Putin's ultimate goal is an imposed peace. The necessity to continue fighting until that point arises from a historically and culturally derived and stubbornly ideological claim that it is up to Russia to decide the political fate of a demilitarized Ukraine.
That aside, the war has also long become the organizing principle of Russia's globally oriented foreign policy. Putin has grudgingly accepted the loss of influence in other regions for the sake of the war in Ukraine; Russia's ideas about global order revolve around this war; and its outcome will either permanently strengthen or severely damage Russia's reputation in the Global South.
Over the past three and a half years Russia has poured enormous military, political, and economic resources into the war. Meanwhile, it has at times lacked the means to assert its influence elsewhere. In the South Caucasus, good economic relations with Azerbaijan and Turkey became more important to a sanctioned Russia than the security interests of its long-time ally Armenia.
When Azerbaijan took control of the disputed enclave of Nagorno-Karabakh in September 2023, Putin stood by and Russian peacekeepers did not intervene. When Syrian rebels advanced toward Damascus at the end of 2024 and ultimately overthrew the Assad regime, Russia
lacked the military means (and the political will) to rescue its ally. Russia also could do little for its partner Iran during the regional escalation with Israel, which has unfolded since October 7, 2023. Who wages a major war against a large neighbor cannot juggle too many balls at once.
The outcome of the Ukraine war will determine Russia’s role One may argue: if Putin were to end the war against Ukraine tomorrow, Russia's foreign policy leeway would theoretically expand again. The Russian military could then reassert itself in other regions. The problem, however, is that Russia's authority in the South Caucasus and Central Asia— those regions that Moscow's rulers claim as their privileged sphere of influence— is closely tied to the outcome of the war in Ukraine.