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PLEASE REFER TO THE HEDGE AND TRADE STRATEGY PAGE FOR UPDATES!! The 5–6-month delay in supplying Ukraine ammunition, key munitions and weapon’s systems cost Ukraine the initiative as they lacked the offensive punch to gain ground and have instead lost some. The Russians have the advantage in manpower which has caused Ukrainian soldiers to tire out. They are committed to service until the end of this war. Ukraine has initiated new recruitment but it will take time to train them and they are not the same as veterans. Ukraine has too much border to protect with available manpower getting spread thin. Ukraine forces, repositioning to join the defense in eastern Ukraine, weaken defenses elsewhere. Will Russia be able to exploit that? Ukraine had a surprisingly high low age limit for conscription of 26 years old, recently reducing it by necessity to 25. They did not want to lose the young generation to the war looking to rebuilding in the future. Russia recently reduced the minimum age for workers in manufacturing plants to 14 years old which means they do not care as much about the future, focused only on current needs. Russia has expended its manpower advantage very carelessly, suffering…

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