Russia sent out just one aged tank for its Victory Day parade on Moscow's Red Square today as Vladimir Putin's depleted military continues to suffer losses in Ukraine.

In his speech, watched by scores of uniformed soldiers, military officials and leaders of former Soviet nations, Putin claimed that Russia wants peace while accusing the 'western elite' of waging a 'real war' against his invading troops.

It came just hours after another barrage of cruise missiles hit several sites across Ukraine. 

'Civilisation is once again at a decisive turning point. A real war has been unleashed against our motherland,' he said in a reference to his ongoing invasion that the Kremlin portrays as being a proxy conflict with the West.

With snipers watching the crowd closely, he welcomed soldiers fighting in Ukraine who were present at the parade, and framed his on-going illegal invasion as being akin to the Soviet fight against Nazi Germany in the Second World War, which came to an end 78 years ago - a false narrative that has nevertheless resonated at home.

'To Russia!

To our brave armed forces! To Victory!' Putin concluded in his speech.

As the Russian President's address came to a close, cheers rang out across Red Square, with a gun salute and the Russian national anthem, though with a much slimmed down show of military hardware - and no aviation. 

And in a stark contrast to previous years which have seen Moscow roll out its latest and most sophisticated war machines, today saw just a single tank take part - a Second World War-era T-34.

Vladimir Putin is seen addressing his country's Victory Day parade on Moscow's Red Square today.

In his speech, he claimed that Russia wants peace while accusing the 'western elite' of waging a real war against his forces in Ukraine

The parade saw a much slimmed down show of military hardware - and no aviation - when compared to previous years.

Only one tank took part - a Second World War-era T-34 (pictured)

Today's Victory Parade was a stark contrast to previous editions of the event, which saw far more pieces of military hardware on display.

In the 2015 Victory Day parade (pictured) Russian T-14 Armata tanks, which have a remote-controlled gun turret and reinforced capsule for the crew, are shown off in central Moscow

 Pictured: Snipers are seen watching over the Victory Day parade in Moscow today as Putin delivered his annual speech.

Moscow has been on high-alert after ambiguous official reports last week that two Ukrainian drones flew into the heart of Moscow under the cover of darkness and reached the Kremlin before being shot down

Pictured: Russian president Vladimir Putin waves as he leads the Victory Day parade through Moscow's Red Square, May 9