Russia and Ukraine agree to three-day ceasefire, Trump says

Russia and Ukraine have agreed to a three-day ceasefire and prisoner exchange starting Saturday, May 9. President Donald Trump announced the deal on May 8 via Truth Social, stating that all “kinetic activity” would be suspended through May 11.

Both sides confirmed the agreement independently. Previous ceasefire attempts during the conflict have collapsed before they could take hold, making mutual confirmation something close to a minor diplomatic event.

What the deal actually includes

The ceasefire covers three full days, from May 9 through May 11. The timing is deliberate: May 9 is Victory Day in Russia, the annual commemoration of the Soviet Union’s role in defeating Nazi Germany in World War II.

Alongside the pause in fighting, both nations agreed to a prisoner swap involving 1,000 prisoners from each side, totaling 2,000 people. Ukrainian President Volodymyr Zelenskyy confirmed the “1,000 for 1,000” framework and said he had instructed his team to begin preparations.

On the Russian side, Kremlin aide Yuri Ushakov referenced the “acceptability of the initiative proposed by U.S. President Donald Trump.” Zelenskyy stated that a “ceasefire regime must also be established on May 9, 10, and 11.”

What this means for crypto markets

Major crypto news outlets had not covered the ceasefire as of May 9, and there were no identifiable price movements in Bitcoin or Ethereum tied to the announcement.

When Russia first invaded Ukraine in February 2022, Bitcoin initially dropped before rallying as Ukrainian citizens turned to crypto for cross-border transfers and donations. A three-day ceasefire is not a peace treaty, and traders appear to be pricing this accordingly. The scenario that would move markets is a broader, sustained ceasefire or a formal peace negotiation framework, which would have implications for energy prices, European economic stability, and global risk appetite.