A big blow to Russia's reputation and its ability to defend itself in the Black Sea. It's also not the only loss for the Black Sea fleet, which is up against a Ukrainian navy that has been greatly reduced since Crimea was taken over and is mostly stuck in its ports, just like most of its commercial shipping.
The blockade of the Black Sea has been a huge strategic win for Russia because it has forced Ukraine to mine itself in.
Stalls at Ukraine's ports have left large parts of the world without grain, but also fertilizer, sunflower oil, and a whole host of other exports that would have brought the Ukrainian economy much-needed cash.
Even though a grain deal was made in Istanbul, no ship has left yet. It shows how little faith there is in Russia's intentions, especially after its missile attack on the port of Odessa while the deal was still being signed.
Today Putin said there will be more big guns. In the coming months, Russia's armed forces will get the Tsirkon hypersonic missile, which has been talked about for a long time.
The first ship to get the missile will be the frigate Admiral Gorshkov, which has already tried it out. Putin says that the Tsirkon missile systems will be "unmatched" anywhere else in the world.
People on Palace Embankment may not have cared about that, but they loved the parade and the planes flying by.
"Did you hear the people cheering when Putin came out?" asked Janna, whose dislike of all things British was clear. "I hope you heard, but I don't think your leader is so strong."
"I think you have put us, two brothers, against each other," she said, pointing her finger in a threatening way. "When you're here, I hope you can understand what the Russian spirit is."
Natalia told me she was sure of winning while wearing a "Z" T-shirt, which is becoming more and more popular. When I asked what she meant by "victory," she said, "Victory over fascism, over the Nazis, for peace!" I ask people, "What does the word "Nazi" mean to you?"
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