I think that's a very negative outcome, and the broader question for Ukraine is whether continuing to fight to try to retake that territory, and the potential costs that it could entail, are worth it. I think there is a potential case for negotiations, especially given the state of the Ukrainian military and economy, so Russia could tee that up as a win.
However, one other thing I would say is that this is where maintaining sanctions vis-à-vis Russia and our posture toward Russia as a threat are critical, so I wouldn't necessarily consider that a victory for Russia if it occupies that territory. It's not a good outcome for Ukraine, but we may be in a situation in which “not great” outcomes are what Ukraine is looking at, particularly if the United States is getting weak-kneed in its support for Ukraine.