The Vatican Litmus Test
Pope Francis Funeral Appearance
The first serious reference point for how traders would interpret the resolution criteria came on April 26, 2025, during Zelenskyy’s appearance at Pope Francis’s funeral. While no formal proposal was submitted and discussion was limited, the event functioned as an early test case. Some expected Zelenskyy to follow the Vatican’s black suit dress code. But once images confirmed he had worn a military-style field jacket, the event quietly set the baseline for how future appearances would be judged.
Dress Code vs Interpretation
Per Reuters, Vatican protocol for male heads of state required a black suit, black tie, and white shirt with a black lapel button. Zelenskyy’s actual appearance deviated in three key ways:
He wore a black tailored field jacket with military-style epaulettes and zipper pockets (WWD).
His shirt was black and buttoned to the collar, without a tie (LADbible).
His trousers were straight-cut but matched the jacket’s texture and styling (Express).
Here, we can see Zelenskyy at Pope Francis’s funeral wearing a black field jacket and matching trousers.
This outfit, while more formal than his usual attire, did not conform to Western suit norms.
Market Reaction
Leading up to the funeral, the price spiked from 6¢ to nearly 40¢ on speculation that Zelenskyy might wear a suit, given the Vatican’s formal dress code. However, the price dropped quickly after images confirmed he had worn a military-style outfit, and traders rejected it as a qualifying suit.
For the rest of the month, the price stabilized, trading mostly below 5¢. No new appearances occurred, and there was no renewed speculation about future events.
A Litmus Test for Interpretation
The flat price action following the Vatican appearance reflected a quiet consensus: the outfit did not qualify as a suit, and no further discussion emerged in public channels. Media coverage was limited.
The few media outlets that mentioned Zelenskyy’s clothing, including WWD, LADbible, Express, and Reuters, explicitly framed the outfit as a military-style ensemble, not a suit. WWD described it as "tailored," but still a field jacket. Reuters emphasized the deliberate choice not to wear a traditional suit.
Notably, Ukrainian designer Viktor Anisimov later confirmed the wardrobe was custom-built to reflect a restrained military image. The outfit aimed to "preserve the idea of military uniform, while reimagining it in a dignified, modern way" (Nssmag).
Zelenskyy’s appearance at Pope Francis’s funeral quietly established the reference point for how future outfits would be judged, leading to the first formal proposal with his Berlin visit.
Coming Up
In the next chapter, we'll explore Zelenskyy's Berlin appearance, the first outfit that prompted a formal proposal and sparked renewed speculation.
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