Some key takeaways :

The Kremlin struggled to cohere an effective rapid response to Wagner’s advances, highlighting internal security weaknesses likely due to surprise and the impact of heavy losses in Ukraine.

Putin unsurprisingly elected to back the Russian Ministry of Defense (MoD) and its ongoing efforts to centralize control of Russian irregular forces (including Wagner) over Prigozhin.

The Lukashenko-brokered agreement will very likely eliminate Wagner Group as a Prigozhin-led independent actor in its current form, although elements of the organization may endure under existing and new capacities.

Prigozhin likely gambled that his only avenue to retain Wagner Group as an independent force was to march against the Russian MoD, likely intending to secure defections in the Russian military but overestimating his own prospects.

The optics of Belarusian President Lukashenko playing a direct role in halting a military advance on Moscow are humiliating to Putin and may have secured Lukashenko other benefits.

The Kremlin now faces a deeply unstable equilibrium. The Lukashenko-negotiated deal is a short-term fix, not a long-term solution, and Prigozhin’s rebellion exposed severe weaknesses in the Kremlin and Russian MoD.