Mordor inspired by Nazi Germany?

I know Tolkein had flatly refused to link the LOTR with World War II, but who can resist drawing the comparisons between the mighty Dark Lord Sauron, amassing armies to assault Middle Earth, as with Adolph Hitler during his reign in Nazi Germany and his seige on Europe? Their respective ends differ somewhat, but their ambitions in life were tragically similar and malicious. Was this then the inspiration for the settings of Mordor and it's ruler as described in the LOTR?