I cant read Putin's mind. But I can read the official word via the official news.
And the word is: that NATO needs to be destroyed; West is corrupt and invents reasons to destroy Russia; US should've / could've been nuked when Crimea 'joined' Russia; Russia is basically at war and is under attack; Russians are under attack everywhere; Ukraine is not a separate country; disappearance of USSR is a tragedy.
If you grow this for awhile, it gets to be fruitful.
What do you think will happen? Nothing? Will war break out between Russia and the Ukraine? Will Russia and the West start a new Cold War?
to answer the original post, I actually dont know, it can go either way.
technically, Putin has nothing to lose. Crimea and Donbas proved that there are no downsides to this. Ukraine showed that it won't be a walk, so Russia settled for a trophy, an island, lawless territory and an airliner. US and NATO really dont want to be involved in Ukraine, but they are also slightly more active now. In Syria, US decided to back off. And Russia didnt mind when Turkey shot down a military plane there. Turkey is best friends. Everyone walked away happy from Syria except for all the dead.
An unknown to me - is Ukraine. With large Russian population, yet with unhealthy and understandable effect of Nationalism, growing hatred for Russians, - this potentially will not be as quiet as before. Military of course doesnt match up, but there's more to war than just this.
I plan to keep my TV on.