Putin & his cabinet will double down on presenting Trump as the peace maker. They will nominate him for Nobel Peace Prize knowing what it means to him, though it means nothing to them.
Everyone walks away with something, & Ukraine will realize it had been sold out decades later.
The Russians will cede the victory narrative to Ukraine and celebrate in silence with no official declaration. They will also officially inflate the cost of damage in civilian and military property inflicted on them by the Ukraine to sell the Ukrainians as formidable adversaries.