I believe that to Putin “Nazi” ins interchangeable with “evil invaders”. And he sees that western leaning elements of Ukraine as Sauron like figures tempting Ukrainians from their rightful place as part of the Russian empire.
Not saying I agree, but that is the only coherent worldview I can from his speeches.
About 10000 Russian casualties so far in this invasion. They have no training, no air support, no fuel, nothing. Putin is sending all these people to their deaths believing a lie that the Ukraine people are nazis, while he is playing bunker bitch at home, afraid to even sit next to people in his own staff.