Because both Ukraine and Russia have changed? Ukraine is war torn, deeply in debt, and no longer provides the strategic benefit to Russia it might’ve in ‘22. Russia’s economy and populace needs to recover from being war-oriented.

They have their land bridge to Crimea now, and if I had to speculate, they’d be happy with a neutered neighbor that can’t join NATO, essentially a populated DMZ. I can’t see what benefit in wanting to take Ukraine on again after the dragged out meat grinder it was this time around.

So speculation then. Here's some more: because it won't be a dragged out meat-grinder if he has a puppet US administration/political party.

> Ukraine is war torn, deeply in debt, and no longer provides the strategic benefit to Russia it might’ve in ‘22.

Expanded access to the Black Sea and natural gas/minerals were and still are very important to Russia. Aside from these, a total victory would allow Putin to cement himself as a conqueror in Russian history books.