It is still short of troops and armor crossing from Russia proper into Ukraine. I think Putin will continue to nibble and use the local forces and population as cover and not openly invade. He may move for a de facto partition of the Crimea and maybe some of the East from the rest of Ukraine rather than a full annexation IMO.
Putin is operating indirectly, propping up local separatist forces and creating chaos.
Russia can technically say it is keeping its word to the West.
But its also demonstrating to Kiev’s new rulers their freedom is on a very short leash indeed.
Russia has ways of bringing Ukraine to heel short of outright war. Never underestimate the Russian Bear.