President Vladimir Putin, who is attending the parade with other senior Russian officials, told participants that Russia will ensure that it always has the highest-level defensive capacity.
The parade, commanded by Land Forces Commander-in-Chief Army General Oleg Salyukov, began with a battalion carrying the Russian flag and the Victory Banner across Red Square.
The Victory Banner was hoisted over the Reichstag by Soviet soldiers in May 1945.
Russian Defence Minister Sergei Shoigu was also in attendance.
More than 13,000 troops and 130 pieces of military hardware are taking part in the parade, which is being broadcast nationally.
An anonymous source quoted by the TASS news agency said that combat aircraft and helicopters will not take part in the parade due to unfavourable weather conditions.
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