By Georgi Kantchev

MOSCOW -- Under pressure over his handling of the coronavirus pandemic and Russia's faltering economy, President Vladimir Putin said the country would hold its showcase annual Victory Day military parade next month.

The parade, a potent symbol of state power in Russia, has additional significance this year as it marks the 75th anniversary of the defeat of Nazi Germany in World War II. It was postponed in May as part of a series of measures to contain the spread of the pandemic, which has seen Russia rise up the ranks of worst-affected nations behind the U.S. and Brazil. It has registered more than 360,000 confirmed cases and an official death toll of 3,807.

"We'll do this on June 24, on the day when the legendary historic parade of victors was held in 1945," Mr. Putin said Tuesday during a videoconference with his defense minister Sergei Shoigu, ordering him to begin preparations.

The pandemic also forced Mr. Putin, who has been in power for more than two decades, to postpone a referendum planned for April on constitutional changes that could pave the way for him to remain in the Kremlin until 2036. A new date has yet to be set for the vote, which would be the final hurdle Mr. Putin must clear before he is able run for the presidency again once his current term, his fourth, ends in four years. Russia's parliament and constitutional court have already approved the changes, which Mr. Putin endorsed in March.

The Victory Day parade, if it goes ahead is scheduled, could help Mr. Putin regain political momentum. The celebration of the Soviet defeat of Nazi Germany, typically observed on May 9, is considered the nation's most important holiday and the single event that unites the majority of Russians. An estimated 26 million Soviet citizens perished during the Great Patriotic War, as World War II is commonly known in Russia.

Over the years, the Russian president has tried to harness the wave of patriotism connected to the suffering and pride of eventual victory in the war, according to analysts. The Russian president, who worked remotely from his residence outside Moscow for the past several weeks, could benefit from a boost right now, they say.

Struck by a double blow of low oil prices and coronavirus-induced lockdowns, the Russian economy is on the brink of a deep recession. Russians, who have been under a partial lockdown since March 30, have been growing increasingly restless and discontent over promised assistance from the state, which they say isn't enough.

Russia, dependent on oil revenues for a third of its state budget, finds itself poorly equipped to offer the sort of economic support programs provided in the West. The ruble plummeted against the dollar this year and unemployment has doubled to 1.4 million since early April.

The situation has dented Mr. Putin's approval rating, which slid to 59%, according to the independent Moscow pollster, Levada -- his lowest since he became president in 2000. The Kremlin has dismissed the poll, arguing that there are other polls that use different methods of counting and provide different outcomes.

The postponed Victory Day parade, which world leaders such as China's Xi Jinping and Emmanuel Macron of France were expected to attend, was intended to showcase Russia's increased global influence under Mr. Putin, who has been ostracized by the U.S. Washington has slapped Russia with sanctions for transgressions such as annexing Ukraine's Crimean Peninsula in 2014 and interfering in the 2016 U.S. presidential election.

Instead of hosting what was intended to be Russia's biggest-ever Victory Day parade, including thousands of troops and hundreds of tanks and aircraft exhibited across Moscow's Red Square, this year's May 9 celebrations were muted. Mr. Putin walked alone to lay flowers at the Eternal Flame memorial outside the red brick walls of the Kremlin as Russian television showed images of an empty Red Square during an overcast, rainy morning.

Write to Georgi Kantchev at georgi.kantchev@wsj.com