It's apparent at this point that we're dealing with the worst kind of narcissist personality in Putin. This guy is the kitchen sink of everything that is bad with that disorder. It's for this reason we should be concerned.
Unless we can find a way of making the guy thinking he's won without actually winning anything then this has the potential to escalate out of control as he feeds his compulsive obsession to win at all costs.
So he wants - he wins?
1. What is his definition of win.
2. Change what he wants as a win.
3. Change his support structure required to win (For example China).
4. Change if he can afford to win.
If he simply wanted to save face, and he had unquestionable authority - then he would simply stop. Say he has won and liberated the Russians from the Neo-nazis, drew a border and decided for the country that is enough for today.
The reason he can't simply stop is twofold in my view:
1. He doesn't want to - because he's used to the appearance of total power, so this is an aberration in his reality.
2. He only holds power by keeping some other senior figures happy. He can shoot them if they fail, but if he fails, it is just apparent, it breeds discontent that shooting people won't solve (don't stop him trying - we've not seen that just yet).
My feeling is he's doing what he has set out todo (losses of people are irrelevant). Only when he fails to have enough enforcement of borders and internally will he stop sending troops and start escalating hardware.
What putin hasn't twigged yet ... Russia is being a proxy puppet state for China in the new era of China-US proxy wars.