Russia holds scaled-back WW2 victory parade as worries over war in Ukraine deepen - Finance news and analysis from Global Banking & Finance Review
Finance

Russia holds scaled-back WW2 victory parade as worries over war in Ukraine deepen

Published by Global Banking & Finance Review

Posted on May 8, 2026

4 min read

· Last updated: May 8, 2026

Add as preferred source on Google

Russia Holds Smaller Victory Day Parade as Ukraine War Strains Economy

Scaled-Back Parade Reflects Ongoing Conflict and Economic Pressure

By Guy Faulconbridge

Victory Day Parade: Tradition Amidst Turmoil

MOSCOW, May 9 (Reuters) - Russia holds its most scaled-back Victory Day parade in years on Saturday due to the threat of attack from Ukraine, where victory for Moscow's forces has proven elusive more than four years into the deadliest European conflict since World War Two.

The May 9 parade on Red Square marks Russia's most revered national holiday - a time to celebrate the Soviet Union's victory over Nazi Germany and to pay homage to the 27 million Soviet citizens, including many from Ukraine, who perished.

Changes to the Parade Format

Once used to show off Russia's vast military, including its nuclear-capable intercontinental ballistic missiles, this year's parade will have no tanks or other military equipment rolling over the cobbles of Red Square.

Soldiers will still march and cheer in the shadow of Vladimir Lenin's Mausoleum, fighter planes will fly above the towers of the Kremlin and President Vladimir Putin will make a speech before laying flowers at the tomb of the Unknown Soldier. 

"In general, everything is as usual, except for the demonstration of military equipment," Kremlin aide Yuri Ushakov told reporters.

Security Concerns and Warnings

Russia, which invaded Ukraine in 2022, has warned that any attempt by Kyiv to disrupt the event would lead to a massive missile strike on the Ukrainian capital. Moscow told foreign diplomats that they should evacuate Kyiv staff in the event of such an attack.

Ukraine's President Volodymyr Zelenskiy said his country's actions on May 9 would depend on how the situation would develop on Friday, accusing Moscow of violating its own ceasefire.

Moscow is defended by rings of air defences and electronic barriers designed to confuse and shoot down drones and missiles approaching the capital, which along with the surrounding region has a population of 22 million. 

The War in Ukraine Haunts Russia's Parade

Historical Context: From World War II to Present

After Nazi Germany invaded the Soviet Union in 1941, the Red Army eventually pushed Nazi forces back to Berlin, where Adolf Hitler committed suicide and the red Soviet Victory Banner was raised over the Reichstag in May 1945.

Nazi Germany's unconditional surrender came into force at 11:01 p.m. on May 8, 1945, marked as "Victory in Europe Day" by Britain, the United States and France. In Moscow it was already May 9, which became the Soviet Union's "Victory Day" in what Russians call the Great Patriotic War of 1941-45.

Current Anxieties and Economic Strain

But this year's parade comes amid a wave of anxiousness in Moscow about the ultimate outcome of the conflict in Ukraine.

The war has killed hundreds of thousands of people, left swathes of Ukraine in ruins and drained Russia's $3 trillion economy, while relations with Europe are worse than at any time since the depths of the Cold War.

Voices of Concern

"The crisis is still deepening gradually, but any sharp movement can send the economy (and not only the economy) into a tailspin," jailed pro-war Russian nationalist Igor Girkin, who has criticised the Kremlin for its conduct of the war, said in a post on Telegram.

Girkin, a former Federal Security Service officer, used a naval analogy to say that Russia's leaders were more worried about being kicked out of their cabins than about a shipwreck.

Kremlin Response to Security Rumors

Kremlin spokesman Dmitry Peskov dismissed CNN and other Western media reports that Putin's protection had been intensified because of fears of a coup or assassination. Russian officials have dismissed reports of a coup plot as nonsense. 

International Attendance and Changing Alliances

Just 21 years ago, though, Putin sat beside President George W. Bush at the Moscow parade along with France's Jacques Chirac and Chinese President Hu Jintao.

This year, Belarusian President Alexander Lukashenko, Malaysia's King Sultan Ibrahim and Laos' Prime Minister Thongloun Sisoulith will attend. 

(Additional reporting by Dmitry Antonov; Editing by Mark Trevelyan and Emelia Sithole-Matarise)

Key Takeaways

  • For the first time since 2008, no tanks, missiles or heavy weaponry will participate in the May 9 Victory Day parade on Red Square, due to security fears stemming from Ukrainian long‑range drone and missile capabilities (theguardian.com).
  • Authorities have imposed tight security measures in Moscow—including shutting down airports and mobile internet services—to guard against potential Ukrainian attacks during the parade (theguardian.com).
  • Economically, Russia faces growing strain: despite temporary boosts from commodity prices, the IMF projects only modest 1.1% GDP growth in 2026 amid elevated military spending and mounting budget deficits (investing.com).

References

Frequently Asked Questions

Why was the 2024 Russia Victory Day parade scaled back?
The parade was scaled back due to the threat of attacks from Ukraine and increased security concerns related to the ongoing war.
How has the war in Ukraine impacted Russia’s economy?
The conflict has drained Russia's $3 trillion economy and worsened relations with Europe, putting financial pressure on the country.
What changes were made to this year’s Victory Day parade?
The 2024 parade featured no tanks or military equipment but included marching soldiers and a presidential speech.
Who attended the 2024 Victory Day parade in Moscow?
Leaders from Belarus, Malaysia, and Laos attended; Western leaders were absent this year.
What is the historical significance of Russia’s Victory Day?
Victory Day commemorates the Soviet Union’s defeat of Nazi Germany in WW2, marking a revered national holiday in Russia.

Tags

Related Articles

More from Finance

Explore more articles in the Finance category