Welcome back Armchair_Politician. Long time no see.
Russia will just get it's slice of the cake, just like it got what it wanted (via USSR) from Finland in the Winter War back younder.
It never wanted 'all' of Ukraine, it just wanted to make the parts that were 'colonised' by Russians as part of Russia via the citizens being Russian as its excuse. It looks like Ukraine will eventually have to concede such territory, just like Finland did. It's what Russia wanted in the first place and it looks like 'Russia Wins' again.
As for Russia long term.
Well, its pretty obvious that Russia will soon be between a Rock (Europe) and a hard place (China) as China has also pumped 700,000 people into Russian lands and many in 'military' uniform. It has also 'taken' Russian lands in the east formally. China is keep its Russian (enemy) close until its ready to do to Russia what the USSR did to it. Putin knows he can't do a thing about China chipping away at it and China knows it is in a position to take the resource rich Siberia off Russia and return it back to the 'Yellow Man'.
When China attacks Russia (which is a better bet than attacking USA directly) - you can basically say its the end of Russia the Great once and for all. Australia will replace Russia - on the Global Power front. Of course, Russia will then ask for USA help - but the USA will be in economic doldrums by then and unable to.
...until North Korea spoils China's efforts and attacks the USA - thus bringing the USA into the conflict and getting a slap to the back of the head by China for being so stupid.
So many World Wars to have, so many changes to be made.
North America replaces Western Europe
Australia replaces Eastern Europe
Oceania replaces Southern Europe
Such is 'life'... and death.