I still say Putin will try to outlast the united states and EU and pray that their economies crash, will russia's remains relatively stable. This could cripple europe and america's ability to react to any move that russia makes.
The moment the EU crashes a market of 1/3 of their GDP in exports is gone.
This is the same thing for China, China doesn't want the US economy to go down, just imagine if the US can't afford to import and consume all that stuff that comes from China, what are millions of Chinese going to do for work?
Putin needs to flex his muscles to show the people in the country something because he has nothing!
A country with vast resources and a minimum wage of 180$, on pair with the poorest region of China, lower than Mexic, Brazil, or even Albania, and before anyone brings the PPP into the discussion, a BTC is worth $37k both in the US and in Zimbabwe, hiding behind PPP means acknowledging you're living on bread and water. He simply has nothing to show poeple, not wealth, not healthcare, not infrastructure, he can only play the nationalist and patriotism cards, and for that, he needs the "glory" of the USSR if not economically at least military, just like a hooligan with a baseball bat, he doesn't care about his own problems but must impose his views on his neighbors and frighten them every single day.
I think this is the same reason Russia needs Ukraine too. Ukraine has many important military infrastructures due to its being part of the former soviet union. Russia just wants to make sure those can not get in the hands of the USA or their Allies nations.
30 years old infrastructure and of no outstanding strategic importance for the western allies since they already have Poland and the Baltic countries which are actually closer to Moscow than all of Ukraine less 10% in the northern part.
The reason is pretty simple.
Russia doesn't want Ukraine to get into the western influence zone because if Ukraine gets a boost to its economy and surpass that of Russia per capita poeple will start questioning themselves why are they still against the EU and also seek a change of how the country is run.
He fears the power of an example, just when you want to make a comparison between communism and capitalism you look at South and North Korea, Putin doesn't want Russia and Ukraine to be used as such examples where he is part of how not to do it.