Facing mounting military and economic strain, Putin is reshaping the narrative around Russia’s war in Ukraine without abandoning his maximalist demand.

Russian President Vladimir Putin attends a ceremony to lay flowers at the Tomb of the Unknown Soldier by the Kremlin wall in central Moscow, Russia, on May 9, 2026. (Alexander Nemenov / POOL / AFP / Getty Images)

After presiding over the smallest Victory Day parade of his rule, Russian President Vladimir Putin shifted tone on his country's war against Ukraine.

"I think (the war in Ukraine) is coming to an end," Putin told journalists on May 9 — a statement that drew attention because it was the first of its kind in four years.

Putin also avoided many of the triumphalist talking points that have defined his public appearances. And for perhaps the first time in years, he publicly referred to President Volodymyr Zelensky as "Mr. Zelensky."