WI: Lithuania annexes the Novgorodian Republic

Let's say in 1471 the battle of Shelon proceeds differently - Novgorod wins it albeit with heavy losses. This weakens both Novgorod and Muscovy and allows the Grand Duchy of Lithuania to move in and annex Novgorod Republic.

What does the annexation of Novgorod mean? What are the consequences except the obvious strengthening of Lithuania (vis s vis Poland as well) and weakening of Muscovy?
 
Terminology is somewhat ambiguous. Witold was protector (not sure about the precise Russian term) of Novgorod but he also was, for a while, protector of Moscow. This is not annexation but rather a weird form of feudal seniority or something of the kind. Even the issue of a physical protection against the third party is not quite clear. Probably in the case of Novgorod this meant a right of appointing the Prince of Novgorod but these princes did not mean much.

As for establishing a real control, as Ivan III did, Lithuania needed a very strong military force and stable absolutist regime, which it hardly possessed and some other thing which it definitely did not possess, an ability to provide a steady supply of the grain: the logistics was all wrong for Lithuania favoring the eastern neighbor capable of using the riverways. AFAIK, in OTL the whole Lithuanian thing was more of less limited to the part of a ruling oligarchy with a very limited support of the “masses”.
 
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