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Zkuq said:

It's insane how the only plan Russia still seems to have is to wait it out and hope support for Ukraine eventually crumbles. At this point (and to be honest, for a long time already) it's just Putin trying to avoid facing his responsibility of this failed war at the cost of Russia - it's really hard to see how at this point the war could turn in Russia's favour so much that it could possibly be worth it in the end.

Exactly, he knows that at this point that winning won’t happen. His best outcome would stem from a settlement. 

The reason that he’s locked into this conflict though is that the Russian economy will end up nosediving once the government isn’t spending willy nilly on defense.  Putin is propping up the economy but it can’t last.