If there is no continuous land bridge from Donbass to Crimea or control of Kherson, Russia lost badly. This is the bare minimum to make the war worth it. They absolutely need Kherson and Zhaphorizhzhia Oblasts.When Putin started the war the goals he set meant the Ukrainian state would have to be overthrown. If he wanted a war to just liberate the Donbass, he should have said that.
I'm not alone in what I'm saying, it's what every single Russian military commentator is saying right now. I'm sure it's the opinion every single Russian general and 90% of people around Putin as well. He's gradually replaced the pro-western individuals with Eurasian ones. He's pretty much the only Yeltsin era Atlanticist left in the Kremlin, although we thought his views had changed.
It won't be cheap to occupy the Ukraine, but then you have to ask why he started the war in the first place. Wars never make financial sense.
We'll have to see if this peace treaty is real or not. My instinct tells me that Putin would never agree to it, but he's getting awfully close to signing the dotted line.
Most Russian military commentators are saying it's just political theatre, so I suppose I'll treat it as such until it actually happens.
An important but secondary goal should be pushing to natural borders for a buffer zone for the previous conquests, and this will require more troops in the east. I suspect that's what they're going to use the redeployed troops for.