Putin has room for not suffering a clear loss. Ukraine has a lot of incentive to agree to a deal to end the war to avoid their country being destroyed further.
If Putin thinks that he would lose on the battlefield if the war drags out, he could offer an end to the war in exchange for Donbas, Luhansk, and Crimea. Putin has enough firepower to level Kyiv to the ground if the deal would be rejected.
Putin has room for not suffering a clear loss. Ukraine has a lot of incentive to agree to a deal to end the war to avoid their country being destroyed further.
If Putin thinks that he would lose on the battlefield if the war drags out, he could offer an end to the war in exchange for Donbas, Luhansk, and Crimea. Putin has enough firepower to level Kyiv to the ground if the deal would be rejected.