What happens if Putin decides to cut his losses in Ukraine?

Following a series of phony so-called elections, Russia claims it has annexed four Ukrainian provinces, despite international condemnation. (Alexander Nemenov/AFP via Getty Images)

If you are following events in Russia and Ukraine closely, you could be forgiven for wondering if Vladimir Putin has backed himself into a corner.

Many thousands of Russians are fleeing the country, trying to avoid being drafted to fight in the war. Phony so-called elections in four Ukrainian provinces, which Russia now says it has annexed, are being mocked in capitals around the world. And on the battlefield, Ukraine keeps winning.