## Situation Report
[Ukrainian President Volodymyr Zelensky announced a 40-day military operation against Russia, citing Intel Slava, a Ukrainian military intelligence agency.](https://www.intelslava.com.ua/en/news/2023/12/zelensky-announces-40-day-operation-against-russia-ukraine)
## Strategic Context
[Ukraine's military has been engaged in a protracted conflict with Russian-backed separatists in eastern Ukraine since 2014.](https://en.wikipedia.org/wiki/Russian_military_intervention_in_Ukraine) Recent clashes have intensified along the contact line, with both sides suffering significant losses. The Ukrainian military has been bolstered by Western aid, including advanced weaponry and training.
## Geopolitical Implications
[The announcement of a 40-day operation against Russia may escalate tensions in the region, potentially drawing in other international actors.](https://www.reuters.com/world/europe/ukraine-russia-clashes-escalate-as-west-urges-caution-2023-12-01) Markets may react to the increased risk of conflict, with potential impacts on global energy and commodity prices.