Skip to content
You can now search across every topic, entity and event.What's new
European Oil Markets
23JUL

Three ceasefires collapsed with zero instruments signed

3 min read
19:27UTC

Between 6 and 11 May, Ukraine, Russia, and Trump each declared a ceasefire; all three collapsed, with Ukraine logging 1,820 Russian violations by 10am on 6 May alone.

EconomicDeveloping
Key takeaway

Three ceasefires in eight days collapsed; Ukraine's long-range restraint was the only part that held.

Donald Trump announced a three-day ceasefire covering 9-11 May 2026 on 8 May, with a 1,000-for-1,000 prisoner exchange attached 1. Ukraine had declared a unilateral halt from midnight on 6 May; Russia declared one for 8-9 May. All three collapsed without a signed instrument 2.

The numbers on the Ukrainian unilateral halt are precise: 1,820 Russian violations logged by 10am on 6 May alone, as Russia launched 108 drones and 3 missiles over that period 3. For the Trump window, the only durable component was Volodymyr Zelenskyy's confirmation that Ukraine refrained from long-range retaliatory strikes during 9-11 May 4. Russia maintained drone and artillery exchanges throughout.

This is the third data point in a series that began with Putin's Orthodox Easter ceasefire in April . That template expired with 10,721 Ukrainian-logged Russian violations , then a 324-drone overnight barrage followed within hours. The Victory Day version repeats the same architecture: decree, partial compliance on long-range, unbroken front-line fire, accusation exchange, full resumption. The one variable that shifted between April and May is Trump's personal attachment to the framing; the operational outcome is identical.

Ukraine's demonstrated long-range restraint is now a documented bargaining chip; Russia has seen it deployed and can calibrate its next demand against it. Putin proposed the Victory Day ceasefire in a 29 April call to Trump ; Zelenskyy had pre-emptively called the concept theatrical on 30 April . Three templates produced Western wire coverage of diplomatic activity but no front-line halt.

Deep Analysis

In plain English

Between 6 and 11 May, three separate attempts were made to stop the fighting. Ukraine said it would stop shooting. Then Russia said it would stop shooting. Then Donald Trump announced a three-day pause. All three failed within hours. Each was an announcement, not an agreement. For a ceasefire to hold, both sides need to sign the same document, and a neutral observer needs authority to say who broke it. None of that was in place. Ukraine recorded nearly 2,000 Russian attacks in the first few hours of its own ceasefire. It is a bit like two drivers in a car park both announcing they are going to stop, but neither actually slowing down.

Deep Analysis
Root Causes

Two structural deficits caused the collapse of all three templates. First, no mutually recognised third-party verification authority exists between Russia and Ukraine. The UN Security Council cannot fill this role because Russia holds a permanent veto. The OSCE Special Monitoring Mission was expelled from Russian-controlled territory in 2022.

Second, Russia's Peskov-confirmed minimum condition, namely Ukrainian cession of Donetsk, Luhansk, Zaporizhzhia, and Kherson oblasts in their entirety, is irreconcilable with Ukraine's internationally recognised borders position. No ceasefire framework that does not address this gap can produce a durable halt; it can only produce a pause that each side uses to improve its military position.

Escalation

The triple-collapse pattern now constitutes a datable series: Easter in April, Victory Day window in May, Trump window in May. Each successive failure has been followed by a larger barrage. Any future ceasefire announcement should be treated as a precursor to escalation rather than a de-escalatory signal until a verification mechanism is in place.

What could happen next?
  • Consequence

    The absence of signed instruments across three templates makes it harder for Western governments to argue that diplomatic engagement with Russia produces outputs, weakening the political case for continued negotiation-first approaches.

    Short term · 0.8
  • Risk

    Trump's public commitment to the 9-11 May window without a corresponding Russian signature creates a credibility cost for future US mediation; the next ceasefire proposal from Washington will face a higher scepticism threshold from Kyiv and European capitals.

    Medium term · 0.72
  • Precedent

    The 1,820-violation tally within hours of the 6 May Ukrainian ceasefire establishes a documentation methodology that Kyiv can deploy to delegitimise future unilateral Russian ceasefire proposals before they expire.

    Immediate · 0.85
First Reported In

Update #16 · 800 drones, three ceasefires, one cliff

Al Jazeera· 13 May 2026
Read original
Different Perspectives
US money managers (CFTC-tracked)
US money managers (CFTC-tracked)
US money managers had trimmed WTI net long positioning into July's rally, doubting the Hormuz premium would hold without freight or war-risk confirmation, and the crude stock build reported for the week to 17 July gives that scepticism a fundamentals basis. The 25 July CFTC data will show whether Brent's move above $100 changed their calculus.
Asian distillate buyers (Singapore)
Asian distillate buyers (Singapore)
Singapore's distillate holders kept retaining middle-distillate barrels as the East-West arbitrage window narrowed further this week, a pattern that sharpened as Fujairah light distillates hit a record low. Cargoes are being held rather than released west into the tightening Mediterranean market.
Bulgaria
Bulgaria
Bulgaria secured the removal of Lukoil founder Vagit Alekperov and Patriarch Kirill from the 21st package, with President Rumen Radev calling a personal listing 'shooting ourselves in the foot'. Sofia is protecting its position in Lukoil's EUR 3bn compensation claim over the 2023 Neftohim Burgas nationalisation.
Russia
Russia
Russia loses the roughly $14 a barrel of legal headroom the price-cap formula would have released toward $58, even as Urals continues trading below Moscow's $59 budget floor. The shadow-fleet insurance workaround that lets sanctioned crude clear above $44 in practice remains untouched by the freeze itself.
European Union
European Union
The EU adopted its 21st sanctions package on 23 July, freezing the $44 Russia oil cap for 12 months rather than letting the formula drift it toward $58, and listed shadow-fleet support vessels for the first time. The package cleared only after three failed Coreper votes.
Marine war-risk underwriters (Lloyd's-linked syndicates)
Marine war-risk underwriters (Lloyd's-linked syndicates)
War-risk syndicates lifted southern Red Sea hull premiums 150% to about 0.75% of hull value after the 20 July blockade declaration, still a seventh of the roughly 5% Hormuz band. Underwriters reset on realised loss, not declared threat, so the 23 July Encelia and Layla strikes set up the next re-mark.