The story of the rings is well known here, so this will need little further comment: Putin gives away eight rings as gifts to the leaders of the Commonwealth of Independent States (CIS) countries at an informal summit held in St. Petersburg. He keeps the ninth.
Whatever you say, the Russians are master trolls. My source (in German) claims that Ucrainians call the Russians orks and Russia Mordor. And proud of it, they reply. And we know you well. They use our tropes to rub it in our noses. What an asshole move.
Sauron was actually charming.
One Ring to bring them all, and in the Kremlin bind them?
Sauron is Middle-earth for loser.
The gray haired power in the west? Biden is the Gandalf figure in this narrative.
The corrupted figure that seeks to use the conflict to advance himself? Xi is Saruman.
And the pathetic misshapen figure, twisted by greed and lies, who originated in the western lands but served Sauron? Trump is Gollum.
I’d nominate Lukashenko as the Saruman equivalent; the rest is spot-on.
Our many Republican traitors seem to be embracing the role of the Nazgûl.
So that’s why Biden was yelling “YOU SHALL NOT PASS!!!” when the US made trade sanctions. I thought he was talking about legislation.
“I am a servant of the Secret Fire, wielder of the flame of Anor, and I’m not going to put up with any more of your malarkey, Sauron Putin!”
So where are the hobbits? And could I have a mithril coat, please?
The real world isn’t good enough to have hobbits. 
Down in Ukraine, working to throw the Precious into the fire, and generally giving what-for to Sharkey’s men.
I wonder if Putin put something radioactive in those rings?
So he can arrange successors sooner?
Well, Zelenskyii is pretty short, but I don’t know how hairy his feet are.
According to Tolkien, IIRC, they’re still around. They just can’t be bothered to show themselves.
The Hobbits were always from a far off land, well away from the starting battles.
New Zealand…?
( Peter Jackson is my cite )
Zelensky isn’t a hobbit. imo. The Ukrainians are the Rohirrim and allies fighting the forces of Sauron in one the many battles that are waged across Middle Earth. Ents and Great Eagles will be forthcoming in 2023.
Indeed, the hobbits are already inside Russia, this is the part of the analogy that Putin has unwittingly conjured. We don’t know who they are, but they will ultimately take Putin’s power and destroy him in Moscow.