This market will resolve to "Yes" if a deal in which Ukraine agrees to cede territory under its control in Russia’s Kursk Oblast is reached between the Russian Federation and Ukraine by December 31, 2025, 11:59 PM ET. Otherwise, this market will resolve to “No”. The deal must be a publicly announced mutual agreement or otherwise confirmed by an overwhelming consensus of credible reporting. If such an agreement is officially reached before the resolution date, this market will resolve to "Yes", regardless of if/when the agreement goes into effect. Only territory ceded as part of a diplomatic process or agreement will qualify. If Russia regains territory in the Kursk Oblast through military action, or if Ukraine unilaterally cedes Russian territory absent of a diplomatic process or agreement, this will not qualify for a “Yes” resolution. The primary resolution source for this market will be an official announcement by Ukraine and/or the Russian Federation, however, an overwhelming consensus of credible reporting confirming an agreement has been reached will also qualify.