Putin uses this term to refer an amalgamation of history concerning Russian territory, with an axis roughly going through a 1654 peace treaty, and capped by the 1939 Molotov-Ribbentrop pact. The latter was signed only a week before Nazi Germany invaded Poland. Russians harbor their own type of bitterness about the 1920s-1940s National Socialists which is not well-reflected in the Western/American/Jewish perspective. If you move past the embarassment of Tucker Carlson's "Why is history relevant?", Putin makes a certain case, if propagandized, from a long-term Russian perspective. It is worthwhile to look up all the events he cites.

https://www.rev.com/blog/transcripts/tucker-carlson-intervie...

A mild annoyance within Ukrainian politics. But in reality, bearing no connection to the problem that Putin makes it out to be. A bogeyman basically.

Per the Wikipedia definition:

The bogeyman (/ˈboʊɡimæn/; also spelled or known as bogyman, bogy, bogey, and, in North American English, also boogeyman)[1] is a mythical creature used by adults to frighten children into good behaviour.