Expect significant disruptions to the business and political cycles.Head of the Office of the President of Ukraine, Andriy Yermak, is expected to travel to the US, aiming to meet with Trump and present an updated victory plan. We believe President-elect Donald Trump has challenged Zelensky’s initial victory plan. Expect Yermak’s overtures to include proposals on lend-lease terms for further military supplies, on business cooperation and mineral rights for American companies (incl. various sweeteners directed specifically at Elon Musk), and on using Ukrainian troops to replace US forces across Europe.In Romania, the first round of presidential elections, on Nov. 24, is expected to be close. Former far-right football hooligan and founder of the populist Alliance of the Union of Romanians George Simion has surged in the polls to almost 19%.