I don't think anyone here knows with any certainty what Putin thought or thinks, or what his plans are. Speculation on the subject may be entertaining, but it's still speculative.
We don't know what plans the EU/NATO/US have. It's reasonable to assume that the fairly obvious possibility of invasion under the guise of peacekeeping has been discussed, but we have no way of knowing what the planned response would be. It's obviously not something that will be advertised.
Invasion under the guise of peacekeeping could of course be preempted if the Ukrainians isolate the remaining separatists, then offer them some sort of deal that will allow the Russians to go home and the bulk of the indigenous soldiery some kind of amnesty. That would not make the Ukrainians happy, but backing the separatists into a corner and trying to exterminate them would provide a strong pretext for intervention. Ultimately that's a decision that has to be made by the Ukrainians, not the US or the EU.
Rogue. Please.
We'll see.