Aggression, followed by annexation, followed by a ceasefire WITHOUT returning to pre-war borders is a loss.
Europe cannot allow Putin to push out beyond the borders of Russia, which is why it is so important to embrace the old Eastern European countries and bring them
Into the NATO family.
Putin ONLY fears the might of NATO, which is why it’s imperative that the U.S. (read Trump!) not abandon Ukraine or NATO, and try to bring Ukraine into the family ASAP.
In this case, a ceasefire would be an expensive loss would mean Crimea and now the entire coastline of the Black Sea being ceded to Russia…and the removal of any European ports from those critical waters.