An analysis of the balance between strengths and disadvantages seems to indicate that, from Putin's perspective, in the short-to-medium range, the cards he holds, primarily the support of the Asian powers and energetic dependency on Russia, provide him with economic and military oxygen, as well as the ability to continue with a confined campaign.
In practice, after efforts to take over Kiev and other cities failed, and in view of the high number of casualties, as well as the logistical and operative difficulties encountered, Russia has begun to regroup and adjust its war goals to the reality created on the ground, while making a special effort to gain control of areas in Eastern and Southern Ukraine.
In the immediate timeframe, Russia seems to be striving to create a land corridor to Crimea while completing its occupation of Mariupol and other areas in Eastern Ukraine. In the medium range, Russia may also strive to take over Odessa, thereby denying Ukraine all access to sea, and effectively dividing it into two countries. Furthermore, Russia might try to extend the campaign to the pro-Russian Moldavian district of Transnistria, inter alia, with the aim of increasing pressure on the west.
At the same time, and by way of optimizing command and control processes, Southern Military District Commander General Aleksandr Dvornikov has been appointed head of all Russian forces in Ukraine. It is noteworthy that, while acting as head of the Russian forces in Syria between 2015 and 2016, Dvornikov's fighting mode was to systematically crush and wear down the enemy while using high-intensity firing.
It therefore appears that appointing Dvornikov and changing the main goals of the operation, are an indications that Russia wants to present tangible accomplishments on the ground almost at all cost, perhaps by 9 May (on which it celebrates its victory over the Nazis), so as to allow Putin to declare his "victory", and bolster the Russian narrative of "de-Nazifying" the territories occupied (while framing the operation as "the great patriotic war" against the Nazis in World War II), thus providing him with the legitimization domestically to announce the completion of the second, and perhaps final, phase of this "special operation". Under such circumstances, Russia may unilaterally state that all fighting will cease (at least temporarily), while it establishes its control on the ground, and regroups its forces in preparation for the rest of the campaign.