Editor's note: The first part of this report explored the impact that a continued stalemate or the war's evolution into a frozen conflict would have on Ukraine's investment profile. Part 2 explores the more extreme options of a comprehensive peace agreement or a severe escalation of the war. Scenario #3 - A Comprehensive Peace Agreement In this scenario, Ukraine and Russia reach a comprehensive peace deal accepted by Kyiv, Moscow and the broader international community. Such a deal would likely include Russia retaining all territories currently under its control and potentially securing additional portions of the Donbas region and the Zaporizhzhia and Kherson provinces as part of a negotiated settlement. In return, Ukraine would receive modest Western security assurances and continued economic support.