His system of government depends on state control of oil exports. Moscow does control the pipelines, all flowing from east to west. That economics relies on warlords controlling the oil, and the economic style does not scale.
The republics and gone through stages of history in Putin's lifetime and today have varying autonomy. So for Putin, grabbing Kiev as part of sa pipeline bid made no sense. He had, and still has, much easier means to keep pipeline running and Ukraine out of NATO.
He ran out of any options provided by oligarchic oil production. Most of western Russian is looking at a 'been there done that'. They want the EU system returned.
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