One should realize that Putin believes in the world he is talking about. He truly believes that the whole world is against Russia He also believes in his mission to restore a proper world order which never existed in reality. This new order should not only consist of destroying Ukraine and incorporating it into Russia, not only of restoring the empire, whether Soviet or Russian, but also of weakening the West in every possible way.
At the same time, he is surrounded by people who do not just agree with him for pragmatic reasons, but partly believe in it too. They consider the West cowardly and ineffective compared to Russia. This is partly the result of inadequate sanctions from the West, which has led not to a split in the elites, but their rallying around Putin.
Putin is stronger than one might think. He is prepared for his subjects to die and live in poverty at rates no Western leader could tolerate. Furthermore, he can make whatever decision he wants because there is no parliament, court, or free press to hold him accountable.
Of course, he realizes that the combined military and economic potential of NATO is dramatically greater than Russia's. But he counts on the mental weakness of the West, that this potential will never be used beyond symbolic gestures, that in extreme cases the "strange war" of 1939 will be repeated.
Dictatorships are much better at consolidating their strength quickly than democracies. But, as the history of World War II shows, when democracies realize they are facing a deadly threat, everything changes. And with Churchill's words, democracies will fight until victory, and at the cost of enormous sacrifices.
The Self-Obsession at the Heart of Putin’s Wartime Psychology - The Moscow Times