MOSCOW—In a grim but forceful speech, President Vladimir Putin warned that Russians must do more to safeguard the nation’s unity—an indication that he is unlikely to soften his policy on separatist-minded Chechnya even as the death toll from the school hostage crisis rises past 340.

Huge, harrowing photos filled Russian newspapers on Saturday, a day after the bloody end of the school seizure, and the stories burst with grisly details—but analysts doubted that the huge loss of life or negative public opinion would be sufficient to force Putin’s hand.

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