Pomp and circumstance in Moscow as festivities were launched Monday to mark the 60th anniversary of the end of World War II with a lavish Red Square parade observed by more than 50 heads of state.

Jets overhead left red, white and blue streams in the sky symbolizing the Russian flag's colors.

Russian Defense Minister Sergei Ivanov inaugurated the parade -- the centerpiece of Russia's celebrations -- by congratulating the 8,000 soldiers and medal-covered veterans in attendance.

The event was billed as an occasion for Russian President Vladimir Putin to pay homage to the Soviet Union's immense contribution to the Allies' defeat of Nazi Germany. The Soviet Union paid the heaviest price in World War II, losing an estimated 27 million soldiers and civilians. The commemoration remains an emotional event in Russia as a majority of Russians have lost relatives in what is referred to in Russia as the Great Patriotic War. Putin has said that more than half of his relatives died during the war, including his older brother.

In a brief opening speech, a visibly emotional Putin paid tribute to the Soviet Union's enormous wartime sacrifice.

"Victory Day is the dearest and most sincere holiday for everyone in our country. For the peoples of the former (Soviet) Union, it will forever remain the day of a great feat accomplished by the people. And for the countries of Europe and the entire planet, it will remain the day when they world was saved," Putin said.

Putin, who was flanked by U.S. President George W. Bush, French President Jacques Chirac, and German Chancellor Gerhard Schroeder, described 9 May as a "sacred date" for Russians and said he "bows down" to those who fought for the Allied cause.

He also called on the world to remember those who died in the war, and to unite to prevent new wars.

"In the face of the existing threat of terrorism we should remain faithful to the memory of our fathers and should defend the world order based on security and justice, on a new culture of relations between countries that does not allow either cold or hot wars to be repeated," Putin said.

After his speech, President Bush leaned over and appeared to compliment his counterpart. Cameras showed Putin putting his hand on Bush's arm and mouthing in English, "thank you."

Accompanied by soldiers chanting wartime patriotic songs, medal-covered veterans then drove across Red Square in military vehicles, waving red carnations to the crowd.

Thousands of veterans in uniform observed the parade from a platform near Lenin's tomb, some with tears in their eyes.

Soldiers in modern and World War II uniforms, sappers with dogs, and infantrymen carrying Red Army flags marched across the square to the applause of world leaders. Together with veterans, the dignitaries moved to lay wreaths at the Tomb of the Unknown Soldier at the foot of the Kremlin wall.

A reception is scheduled to take place later at the Kremlin, where medals will be awarded to both veterans and foreign political luminaries who fought against the Nazis.

These include Greek President Karolos Papulyas, Albanian President Alfred Moisiu, Croatian President Stipe Mesic, former Polish President Wojciech Jaruzelski, former Cypriot President Glavkos Kliridis, and former Romanian King Michael I.

A series of informal bilateral meetings are also expected to take place between heads of states throughout the day, which will be capped this evening, when foreign leaders are scheduled to meet again on Red Square to observe a minute of silence to honor those who died in the war. 

A concert and fireworks will wrap up the 9 May festivities on Red Square.