
Russia held a scaled-down Victory Day parade citing security concerns while Putin used the occasion to rally support for the campaign in Ukraine. The pared-back celebrations coincided with a short ceasefire and Putin’s comment that the war is 'coming to an end.' Analysts laying out multiple endgame scenarios view the reduced parade, temporary pauses, and messaging as potential indicators of either de-escalation or strategic posture to reshape perceptions at home and abroad.
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