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What difference does it make?

Main difference it must make is that Russia isn't the real big baddie of this century from a Western perspective. It is China. If the Western aim wrt Ukraine was to avoid war and come to a peaceful settlement where both sides would become part of some rules based system where the rules are made by the Americans, then it has failed miserably. So it is pretty important to look at why/where things went wrong and take lessons if you want to avoid a proper World War.