Russian President Vladimir Putin used his Victory Day address on May 9 to signal that the war in Ukraine may be moving toward an end, while sharpening his criticism of Western military and financial support for Kyiv.

The speech, delivered at Moscow's Red Square parade marking the Soviet Union's World War II victory, carried unusual diplomatic weight. Putin suggested former German Chancellor Gerhard Schröder as a possible intermediary for negotiations, a notable choice given Schröder's longstanding personal ties to the Kremlin and his history as a lobbyist for Russian energy interests.

Conditions for Talks

Putin outlined conditions under which he would be willing to meet Ukrainian President Volodymyr Zelenskyy, though the address did not spell out specific terms in full. The mention of direct talks is itself a shift in tone, even if the practical gap between Russian and Ukrainian positions remains wide.

Ceasefire arrangements and prisoner exchanges were also referenced, suggesting back-channel pressure around both issues. Prisoner swaps have been one of the few areas where limited Russia-Ukraine coordination has occurred throughout the conflict, and any movement there tends to signal at least minimal communication between the two sides.

What This Means for Markets and Diplomacy

Putin's framing of a possible end to the conflict carries real consequences. European energy markets, defense spending trajectories, and reconstruction investment in Ukraine all hinge on how credibly any ceasefire or settlement process unfolds. Western governments have repeatedly warned against freezing the conflict on terms favorable to Russia, making the selection of Schröder, viewed with deep suspicion in EU capitals, a pointed signal about whose mediation Moscow would accept.

The criticism of Western support is standard Kremlin positioning, but the combination of signals in one address, possible end to fighting, a named mediator, and meeting conditions for Zelenskyy, suggests Moscow is at least managing the optics of a negotiated off-ramp, whether or not one is genuinely on offer.

Watch for responses from Kyiv, Washington, and Berlin on Schröder's proposed role, and whether ceasefire or prisoner exchange talks gain any formal structure in the weeks ahead.