He has established his land bridge from Crimea to Russia proper. I suspect he may declare victory once Mariupol falls.
Then Biden may try to force Kiev to cede the territory by choking off supplies. I hope I’m wrong about that.
Hopefully Putin can find a “facing saving” excuse for wrapping up this non-”WAR”. There certainly is nothing “honorable” in his systematic destruction of residential areas of cities, schools, hospitals, and women with children. I’m sure Erdogon is happy Putin has arranged for so much of his military hardware to be destroyed. He does not wish to share Syria’s fate vis a vis relations with Putin.
Better.
The "peace terms" that have been floating around generally appear to envision Ukraine giving up Crimea and the eastern areas now under Russian occupation. I can't imagine Zelensky agreeing to that but maybe Biden and the EU will somehow force that on Ukraine. If so, expect Putin and Biden to share the Nobel Peace Prize.