Yesterday a Russian general announced that the "first stage" of Russia's military plan is now complete, with their primary focus now being cantered on eastern Ukraine.
Colonel General Sergei Rudskoy, first deputy chief of Russia's General Staff, said "In general, the main tasks of the first stage of the operation have been completed, the combat potential of the armed forces of Ukraine has been significantly reduced, allowing us, I emphasize again, to focus the main efforts on achieving the main goal - the liberation of Donbas."
On Radio 4 this morning I caught someone saying Putin, in the face of a stalled campaign, huge losses and fierce resistance, had a choice. Either he could escalate upward or downward and he seems to have chosen the latter. It was an admission of failure and a politically humiliating redefinition of much more limited goals - no more talk of regime change for example.
Rudskoy explained, not very convincingly, that the northern thrust was simply a diversionary tactic,
"The public and individual experts are wondering what we are doing in the area of the blockaded Ukrainian cities, these actions are carried out with the aim of causing such damage to military infrastructure, equipment, personnel of the Armed Forces of Ukraine, the results of which allow us not only to tie down their forces and prevent them from strengthening their grouping in the Donbas, but also will not allow them to do this until the Russian army completely liberates the territories of the DPR and LNR."
But let us be clear. It represents a massive failure. Even among the unimaginable horrors faced by ordinary Ukrainian men, women and children pitted against the depraved barbarism of Russian troops, there is one big loser. Vladimir Putin and Russia itself.
It has exposed the myth that Russia's armed forces represent any kind of threat to NATO. Poorly equipped, poorly trained and poorly led. Defence minister Shoigu has disappeared without trace and there are claims (denied) he has suffered a heart attack after not being seen in public for two weeks. Losses of men and equipment will take years to replace.
Although it remains a nuclear power, the only possible use is as a deterrent otherwise Russia will suffer just as much, if not more, than other countries. It is a self-destruct button which no sane leadership would use as an offensive weapon.
The Russian economy is in a slow meltdown as sanctions begin to bite. Western companies who thought they could remain in Russia, like Renault, are finding they can't ship parts in. Others like Nestle will come under increasing pressure to withdraw.
Politically, Russia is weakened, with calls for it to the removed from the G20 and even the UN.
Ukraine's ties with the west have become unbreakable bonds. Even, Russia's old sympathisers in eastern Ukraine have turned against them.
Half or more of Russia's foreign currency reserves will be lost when the west transfer the frozen assets to Ukraine as reparations. There is already a brain drain as the brightest and best people seek better lives away from Putin's Russia. There are moves to try and prevent staff from travelling abroad, reminiscent of the old Soviet Union.
The west is more united than ever before. All the time, money and effort spent by the Kremlin over the past two decades in trying to divide NATO and the EU has been wasted.
NATO itself has been immeasurably strengthened with more spending being committed and probably more members than before with Sweden and Finland now having majorities in favour of joining the military alliance.
The US now has more than 100,000 troops in Europe.
Europe is taking steps to rapidly reduce its dependence on Russian gas and oil, permanently cutting Russia's main source of revenue and throwing their economy back to what it was under the old soviet regime.
Senior figures, and probably Putin himself, will soon face war crimes charges and will almost certainly be convicted, rendering it impossible for senior political and military figures to travel to the west without fear of being arrested.
Sanctions are going to remain in place for years if not decades.
Repression at home must increase to keep the truth from the Russian people for as long as possible but it cannot be withheld forever.
All this to gain a few kilometres of territory in Donbas - which will almost certainly have to be returned one day - moving Russia's western border fractionally further west, but with all the old issues about Russian being threatened by NATO expansion multiplied.
It makes no sense. Putin and Russia are the big losers.
