Russian victory in the Russo-Japanese War

Could the Russo-Japanese War have gone in Russia's favor, and what peace terms would each side have wanted?

Russia needed advance preparation, a capable forward fleet, and supporting infrastructure. A victory could have led to extreme demands on Japan, though conquest would have been exceptionally difficult.

Russia possessed enough strength on paper to make victory possible, but it could not deploy that strength effectively in the theater. A different outcome required advance preparation, a capable forward fleet, and the infrastructure to support it. In a Russian victory, the government might have pursued total conquest if it believed that aim was attainable. The panel immediately warns that conquering Japan would be a nightmare, so the proposed peace terms remain an extreme counterfactual rather than an easy outcome. The answer develops Russian ambitions but leaves the Japanese peace terms in the question unspecified.