Putin doesn’t want negotiations, he wants either the old tsarist or soviet empire back, and he doesn’t care on the costs, what is it 1.5 million soldiers lost, 100 or so multi million pound jets, around a 1000 multi million pound tanks, how many ships, he wants Ukraine gone from history, lot of the northern coast of Estonia is Russian speaking, then from Sillemae to Narva is majority Russian and Narva is only Russian speaking, they’d welcome being back home under mother Russia.
He’ll carry on taking the piss, nato will carry on with the stern words, and next thing you know he’s protecting Russian infrastructure of the railway to Kaliningrad in the Sulwaki gap in Lithuania and nato will escalate to sterner words and strongly worded letters asking him nicely to stop or there’ll be repercussions, his bluff has to be called at some point, who knows when and what will do it.