Vladimir Putin suggested on Saturday that the war in Ukraine could be approaching its conclusion, as Moscow and Kyiv observed a three-day ceasefire brokered by the United States.

Speaking to reporters following Russia’s annual Victory Day commemorations, Putin said he believed the conflict was “heading to an end,” while warning that the situation remained serious.

“I think that the matter is coming to an end,” the Russian president said when asked whether Western support for Ukraine had gone too far.

Putin accused Western countries of escalating tensions with Moscow, saying: “They started ratcheting up the confrontation with Russia, which continues to this day. I think it is heading to an end, but it’s still a serious matter.”

The remarks came during a temporary truce announced by Donald Trump following US-mediated negotiations aimed at reducing hostilities in the four-year conflict between Russia and Ukraine.

Meanwhile, Antonio Costa said the European Union was prepared to hold separate peace talks with both Russia and Ukraine “when the right moment comes.”

Asked who he would prefer to represent the European side in potential negotiations, Putin named former German Chancellor Gerhard Schröder, a longtime ally and personal friend of the Russian leader.

Schröder has faced significant criticism in Germany over his close ties with Moscow, including his previous roles on the boards of Russian state-linked energy companies.

Putin also accused the European Union of seeking to intensify the conflict, warning Brussels that “this game could prove costly,” while noting that Ukraine continues to receive substantial military and technological support from European countries.

As part of the US-backed ceasefire arrangement, both sides reportedly agreed to a large-scale prisoner exchange. However, Putin claimed Russia had yet to receive a formal response from Kyiv.

“We are counting on the Ukrainian side to respond to the proposal made by the President of the United States. Unfortunately, we still have not received any proposals so far,” he said.

The Russian leader added that he remained open to direct peace talks with Volodymyr Zelenskyy, but only after a lasting peace agreement had been established.

Putin also briefly addressed tensions involving Iran, expressing hope that the conflict there would end quickly and warning that prolonged fighting would lead to losses for all sides involved.

Russia’s Victory Day marks the Soviet Union’s defeat of Nazi Germany in World War II. This year’s parade in Moscow was significantly scaled down, featuring mostly leaders from Russia’s allied nations and, for the first time in nearly two decades, no display of military hardware.