Losing is going back to the 1991 borders of Ukraine, including the Russians losing Crimea and losing the Black Sea fleet in Sevastopol. That's something they've always had. Even in 1991, when Ukraine became independent, the Russians had a lease arrangement with Ukraine to keep the Black Sea fleet in Sevastopol. From the Russian point of view, that would be an existential defeat.
The Chinese, I believe, do not want that to happen, so it would be something short of that. Then you have other scenarios—a return to the February 24, 2022, line, for example, and the Minsk II lines and so on. Those are options that are being discussed.