Russian President Vladimir Putin on Saturday said he believes the Ukrainian conflict is nearing its end after he oversaw a military parade on Red Square commemorating the defeat of Nazi Germany in World War II — a show that didn't include heavy weapons for the first time in nearly two decades.

Russia and Ukraine confirmed on Friday a US-brokered truce and a large prisoner swap over May 9-11, when Moscow celebrates its World War II victory, after trading drone strikes and declaring unilateral ceasefires in the run-up.

US President Trump announces a 3-day Russia-Ukraine ceasefire from May 9-11, 2026. Read the latest updates on peace negotiations and prisoner exchange plans.

The interception of nearly 270 Ukrainian drones by Russia suggests ongoing and possibly escalating military actions. – Market pricing implies a lower likelihood of a ceasefire by the end of 2026, consistent with a continuation of hostilities.

Donald Trump has announced a three-day ceasefire between Russia and Ukraine. The truce – which the US president said was agreed by both leaders – comes just in time for Vladimir Putin to hold a military parade in Moscow.