However, Western officials and analysts believe that could change on May 9, a symbolic day for Russia, with a formal declaration of war that will pave the way for Putin to step up his campaign.
What is May 9?
May 9, known as "Victory Day" inside Russia, commemorates the country's defeat of the Nazis in 1945.
It is marked by a military parade in Moscow, and Russian leaders traditionally stand on the tomb of Vladimir Lenin in Red Square to observe it.
"May 9 is designed to show off to the home crowd, to intimidate the opposition and to please the dictator of the time," said James Nixey, director of the Russia-Eurasia Programme at Chatham House told CNN.
Western officials have long believed that Putin would leverage the symbolic significance and propaganda value of the day to announce either a military achievement in Ukraine, a major escalation of hostilities — or both.
The Russian president has a keen eye for symbolism, having launched the invasion of Ukraine the day after Defender of the Fatherland Day, another crucial military day in Russia.
Preparing for mobilization?
Putin has many options on the table, according to Oleg Ignatov, senior analyst for Russia at Crisis Group. "Declaring war is the toughest scenario," he said.
Meanwhile, Ukrainian President Volodymyr Zelensky — who has not formally declared war on Russia — imposed martial law in Ukraine when the Russian invasion began in late February.
Another option for Putin is to enact Russia's mobilization law, which can be used to start a general or partial military mobilization "in cases of aggression against the Russian Federation or a direct threat of aggression, the outbreak of armed conflicts directed against the Russian Federation."
That would allow the government not just to assemble troops but also to put the country's economy on a war footing.
Mobilization could mean extending conscription for soldiers currently in the armed forces, calling on reservists or bringing in men of fighting age who have had military training, said Ignatov.
But it represents a big risk to Putin's government, he said.
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