Donald Trump has announced a three-day ceasefire will take place in Ukraine between Ukrainian and Russian forces to commemorate Victory Day.

The US president said that the savage four-year war was coming to a conclusion in a post on Truth Social today.

The US president said he had asked for a halt in the fighting between May 9 and May 11, thanking leaders Vladimir Putin and Volodymyr Zelensky for accepting his proposal.

Announcing the news on his social media platform, Trump added: “This Ceasefire will include a suspension of all kinetic activity, and also a prison swap of 1,000 prisoners from each Country.

“Hopefully, it is the beginning of the end of a very long, deadly, and hard fought War.

“Talks are continuing on ending this Major Conflict, the biggest since World War II, and we are getting closer and closer every day.”

Victory Day is a holiday that commemorates the victory of the Soviet Union over Nazi Germany in 1945. It was first inaugurated in the 15 republics of the Soviet Union following the signing of the German Instrument of Surrender late in the evening on 8 May 1945.

Earlier today it was reported that Ukraine defied Moscow's self-imposed ceasefire by attacking Russia with waves of drones overnight and into Friday morning, setting off a major blaze at a key oil refinery. The Yaroslavl plant was blown up as hundreds of Kyiv’s ‘kamikaze’ weapons were fired at targets across more than a dozen Russian regions - as Moscow fired back.

It was the latest in a string of long-range attacks deep inside Russia, the Yaroslavl plant situated almost 500 miles from the Ukrainian border. Ukrainian President Volodymyr Zelensky stormed: “Moscow wants to hold their parade, to go out onto the square safely for an hour once a year, and then continue killing, killing our people and waging war.”

In response Russia opened fire with more than 140 attacks and a staggering 850 drone strikes - as Kremlin war chiefs defied their own ceasefire.

The Kremlin had declared the May 8- 10 Victory Day ceasefire hours before the attack with 264 airplane drones between midnight and 7am this morning local time. Russian President Vladimir Putin is due to attend the military parade in Red Square on Saturday and the Kremlin has launched a large-scale security clampdown.