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WATCH: Confused Biden Introduces Ukraine's Zelensky as 'President Putin'

Gaffe came shortly before octogenarian leader's highly anticipated press conference

A confused President Joe Biden introduced Ukrainian president Volodymyr Zelensky as "President Putin" during an event touting the Ukraine Compact, an embarrassing gaffe that occurred in the buildup to a highly anticipated press conference in which the octogenarian leader is expected to address concerns over his mental acuity.

"Ukraine will prevail in this war, and we'll stand with them every step of the way," Biden said during the Thursday evening event. "And now I wanna hand it over to the president of Ukraine, who has as much courage as he has determination. Ladies and gentlemen, President Putin."

"President Putin?" Biden continued. "We're gonna beat President Putin! President Zelensky. I'm so focused on beating Putin, we gotta worry about it. Anyway."

"I'm better," Zelensky joked. "You are a hell of a lot better," Biden responded.

The event began just after 5:30 p.m., roughly one hour before Biden will address reporters in a press conference that is seen as crucial to his floundering campaign. Biden was expected to face a "deluge" of calls to exit the 2024 race even before the gaffe.