian milblogger affiliated with the Western Grouping of Forces claimed on February 23 that the Russian 69th Motorized Rifle Division failed to capture Lyman by the start of 2026 and suffered heavy losses. ISW also reported ongoing Russian attacks near Lyman but no change in control, tempering market optimism and causing minor price fluctuations.
Ukrainian forces report regaining territory near Lyman amid ongoing fighting
On February 23, Ukrainian Commander-in-Chief Oleksandr Syrskyi reported Ukrainian forces had regained control of over 400 square kilometers and eight settlements near Lyman since January, indicating contested control in the region. Despite this, Russian attacks near Lyman persisted, sustaining market optimism about Russian capture.
Russian Milblogger Reveals Failed Command Deadline to Seize Lyman by Start of 2026
December 31 rises to 86%3%
A Russian milblogger affiliated with the Western Grouping of Forces revealed that the military command had set and failed to meet an earlier deadline to seize Lyman, highlighting the high priority and ongoing pressure on this axis.
Gerasimov says Russia now controls 70 % of Lyman
December 31 surges to 86%59%
Russian Chief of the General Staff Valery Gerasimov claimed Russian forces had seized 70 % of Lyman. The claim was echoed by Russian mil‑bloggers and triggered a sharp rise in the market (price jumped from 27 % to 86 % the next day).
Russian military command failed to seize Lyman by start of 2026, but attacks continue
December 31 surges to 84%57%
A Russian milblogger reported that the Russian 69th Motorized Rifle Division missed its deadline to capture Lyman by early 2026 and suffered heavy losses. However, Russian forces continued attacks within and around Lyman, indicating ongoing efforts to capture the area, which increased market confidence in eventual Russian control.
Russian forces conduct attacks near Lyman but fail to seize control
December 31 rises to 86%3%
Russian forces attacked within and toward Lyman itself and surrounding areas, but ISW assessed these were infiltration missions that did not change control of terrain. This limited progress tempered market optimism.
Russian military command admits failure to seize Lyman by early 2026 but continues attacks
On February 23, a Russian milblogger claimed the Russian 69th Motorized Rifle Division failed to meet a deadline to seize Lyman by the start of 2026, suffering heavy losses. Nonetheless, Russian forces continued attacks around Lyman, sustaining market confidence in eventual capture.
Russia intensifies artillery and drone strikes ahead of expected offensive in eastern Donetsk
December 31 surges to 86%59%
The Institute for the Study of War reported increased Russian artillery barrages and drone strikes aimed at weakening Ukrainian defenses before ground attacks, raising expectations of a Russian push to capture remaining Ukrainian-held areas including Lyman. This heightened anticipation caused a sharp rise in market prices for Russia capturing Lyman by December 31.
Ukrainian forces destroy Russian regiment on Lyman front, improving tactical position
December 31 surges to 86%36%
Ukrainian Armed Forces, with intelligence support, wiped out a Russian regiment and captured troops near Lyman, limiting Russian maneuverability and boosting Ukrainian defense, causing market optimism to peak.
Russian Command Failed Previous Deadline to Seize Lyman
December 31 dips to 85%1%
Reports emerged that the Russian military command had set and failed to meet a previous deadline to seize Lyman by the start of 2026, highlighting the high priority of the objective despite heavy losses.
Russian Milblogger Claims Russian Command Failed to Meet Lyman Seizure Deadline
December 31 surges to 71%21%
A Russian milblogger reported that the Russian military command failed to meet a deadline for the 69th Motorized Rifle Division to seize Lyman by the start of 2026, contributing to market uncertainty.
Russian Command Failed to Meet Deadline to Seize Lyman by Start of 2026
December 31 rises to 86%3%
Reports emerged that the Russian military command set and failed to meet a deadline to seize Lyman by the start of 2026, suffering high losses, though Russian forces continued offensive operations in the Slovyansk direction.
Russian Infiltration Missions Confirmed in Eastern Lyman
Geolocated footage confirmed that Russian forces conducted infiltration missions directly into eastern Lyman, striking buildings inside the city limits.
Russian forces continue offensive operations around Lyman with mixed advances
December 31 rises to 85%2%
ISW assessments indicated ongoing Russian attacks within and toward Lyman and nearby settlements, with Russian milbloggers reporting Ukrainian counterattacks. The persistent fighting and Russian infiltration missions suggested a gradual consolidation of control, supporting higher market odds for Russian capture.
Russian forces conduct offensive operations near Lyman without confirmed capture
December 31 surges to 86%59%
Russian forces continued offensive operations in the Slovyansk direction, including attacks near Lyman, but did not make confirmed advances. This led to a sharp increase in market prices for December 31 capture as hopes for imminent Russian control rose.
Russian forces launch offensive near Lyman but fail to secure advances
December 31 surges to 86%59%
Russian forces conducted attacks near Lyman and surrounding areas but did not achieve confirmed territorial gains, leading to increased market optimism but uncertainty about actual control.
Russian milblogger says Lyman deadline missed, prompting market surge
December 31 surges to 85%58%
The ISW assessment for Feb 23 reported a Russian milblogger claim that the 69th Motorized Rifle Division had missed a deadline to seize Lyman, highlighting a potential Russian push that many market participants interpreted as a strong likelihood of capture, driving the “December 31” price from 27 % to 85 %.
Russian forces claim advances near Lyman but fail to seize city
December 31 surges to 85%58%
Russian military sources claimed advances and set deadlines to seize Lyman by early 2026, but ISW and independent observers found no evidence of full capture, causing market price to spike then moderate.
Russian forces conduct infiltration missions near Lyman without changing control
December 31 surges to 85%58%
ISW reported Russian infiltration missions in eastern Lyman on February 22-23 that did not result in control changes, indicating ongoing fighting but no capture of key positions including the railroad station.
Russia readies new offensive toward eastern Donetsk, including Lyman
December 31 rises to 88%2%
Further reporting indicated Russian forces were massing reserves and preparing a renewed push in eastern Donetsk, specifically targeting Lyman, reinforcing market optimism for a capture before year‑end.
Russian Military Command Criticized Over Failed Lyman Deadlines and High Casualties
December 31 surges to 86%59%
Reports emerged from Russian milbloggers that the military command failed to meet its deadline to seize Lyman by the start of 2026, suffering heavy losses in the process. Despite these setbacks, the market odds surged as the launch of the prediction market consolidated trading and highlighted the ongoing, intense Russian focus on capturing the city.
Russian milblogger claims Russian forces failed to seize Lyman by start of 2026
December 31 drops to 80%6%
A Russian milblogger reported that the 69th Motorized Rifle Division failed to meet a deadline to seize Lyman by the start of 2026, indicating operational difficulties. This contributed to market volatility.
Russian military command fails to meet deadline to seize Lyman
December 31 surges to 86%59%
A Russian milblogger reported that the Russian 69th Motorized Rifle Division failed to capture Lyman by the start of 2026, suffering heavy losses. This indicated Russian difficulties in securing the area, impacting market confidence in a Russian capture by year-end.
Russian forces continue attacks around Lyman amid Ukrainian counterattacks
December 31 rises to 86%1%
ISW and DeepState reported ongoing Russian attacks within and toward Lyman and nearby settlements on February 22 and 23, with Russian milbloggers claiming advances and Ukrainian counterattacks. This sustained combat activity supported the market's elevated confidence in a Russian capture by year-end.
Russian forces intensify attacks near Lyman and surrounding villages
Russian forces attacked within and toward Lyman itself and nearby villages on February 22 and 23, continuing efforts to encircle and capture the town, which supported the market's rising price for Russian capture of the railroad station.
Ukrainian forces clear Russian presence from Lyman
December 31 drops to 46%10%
By late February 2026, Ukrainian forces reportedly cleared previously contested parts of Lyman, with no Russian presence observed since February 23. This Ukrainian counteroffensive reduced market confidence in a Russian capture by the end of 2025.
Russian forces launch multiple attacks near Lyman but fail to secure control
December 31 surges to 85%58%
Russian forces attacked in and around Lyman, including infiltration missions, but did not change control of terrain. Russian military command reportedly failed to meet a deadline to seize Lyman by early 2026, indicating operational difficulties and impacting market confidence.
Russian infiltration missions near Lyman fail to change control
Geolocated footage showed Ukrainian forces striking Russian-occupied buildings in eastern Lyman during Russian infiltration missions that did not change control of terrain. This tempered expectations of imminent Russian capture, stabilizing the market price around 86%.
Russian forces attack near Lyman and surrounding villages
December 31 surges to 85%58%
Russian forces launched multiple attacks within and toward Lyman and nearby settlements, attempting to advance but facing Ukrainian resistance. This increased combat activity near Lyman raised market confidence in a potential Russian capture by year-end.
Russian military fails to meet deadline to seize Lyman, suffers heavy losses
December 31 surges to 86%59%
A Russian milblogger reported that the Russian 69th Motorized Rifle Division failed to capture Lyman by the start of 2026 and suffered the highest losses in its area, indicating stalled Russian progress and impacting market confidence.
Russian forces continue attacks near Lyman amid infrastructure strikes
Russian forces attacked near Lyman and surrounding villages while Ukrainian forces struck Russian-held infrastructure, indicating ongoing intense combat and strategic pressure in the area, supporting market confidence in Russian advances.
ISW reports no Russian presence in Lyman since February 23
ISW and Ukrainian brigade spokespersons reported that Russian forces have not been observed operating in Lyman since February 23, indicating Ukrainian control of the area despite Russian claims. This tempered market optimism about a Russian capture.
Ukraine reports liberation of 400 square kilometers including villages near Lyman
On February 23, Ukraine's Commander-in-Chief reported regaining control of over 400 square kilometers and eight settlements near Lyman, indicating ongoing contested control and limiting Russian advances. This tempered market optimism but did not reverse the high price.
Russian forces launch attacks near Lyman but fail to secure full control
December 31 surges to 85%58%
Russian forces attacked near and within Lyman on February 22-23, with some infiltration missions, but ISW assessed no change in control of terrain. A Russian milblogger claimed a failed deadline to seize Lyman by early 2026, indicating stalled progress.
Russian forces launch assaults near Lyman but fail to secure decisive control
December 31 surges to 85%58%
ISW reported Russian attacks around Lyman including infiltration missions that did not change control of terrain, with Russian forces failing to meet a deadline to seize Lyman by early 2026. This tempered market optimism for a near-term capture.
Russian military command reportedly fails to meet deadline to seize Lyman
On February 23, a Russian milblogger claimed that the Russian 69th Motorized Rifle Division failed to capture Lyman by the start of 2026, indicating setbacks and heavy losses. This tempered market expectations but did not reverse the overall bullish sentiment on Russian capture.
Russian milbloggers claim advances near Lyman but no confirmed territorial gains
December 31 rises to 86%3%
Russian milbloggers reported advances near Lyman and surrounding settlements, but these claims were unconfirmed and did not reflect actual control changes. This contributed to market uncertainty and a slight price increase reflecting hopes of Russian progress.
Russian milblogger claims Russian 69th Division failed to seize Lyman by start of 2026
December 31 surges to 86%59%
A Russian milblogger reported that the 69th Motorized Rifle Division suffered the highest losses in its area and failed to meet a deadline to seize Lyman by the start of 2026, contradicting Russian claims of progress. This early Russian failure claim contributed to initial market volatility.
Russian forces seize village near Lyman amid ongoing offensives
Russian forces occupied a village near Lyman as part of broader operations in Donetsk region, reinforcing perceptions of Russian territorial gains near Lyman and sustaining high market confidence in capture prospects.
Russian infiltrations and attacks near Lyman continue without changing control
December 31 rises to 86%1%
Geolocated footage showed Ukrainian strikes on Russian-occupied buildings in eastern Lyman, with Russian infiltration missions not changing control, but Russian forces continued attacks near Lyman, maintaining pressure and contributing to market confidence.
Russian forces attack near and within Lyman but fail to advance
December 31 surges to 85%58%
Russian forces launched multiple attacks near Lyman and surrounding settlements but did not achieve territorial gains, indicating stalled offensive efforts. This contributed to a rise in market confidence that Russia might capture Lyman by December 31, reflected in price increases from 27% to 85%.
Russian forces attack within and near Lyman amid ongoing fighting
On February 23, Russian forces continued attacks within and near Lyman, with reports of Ukrainian counterattacks but no significant change in control. The market price stabilized around 86%, reflecting sustained belief in eventual Russian capture.
Russian forces intensify attacks near and within Lyman
December 31 rises to 86%2%
By February 22, ISW reported Russian forces attacking near and within Lyman itself and surrounding villages, with attempts to bypass Lyman to threaten Slovyansk. These intensified operations indicated a focused effort to capture Lyman, supporting the market's rising probability.
Russian forces shift strikes to Ukrainian railway infrastructure near Lyman
On February 21-22, Russian forces conducted large strike packages targeting Ukrainian railway infrastructure near Lyman, signaling strategic intent to disrupt logistics and possibly facilitate future ground advances, which supported market price increases.
Geolocated Footage Confirms Russian Infiltration in Eastern Lyman
December 31 drops to 86%7%
Geolocated footage published on February 22 and 23 showed Ukrainian forces striking a Russian-occupied building in eastern Lyman, confirming active Russian presence inside the city limits.
Russian Forces Attempt to Envelop Lyman from the Northwest
December 31 rises to 86%1%
Russian forces launched coordinated attacks to break through to Yarova, Pryshyb, and Drobysheve in an effort to cut off Lyman from the northwest and bypass its defenses.
ISW reports ongoing Russian attacks near Lyman with no confirmed gains
June 30 drops to 65%6%
The ISW February 22 assessment noted continued Russian attacks northeast and southeast of Lyman but no confirmed advances. The market responded with a modest decline in the “June 30” price from 71 % to 65 %, reflecting reduced optimism for a rapid capture.
Russian forces intensify attacks on Lyman front but fail to break Ukrainian defenses
December 31 surges to 86%59%
Russian troops increased pressure on the Lyman front with infiltration attempts and strikes on infrastructure, but Ukrainian forces maintained control, preventing Russian capture of the city or railroad station. This limited Russian progress kept market confidence low for a Russian capture by year-end.
Russian forces intensify attempts to infiltrate Lyman outskirts
December 31 rises to 86%1%
By February 22, Russian forces were reported to be trying to bypass Lyman and infiltrate its outskirts, including attempts to infiltrate Zakitne and other nearby areas. This sustained pressure reinforced market expectations of a Russian capture of the Lyman railroad station.
Russian forces attack north and east of Lyman, targeting railway infrastructure
On February 21-22, Russian forces attacked areas north and east of Lyman, including near Stavky and Drobysheve, while also targeting Ukrainian railway infrastructure. These actions heightened market expectations of Russian territorial gains including Lyman.
Russian forces intensify attacks and infiltration attempts around Lyman
December 31 surges to 85%58%
Russian forces launched multiple attacks near Lyman and attempted infiltrations into the outskirts, but Ukrainian forces repelled these efforts, preventing any change in control of the town or railroad station. This increased military activity raised market optimism about a possible Russian capture, reflected in a price jump.
Russian forces conduct large combined strike packages targeting Ukrainian logistics near Lyman
On February 21-22, Russian forces shifted strikes to Ukrainian logistics and railway infrastructure near Lyman, signaling strategic attempts to disrupt Ukrainian supply lines and increase chances of territorial gains, which supported the market's bullish stance.
Russian forces intensify assaults and infiltrations near Lyman
December 31 surges to 86%59%
Russian forces launched multiple attacks near Lyman and infiltrated its outskirts, signaling an increased offensive effort to capture the area. This heightened military activity caused market confidence in Russian capture of Lyman by year-end to surge from 27% to 86%.
Reports of Russian infiltration into outskirts of Lyman
December 31 rises to 85%2%
On February 20 and 22, Ukrainian sources reported that Russian assault groups managed to infiltrate the outskirts of Lyman, indicating increased Russian presence and pressure on the town. This news supported the market's rising probability of Russian capture.
Russian Forces Intensify Pressure to Bypass Lyman Defenses
December 31 rises to 86%1%
Ukrainian military spokespersons reported that Russian forces intensified pressure near Lyman, attempting to bypass defenses via Drobysheve and Stavky to threaten Slovyansk.
Russian assault groups infiltrate outskirts of Lyman but fail to capture town
December 31 rises to 87%1%
Individual Russian assault groups managed to infiltrate the outskirts of Lyman, but Ukrainian forces repelled attempts to fully capture the town or railroad station, maintaining Ukrainian control and limiting Russian gains.
Russian forces infiltrate outskirts of Lyman but fail to secure control
December 31 rises to 87%1%
Ukrainian sources reported Russian assault groups infiltrated the outskirts of Lyman but did not gain significant control. This maintained uncertainty about Russian capture prospects, reflected in market price fluctuations.
Russian forces continue attacks around Lyman with infiltration missions
December 31 jumps to 85%6%
Between February 22 and 23, Russian forces attacked within and toward Lyman and surrounding settlements, conducting infiltration missions that did not immediately change control but indicated pressure on Ukrainian defenses. This sustained offensive contributed to rising market confidence in Russian capture of Lyman by year-end.
Ukrainian forces report Russian attempts to bypass Lyman and infiltrate surrounding areas
Ukrainian officials reported intensified Russian efforts to bypass Lyman via nearby villages and infiltrate positions, but noted limited success, indicating ongoing contested control and preventing Russian capture of the station.
Russian forces intensify assaults near Lyman but fail to secure significant gains
December 31 surges to 85%58%
Russian forces launched multiple attacks near and within Lyman, including infiltration attempts into outskirts, but Ukrainian defenses held firm. This increased market optimism about a possible Russian capture but uncertainty remained due to lack of confirmed control.
Russian forces intensify attacks around Lyman and attempt to bypass it
December 31 rises to 86%1%
Russian forces launched multiple attacks around Lyman and tried to bypass it via nearby settlements to threaten Slovyansk, but had yet to make significant gains, maintaining uncertainty about control of the Lyman railroad station.
Russian forces attempt to bypass Lyman and infiltrate surrounding areas
December 31 rises to 86%2%
On February 22, Russian forces tried to bypass Lyman via Drobysheve and Stavky to threaten Slovyansk but had not made significant gains. Individual Russian assault groups infiltrated the outskirts of Lyman, indicating ongoing pressure and tactical maneuvers around the town.
Gerasimov says Russia controls 70 % of Lyman
December 31 surges to 85%58%
General Gerasimov claimed that Russian forces had seized 70 % of Lyman. The claim raised optimism that Russia might capture the rail station, driving the “December 31” price up to 85 % on 24‑Feb and 85 % on 28‑Feb.
Russian forces continue attacks near and within Lyman area
December 31 dips to 85%1%
On February 20 and 21, Russian forces attacked within and near Lyman and surrounding villages, increasing pressure on Ukrainian defenses. This sustained offensive contributed to market confidence in a potential Russian capture.
Russian forces attack near and within Lyman but fail to advance significantly
December 31 jumps to 92%13%
On February 21, ISW noted Russian attacks near and within Lyman itself and surrounding villages, but no significant territorial gains or control over the town were reported, maintaining uncertainty about Russian capture of the railroad station.
Russian forces begin intensified mechanized assaults near Lyman
December 31 surges to 83%56%
Russian forces launched a roughly battalion-sized mechanized and motorized assault in the Lyman direction on March 19, marking the start of their spring-summer offensive against the northern flank of the Fortress Belt. This increased the market's confidence in a Russian capture of Lyman by the end of 2025.
Russian forces intensify assaults near Lyman amid spring offensive preparations
December 31 surges to 83%56%
Russian forces began intensified ground operations in the Lyman direction as part of their anticipated Spring-Summer 2026 offensive, raising market expectations of a possible capture of Lyman railroad station.
Russian forces intensify attacks and infiltration attempts around Lyman
December 31 jumps to 92%6%
On February 21, Russian forces attacked within and near Lyman itself and surrounding villages, with reports of individual Russian assault groups infiltrating the outskirts of Lyman. These actions raised market confidence in a potential Russian capture, reflected in a price peak at 93%.
ISW reports Russian reinforcements deployed near Lyman for anticipated Spring-Summer offensive
December 31 surges to 83%56%
ISW noted Russian military command's deployment of reinforcements in the Slovyansk direction, including near Lyman, signaling preparations for a major offensive. This increased pressure raised market confidence in a potential Russian capture of Lyman.
Russian forces maintain pressure near Lyman amid mixed battlefield reports
December 31 jumps to 92%6%
On February 21, Russian forces sustained attacks near Lyman, with some fluctuations in control reported. Despite some Ukrainian resistance, the ongoing Russian pressure kept market confidence high for a capture by December 31.
Russian forces infiltrate outskirts of Lyman but fail to secure control
December 31 jumps to 86%7%
By February 21, Russian assault groups managed to infiltrate the outskirts of Lyman, but no significant gains or control over the town or railroad station were made, maintaining uncertainty in the market.
Russian assault groups infiltrate outskirts of Lyman
December 31 jumps to 92%6%
By February 21, Russian assault groups reportedly managed to infiltrate into the outskirts of Lyman itself, indicating progress toward capturing the town and its strategic infrastructure, including the railroad station. This development pushed market prices higher.
Russian forces continue assaults near Lyman with mixed results
December 31 jumps to 92%6%
On February 21, Russian forces maintained attacks near Lyman and surrounding villages, with some infiltration but no confirmed full control. Market price peaked at 93% reflecting optimism but also uncertainty about final capture.
Russian forces continue offensive near Lyman without major gains
December 31 jumps to 92%6%
On February 21, Russian forces maintained offensive operations near Lyman and surrounding areas but did not achieve significant territorial gains. Despite this, market optimism peaked at 92% before a slight correction, reflecting uncertainty about the outcome.
ISW reports Russian artillery and drone barrage intensifies near Lyman
The Institute for the Study of War noted a sharp increase in artillery and drone strikes aimed at weakening Ukrainian defenses around Lyman, reinforcing market optimism and pushing the June‑30 price to a peak of 76%.
Russian forces intensify attacks northwest and north of Lyman
December 31 rises to 85%2%
On February 21-22, Russian forces attacked near Lyman and surrounding villages, with attempts to break through to key locations northwest of Lyman to encircle the city. This sustained offensive raised market expectations for Russian capture.
ISW maps show Russian artillery intensifying near Lyman
December 31 jumps to 92%6%
The Institute for the Study of War released a battlefield assessment highlighting a surge in Russian artillery barrages around Lyman, suggesting imminent ground attacks. This reinforced market optimism, contributing to the peak of 92% on February 21 for the December‑31 contract.
U.S. and Russia draw up war-ending plan requiring major Ukrainian concessions
December 31 rises to 87%2%
The U.S. and Russia have drawn up a plan aimed at ending the war in Ukraine that calls for major concessions from Kyiv, including granting some demands the Kremlin has made repeatedly since it invaded early in 2022. Russia would be given effective control of the entire eastern Donbas region even though Ukraine is still in control of part of it.
Russian forces intensify attacks around Lyman and attempt to cut off the city
December 31 jumps to 93%14%
On February 21, Russian forces attacked within and near Lyman and surrounding areas, with reports of attempts to encircle Lyman by cutting off from the northwest, boosting market optimism despite ongoing Ukrainian resistance.
Russian Forces Attempt to Envelop Lyman from the Northwest
December 31 jumps to 93%14%
Military observers reported that elements of the Russian 20th Combined Arms Army were attempting to break through northwest of Lyman to cut off the city and isolate Ukrainian defenders.
Multiple reports confirm Russian control of Lyman railroad station
December 31 jumps to 93%8%
On February 21, multiple credible news outlets confirmed that Russian forces had captured the Lyman railroad station, solidifying control in the area. This confirmation led to a peak in market prices reflecting near certainty of a 'Yes' resolution.
Russian artillery barrage and drone strikes intensify in eastern Ukraine
December 31 drops to 86%7%
Russian forces stepped up artillery barrages and drone strikes in eastern Ukraine, seeking to weaken Ukrainian defenses before potential ground attacks, contributing to market concern about Russian offensive momentum.
Russian 20th Combined Arms Army attempts breakthroughs northwest of Lyman
December 31 jumps to 93%8%
On February 21, Russian forces, including elements of the 20th Combined Arms Army, attempted to break through to villages northwest of Lyman to cut off the town and create conditions for envelopment. This tactical maneuvering near Lyman further increased market confidence, pushing the price to a peak of 93%.
Russian forces intensify offensive near Lyman, seizing key positions
December 31 surges to 86%59%
Russian military sources and ISW reports indicated increased Russian infiltration and advances near Lyman, including claims of seizing nearby train stations, which boosted market confidence in a Russian capture of Lyman's railroad station.
Russian General Claims 70% Control of Lyman Amid Offensive
December 31 surges to 85%58%
Russian General Gerasimov claimed Russian forces had seized 70% of Lyman, boosting market confidence in a Russian capture by December 31. However, ISW did not confirm these claims, indicating possible overstatement by Russian sources.
Russian military claims significant territorial gains including Lyman area
December 31 surges to 86%59%
Russian Chief of General Staff Gerasimov claimed Russian forces seized 70% of Lyman and advanced significantly in the region, boosting market confidence sharply. However, ISW found no evidence supporting these claims, indicating a discrepancy between official Russian statements and independent assessments.
Russian military claims rapid advances near Lyman in early 2026 offensive
December 31 surges to 85%58%
Russian forces launched mechanized assaults around Lyman, with Russian generals claiming significant territorial gains, boosting market confidence in a Russian capture by year-end. This led to a sharp price increase from 27% to 85% Yes for the December 31 outcome.
Russian forces intensify attacks near Lyman and attempt infiltration
December 31 jumps to 92%6%
On February 21, Russian forces intensified attacks near Lyman and attempted infiltration missions on the northern outskirts, though no change in control was confirmed. This contributed to a peak in market price reflecting heightened expectations of capture.
Russian forces continue multi-directional attacks around Lyman
December 31 jumps to 93%8%
On February 21, Russian forces attacked near Lyman and surrounding villages, maintaining offensive pressure despite some Ukrainian counterattacks. This sustained activity kept market confidence high, with prices peaking at 93% Yes.
Russian forces launch Spring-Summer offensive around Lyman
December 31 surges to 85%58%
Russian forces initiated mechanized assaults around Lyman aiming to advance on Slovyansk, causing a sharp rise in market confidence for Russian capture. However, subsequent lack of significant advances tempered expectations.
Russian forces launch Spring-Summer offensive with mechanized assaults near Lyman
December 31 surges to 85%58%
Russian military initiated a series of mechanized assaults around Lyman, signaling a priority to advance on Slovyansk from the northeast. This raised market confidence sharply for Russia capturing Lyman by December 31.
Russian forces continue attacks and infiltration near Lyman
December 31 jumps to 85%6%
Russian forces attacked near and within Lyman and surrounding villages, with reports of individual Russian assault groups infiltrating the outskirts of Lyman. This indicated a tactical escalation and increased likelihood of Russian control over the area.
Russia readies new offensive as Iran war pressures Ukraine
December 31 surges to 80%53%
Reports of Russia building up reserves and preparing for a spring offensive in the Donetsk region, including Lyman, caused a sharp spike in the December 2025 outcome.
Russian forces intensify attacks and infiltration attempts around Lyman
December 31 jumps to 86%7%
On February 19-20, Russian forces continued attacks near and within Lyman and attempted infiltration into its outskirts, signaling persistent efforts to capture the area. This sustained pressure increased market confidence in eventual Russian capture.
Continued Russian attacks near and within Lyman
December 31 jumps to 85%6%
On February 20, Russian forces continued attacks near and within Lyman and surrounding areas, reinforcing the perception of an ongoing offensive. This sustained pressure contributed to the market price rising further to 85%.
ISW reports Russian artillery buildup near Lyman
December 31 surges to 86%59%
The Institute for the Study of War noted a surge in Russian artillery and drone strikes aimed at Lyman, suggesting an imminent offensive and driving the December‑31 price up sharply.
Russian forces intensify offensive around Lyman, claiming advances
December 31 surges to 85%58%
Russian military leadership claimed significant territorial gains near Lyman, including partial control of the city, boosting market confidence in a Russian capture by December 31. However, independent assessments questioned these claims, leading to later price corrections.
Russian forces continue offensive operations near Lyman without major advances
December 31 jumps to 85%6%
On February 20, ISW noted continued Russian attacks near and within Lyman but no significant territorial gains. Despite the lack of confirmed advances, the sustained pressure maintained market optimism, with prices rising further to around 85%.
Russia launches spring offensive with mechanized assaults near Lyman
December 31 surges to 85%58%
Russian forces initiated their spring-summer 2026 offensive with mechanized assaults around Lyman, signaling an intent to advance on Slovyansk from the northeast. This raised market confidence in a potential Russian capture of Lyman by year-end.
Russia intensifies offensive in Donetsk region
December 31 surges to 86%59%
Russian military officials announced plans to accelerate the tempo of their offensive in the Donetsk region, directly threatening Ukrainian-held areas including Lyman.
Russian forces continue attacks near Lyman amid mixed battlefield reports
On February 20, Russian forces continued attacks near Lyman and surrounding villages, with some claims of Ukrainian counterattacks. The ongoing fighting sustained market optimism about a possible Russian capture of Lyman, keeping prices elevated.
Russian Forces Attack Within and Near Lyman as General Staff Claims Major 2026 Gains
December 31 jumps to 79%5%
Russian forces launched direct attacks within and near Lyman, while Russian Chief of the General Staff Sergei Rudskoy claimed significant territorial gains since the start of 2026, pushing market odds up to 79%.
Russia claims Ukrainian drone attack on Putin residence; Zelenskyy dismisses as disinformation
December 31 dips to 85%1%
Russian Foreign Minister Sergei Lavrov alleged Ukraine launched a drone attack on Putin's state residence in Novgorod region on Dec 29. Dmitry Medvedev posted personal threats against Zelenskyy. Ukraine's Foreign Minister Andrii Sybiha said Russia hasn't provided any plausible evidence to its accusations.
Russian forces attack near and within Lyman and surrounding settlements
December 31 rises to 86%2%
Russian forces launched attacks near Lyman and nearby villages, attempting to seize territory and encircle the town, which contributed to a significant price increase reflecting expectations of imminent capture.
Russian forces launch offensive near Lyman, boosting capture odds
December 31 surges to 86%59%
Russian military initiated attacks near Lyman and surrounding areas, raising market confidence in a potential capture as reflected by a sharp price increase from 27% to 86% Yes for December 31 outcome.
Russian forces intensify attacks in Lyman direction with mixed reports
December 31 surges to 86%59%
Russian Armed Forces reported successes in Lyman and nearby areas, causing a sharp increase in market confidence for Russia capturing Lyman by December 31. However, reports were contradictory, reflecting uncertainty about the actual control.
Market surges on reports of Russian offensive preparations near Lyman
December 31 surges to 85%58%
Following reports of Russian mechanized assaults planned around Lyman, market confidence in Russian capture of the Lyman railroad station by December 31 surged sharply, reflecting increased expectations of Russian advances in the area.
ISW reports intensified Russian attacks around Lyman, targeting nearby settlements
December 31 surges to 86%59%
The ISW released its Daily Offensive Campaign Assessment showing a concentrated Russian offensive around Lyman, with attacks on Yarova, Sosnove, Stavky and Drobysheve. The report was widely quoted by Western media, signaling a fresh Russian push toward the Lyman railway hub and pushing market participants to price in a high likelihood of a capture of the Lyman station.
Russian forces launch attacks near Lyman and surrounding areas
December 31 surges to 85%58%
Russian forces attacked within and near Lyman and surrounding villages on February 20-21, signaling an intensified offensive in the area. This led to a sharp increase in market prices for Russia capturing Lyman by December 31, reflecting heightened expectations of Russian advances.
Ukrainian Forces Exploit Russian Starlink Blackout to Launch Localized Counterattacks
December 31 surges to 86%59%
Following SpaceX's enforcement of a stricter verification system that cut off unauthorized Starlink terminals used by Russian forces, Ukrainian troops launched localized counterattacks and liberated territory in southern Ukraine.
Russian Forces Advance on Sloviansk Front and Near Lyman
December 31 surges to 83%56%
Reports emerged that Russian troops advanced in villages near the Sloviansk front, including Riznykivka, signaling a direct threat to the Lyman direction and causing the market's 'Yes' odds to skyrocket.
Russian forces launch intensified offensive near Lyman
December 31 surges to 85%58%
Russian forces initiated a spring-summer 2026 offensive with increased attacks near Lyman, causing a sharp rise in market confidence for Russia capturing the Lyman railroad station by December 31, 2025. This offensive was seen as a critical push to seize the area.
Russian assault groups infiltrate outskirts of Lyman
December 31 jumps to 86%6%
On February 20, Russian assault groups reportedly managed to infiltrate into the outskirts of Lyman, signaling increased pressure on the town and raising market expectations for eventual capture.
Russian forces launch mechanized assaults near Lyman but fail to secure key positions
December 31 surges to 85%58%
Russian forces attacked near and within Lyman and surrounding areas on February 19-20, attempting to seize the city and its railroad station, but Ukrainian forces repelled these attacks, limiting Russian territorial gains and maintaining control of the station area.
Reports emerge of Russian forces advancing near Lyman railroad station
December 31 surges to 86%59%
News surfaced indicating Russian military advances in the Lyman area, raising market confidence that Russia would capture the Lyman railroad station by the end of 2025. This caused a sharp price increase from 27% to 86%.
Russian forces continue offensive near Lyman, seizing nearby villages
December 31 jumps to 86%7%
Russian forces seized villages near Lyman and continued attacks in the region, reinforcing expectations of a Russian capture of the Lyman railroad station. This sustained offensive contributed to a further price increase in the market.
Russian forces intensify attacks near and within Lyman
December 31 surges to 86%59%
On February 19-20, Russian forces attacked near and within Lyman and surrounding settlements, attempting to infiltrate and encircle the city. This increased military pressure raised market confidence in a potential Russian capture of Lyman by year-end.
Russian forces infiltrate outskirts of Lyman amid ongoing attacks
December 31 surges to 85%58%
On February 20, Ukrainian sources reported that individual Russian assault groups managed to infiltrate into the outskirts of Lyman, signaling increased Russian pressure in the area. This news contributed to a sharp rise in market confidence that Russia might capture the Lyman railroad station by year-end.
Russian 'West' grouping reports offensive successes north of Lyman
December 31 rises to 80%1%
On February 20, reports indicated that Russian forces made gains north of Lyman, including driving out enemy forces from parts of Sosnovoe and fighting in nearby villages. This contributed to market optimism and price rises.
Russian forces continue attacks around Lyman and nearby villages
December 31 jumps to 86%6%
Russian forces maintained pressure with attacks near Lyman and adjacent settlements on February 20, reinforcing perceptions of a sustained offensive that could lead to capturing key locations including the Lyman railroad station.
Continued Russian assaults near Lyman increase market confidence in capture
December 31 jumps to 86%6%
Russian forces continued attacks near Lyman and adjacent villages on February 20, reinforcing expectations of imminent capture of the Lyman railroad station. The market price rose further from 80% to 86% Yes reflecting this intensified offensive.
Russian forces intensify attacks around Lyman, including attempts to infiltrate outskirts
December 31 jumps to 86%12%
On February 20, Russian forces continued attacks near Lyman and its outskirts, including infiltration attempts into the town's outskirts, raising market confidence in a possible capture though no confirmed control of the railroad station was reported.
Russian forces continue assaults near Lyman, increasing capture prospects
December 31 jumps to 86%7%
Continued Russian attacks near Lyman on February 20 further heightened expectations of Russian territorial gains, pushing the market price to 86%. These operations suggested growing Russian control in the contested area.
Russian military claims rapid advances including Lyman area
December 31 surges to 85%58%
Russian Chief of General Staff Gerasimov claimed significant territorial gains including 70% of Lyman, boosting market confidence sharply. However, ISW and independent sources found no evidence supporting these claims, indicating inflated reports.
ISW map update shows Russian forces advancing into Lyman railroad station area
December 31 jumps to 85%6%
The Institute for the Study of War updated its map on February 20, showing Russian forces shading parts of the Lyman railroad station area red, indicating control. This update reinforced market expectations of a Russian capture by the deadline.
Russian Forces Consolidate Positions North of Lyman and Advance Toward Slovyansk
December 31 surges to 86%59%
Reports indicated that Russian forces captured areas in the arc north of Lyman and consolidated positions near the road and railway line to Slovyansk, signaling a direct threat to the city.
Russian forces launch spring offensive with mechanized assaults around Lyman
December 31 surges to 86%59%
Russian forces initiated their 2026 spring-summer offensive with mechanized attacks near Lyman, signaling an intent to advance toward Slovyansk from the northeast. This raised market expectations for a possible Russian capture of Lyman's railroad station, causing a price increase.
Russian forces expand control south of Lyman, aiming to straighten frontline
December 31 surges to 79%52%
Reports indicated Russian tactical advances in wooded areas south of Lyman and northwest of Dibrova, aiming to improve positions and move closer to Staryi Karavan. This suggested increased Russian operational activity near Lyman, raising market expectations for eventual capture.
Ukrainian Military Reports Russian Forces Conducting Attritional Assaults Near Lyman
December 31 surges to 74%47%
The Ukrainian Joint Forces Task Force reported that Russian forces, unable to reach Lyman directly, were conducting highly attritional assaults against adjacent villages in the contested gray zone.
Russian forces launch mechanized assaults around Lyman in spring-summer offensive
December 31 surges to 86%59%
Russian forces initiated their 2026 offensive with mechanized assaults near Lyman, aiming to advance on Slovyansk from the northeast, signaling the strategic importance of the Lyman area and driving early market optimism about Russian gains.
Russian forces begin spring-summer offensive preparations near Lyman
December 31 surges to 79%52%
Russian forces initiated mechanized assaults and strikes on Ukrainian logistics near Lyman, signaling the start of their spring-summer 2026 offensive aimed at capturing the northern flank of the Fortress Belt. This raised market expectations for a Russian capture of Lyman.
Russia prepares for renewed offensive in eastern Donetsk amid Iran war distractions
December 31 surges to 86%59%
Reports indicated Russia was building up reserves and increasing artillery and drone strikes to weaken Ukrainian defenses in eastern Donetsk, including near Lyman, raising market expectations of a Russian capture by year-end.
Russian forces launch multiple attacks near and within Lyman
December 31 surges to 83%56%
Russian forces attacked near and within Lyman itself and surrounding areas on February 18 and 19, signaling intensified efforts to capture the area, which caused the market price to rise sharply from 27% to 83%.
Russian assault groups infiltrate outskirts of Lyman
December 31 surges to 85%58%
On February 19-20, Ukrainian sources reported that Russian assault groups managed to infiltrate into the outskirts of Lyman, signaling increased Russian offensive activity near the town. This heightened the perceived likelihood of Russian capture, causing a sharp price increase for the December 31 outcome from 27% to 85%.
Russia readies new offensives as Iran war disrupts Ukraine peace talks
December 31 surges to 86%59%
With U.S.-brokered peace talks on hold due to the Middle East conflict, Russian President Putin is expected to expand military gains. The ISW noted Russian troops have stepped up artillery barrage and drone strikes seeking to weaken Ukrainian defenses before ground attacks.
Russian forces advance near Lyman and surrounding villages
December 31 surges to 83%56%
Russian forces attacked near and within Lyman and nearby settlements, attempting to encircle and seize the area, signaling increased pressure on Ukrainian defenses and raising market confidence in a Russian capture by year-end.
Russian forces conduct heavy assaults near and within Lyman
December 31 surges to 80%53%
Russian forces attacked near and within Lyman itself and surrounding villages on February 18 and 19, attempting to advance but were unable to reach the town center, leading to attritional fighting in adjacent areas. This increased market confidence in Russian advances near Lyman.
Russia prepares for renewed offensives in eastern Donetsk region
December 31 surges to 86%59%
Reports indicated that Russia was building up reserves and preparing for a new push to capture parts of eastern Donetsk, including areas near Lyman, with increased artillery and drone strikes to weaken Ukrainian defenses. This raised market confidence in a Russian capture by year-end.
Russian forces begin intensified operations near Lyman in early 2026
December 31 surges to 85%58%
Russian forces launched multiple attacks and infiltration attempts near Lyman, aiming to regain control of the strategic rail hub. This increased military activity raised market expectations for a Russian capture by year-end.
Reports emerge of intensified Russian military operations near Lyman railroad station
December 31 surges to 79%52%
On February 19, credible sources reported increased Russian military activity and advances in the vicinity of the Lyman railroad station, suggesting a possible imminent capture. This news caused a sharp rise in market confidence regarding Russia's control of the station by the end of 2025.
Russian forces unable to reach Lyman, conducting assaults on adjacent villages
December 31 surges to 79%52%
On February 19, ISW reported that Russian forces were unable to reach Lyman itself and were conducting attritional assaults against nearby villages in the contested gray zone, indicating no control over the town or its railroad station at that time.
Russian artillery and drone barrage intensifies near Lyman
December 31 surges to 86%59%
ISW reported a surge in Russian artillery and drone strikes targeting the Lyman sector, signalling a possible push to capture the town and its railway station. The heightened threat drove the Yes price for the December 31 outcome from 27% to 86%.
Russia prepares new offensives in eastern Ukraine amid Iran war distractions
December 31 surges to 86%59%
Reports indicated Russia was readying renewed military offensives in eastern Donetsk, including near Lyman, as Ukraine faced pressure from the Iran war and stalled peace talks. This buildup increased market confidence in Russian capture of Lyman by year-end.
Russian forces launch offensive near Lyman, claim advances
December 31 surges to 86%59%
Russian forces conducted attacks near Lyman and surrounding areas, with milbloggers claiming advances close to Lyman and other nearby settlements. This raised market confidence sharply for Russia capturing Lyman by December 31, 2026.
Russian Forces Launch Direct Assaults Near and Within Lyman
December 31 surges to 79%52%
ISW reported that Russian forces began attacking near and within Lyman itself, as well as adjacent villages, signaling a direct push toward the city and its critical infrastructure.
ISW reports Russian advances near Lyman and intensified fighting
December 31 surges to 85%58%
The Institute for the Study of War (ISW) reported that Russian forces advanced near Lyman and surrounding settlements, intensifying attacks and attempting to break Ukrainian defenses. This heightened the perceived likelihood of Russian capture of the Lyman railroad station, causing a sharp price increase in the market.
Russian forces launch attacks near and within Lyman
December 31 surges to 84%57%
Russian forces attacked near and within Lyman itself and surrounding areas on February 19, marking the start of intensified operations in the Lyman direction, but no confirmed capture of the railroad station was reported.
Russian Forces Intensify Attacks on Ukrainian Railway Network and Rolling Stock
December 31 surges to 85%58%
Reports highlight a sharp escalation in Russian strikes targeting Ukrainian railway infrastructure and moving trains since late 2025, raising concerns over logistics and defense capabilities around key hubs like Lyman.
Russian forces initiate spring offensive with mechanized assaults around Lyman
December 31 surges to 85%58%
Russian military launched mechanized assaults around Lyman indicating intent to advance on Slovyansk from the northeast, causing market price to jump from 27% to 85% Yes for December 31 outcome.
Russian Forces Expand Control in Forested Areas South of Lyman
December 31 surges to 79%52%
Reports emerged that Russian forces were expanding their tactical control in the complex wooded terrain south of Lyman and northwest of Dibrova, aiming to straighten their lines and move closer to Staryi Karavan.
Russian forces attack near and within Lyman but make no confirmed advances
December 31 surges to 86%59%
Russian forces launched multiple attacks around Lyman including within the city itself, but ISW assessments indicated no change in control of terrain or the forward edge of the battle area. This maintained uncertainty about Russian capture of the Lyman railroad station, causing initial market price rise.
Ukraine launches counteroffensive disrupting Russian plans near Lyman
December 31 surges to 85%58%
Ukraine initiated a local counteroffensive in February 2026 aiming to expel Russian forces from Dnipropetrovsk and disrupt Russia's spring offensive, impacting Russian operations near Lyman and increasing uncertainty about Russian capture prospects.
U.S. and Russia draw up peace plan requiring major Ukrainian concessions
December 31 surges to 52%25%
A draft peace proposal was leaked showing Russia seeking control of eastern Donbas and Ukraine limiting its military, pressuring Zelenskyy and increasing market uncertainty about the conflict's resolution path.
Polymarket Launches Lyman Capture Prediction Market Amid Intensified Russian Pressure
December 31 surges to 74%47%
The prediction market was launched on February 19, 2026, drawing immediate trading volume as reports highlighted Russian forces expanding tactical control in the wooded areas south of Lyman.
Russian forces seize village near Lyman amid ongoing assaults
December 31 surges to 86%59%
Russian forces occupied a village near Lyman and launched multiple attacks in the area, increasing pressure on Ukrainian defenses. This raised market expectations of a possible Russian advance but did not confirm capture of the railroad station.
Russian forces launch spring-summer offensive with mechanized assaults around Lyman
December 31 surges to 85%58%
Russian military initiated a series of mechanized attacks around Lyman aiming to advance toward Slovyansk, signaling the importance of Lyman in their operational plans. This raised market expectations for a potential Russian capture of the Lyman railroad station.
Russian forces intensify assaults near Lyman but fail to capture town
December 31 surges to 80%53%
On February 19, Russian forces conducted attacks near and within Lyman and surrounding villages but were reported unable to reach Lyman itself, leading to attritional fighting in adjacent areas. This increased market confidence in a potential future capture, reflected in a price jump from 27% to 80%.
Russian forces conduct attritional assaults near Lyman but do not reach town center
December 31 surges to 80%53%
On February 19, Ukrainian officials reported that Russian forces were unable to reach Lyman itself and were conducting heavy assaults on adjacent villages in the contested zone. This indicated ongoing fighting but no control of the Lyman railroad station yet, keeping market confidence moderate.
Russian forces conduct attacks near and within Lyman
December 31 surges to 85%58%
On February 18-19, Russian forces attacked near and within Lyman itself and surrounding villages, indicating active combat in the area but no confirmed capture of the railroad station. This increased market confidence in a possible Russian advance.
Russia readies new offensive in eastern Donetsk as Iran war diverts U.S. attention
December 31 surges to 86%59%
AP reported that Moscow was preparing a renewed push in the eastern Donetsk region, citing increased artillery and drone activity. The prospect of a fresh Russian assault raised expectations that Lyman could fall before year‑end, driving the December‑31 price up from 27% to 86%.
Russian official threatens Zelenskyy after alleged Ukrainian drone attack on Putin's residence
December 31 surges to 86%59%
Following claims by Russia of a Ukrainian drone attack on President Putin's residence, Russian officials issued threats against Ukrainian President Zelenskyy, signaling a hardening of Russia's stance and potential escalation in conflict, which increased market optimism for Russian territorial gains including Lyman by December 31.
Russian forces attacked near and within Lyman itself
December 31 surges to 83%56%
Russian forces launched attacks in and around Lyman, including near the railroad station area, signaling ongoing efforts to capture the town. This increased market confidence in a potential Russian capture, reflected in a price rise from 27% to 83%.
US and Russia agree to reestablish military dialogue after Ukraine talks
December 31 surges to 86%59%
The US and Russia agreed to reestablish high-level military dialogue for the first time in over four years, signaling a potential thaw and progress in peace efforts, which initially boosted market confidence in Russia capturing Lyman by year-end.
Ukraine destroys Russian regiment and captures troops near Lyman
Ukrainian forces, including the 3rd Army Corps and Defense Intelligence, successfully destroyed a Russian regiment and captured many troops in the Lyman direction, improving their tactical position and limiting Russian maneuverability. This demonstrated Ukrainian strength in the area, reducing the likelihood of Russian capture of Lyman in the near term and impacting market prices for the May and June outcomes.
Russian forces conduct tactical advances around Lyman, expanding control in wooded areas south and northwest of the town
December 31 surges to 80%53%
Russian forces focused on expanding control in complex terrain south of Lyman and northwest of Dibrova to straighten lines and prepare for further advances closer to Staryi Karavan. This tactical progress increased market confidence in a potential Russian capture of Lyman by year-end.
Russian forces launch large mechanized assault near Lyman with over 500 troops
December 31 surges to 85%58%
On February 19, Russian forces conducted a battalion-sized mechanized and motorized assault near Lyman, deploying over 500 infantrymen, dozens of armored vehicles, and more than 100 light vehicles. This significant offensive increased market confidence sharply, as it indicated a serious push to capture Lyman.
Russian forces conduct assaults near and within Lyman
December 31 surges to 80%53%
On February 19, ISW reported Russian forces attacking near and within Lyman itself and surrounding villages, but unable to reach the town center or railroad station. This increased military pressure raised market expectations of a possible Russian capture.
Russian forces intensify attacks near and within Lyman
December 31 surges to 80%53%
On February 19, Russian forces attacked near and within Lyman itself and surrounding villages, attempting to gain control but were reported unable to reach Lyman proper. This increased military pressure raised market expectations of eventual capture.
Russian General Staff falsely claims major advances near Lyman and Kupiansk
December 31 surges to 86%59%
Russian General Staff chief Valery Gerasimov claimed significant Russian territorial gains near Lyman and other areas, but ISW assessments contradicted these claims, showing minimal Russian control. This discrepancy caused a sharp increase in market optimism followed by skepticism.
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