The exchange is the first to take place since Russia accused Ukraine of shooting down a plane which they asserted was carrying Ukrainian prisoners of war. Zelensky's government has not denied the claims, though the Kremlin has failed to provide any concrete evidence to back up their claims.
According to the BBC, Russian officials said both they and Ukraine each received 195 prisoners of war as a result of the swap, however Zelensky claimed that 207 made it home to his nation.
"Good news," he wrote in a post on X. "The one we have been waiting for. Today, we were able to free 207 more Ukrainians from Russian captivity. 180 privates and sergeants. 27 officers.
"Almost half of them are Mariupol defenders, Armed Forces, National Guard, Border Guard, and National Police," he added, celebrating the fact that the now former prisoners of war would "soon be reunited with their loved ones," resulting in, "207 happy families.
"I am confident that the freed captives are already calling home to hear the most important words," Zelensky continued. "I am glad our efforts are paying off. This was the 50th prisoner exchange since the full-scale war began. In total, 3035 Ukrainians have been returned. And we will make every effort to return each and every one. We have not forgotten about anyone."
In a statement, the Russian defense ministry explained that every Russian prisoner of war released will be "transported by military aircraft ... to Moscow for treatment and rehabilitation."
"All those released are provided with the necessary medical and psychological assistance," the ministry added.
As the BBC reports, it is unclear whether any of the men set to be swapped last week were part of Wednesday's exchange, however despite Russia's claims that they all perished in the plane crash, their families remain hopeful that they are still alive.