Putin’s reluctance to take risks directly related to his conventional war in Ukraine indicates that he remains highly unlikely to pursue nuclear escalation or war with NATO. ISW previously assessed that Russian conventional war threats against NATO do not correspond with Russia’s capabilities and that Russia uses nuclear threats primarily to intimidate the West.[23] Putin evidently values his domestic status quo and seeks to avoid risky and controversial policies to support his own aims. Putin also continues to demonstrate that he remains a calculated individual who places considerable emphasis on eliminating risks—even while his perception of the situation he faces...