His scheme is now clear. After all the posturing and show of force, and with Russian troops threatening Ukraine on 3 flanks, he has officially recognised the "independence" of the two Ukranian "breakaway" provinces. Now, if Ukrainian forces fight the rebels, he can move in as a "peace-keeper", having stirred up the rebels to cause trouble in the first place.
Ultimately, of course, it would mean that Putin has de facto annexed two more Ukranian states, in addition to Crimea.

The only thing that might concern him would be popularity at home. His propaganda machine is taking care of that with false flag operations that justify the invasion to the Russian people. If the world knows they are lies, he does not care.