I don't think she intended to be malicious per se (that would be Schroder), but Merkel definitely had a deep respect for russian imperial ambitions if not a roundabout show of support for russia's land expansion.

Something along the lines of "well, what they are doing is wrong, but we'll just have to keep supporting russia in hope that they will become normal in 30 years. The ends justify the means so to speak, except there are no ends in the case, it's just Merkel enabling russia.

Reading through her comments after the full scale invasion, I get the impression she hasn't changed her view and on an outcome basis supports the annexation of Ukrainian territories. Sure, she'll say it's wrong, but she will always oppose any real actions to kick russia out of Ukraine.