Putin is admitting his previous threats were hollow by saying ‘this is not a bluff’ | Keir Giles

The Russian leader's fantastical speech shows he recognises that his country is losing its war on Ukraine

The Russian president Vladimir Putin's speech this morning, announcing partial mobilisation and warning of possible retaliation for western actions against Russia, will renew fears of reckless nuclear blackmail. But overall, it should be seen as more reassuring than troubling.

The good news here is that Putin's announcement of emergency measures shows he recognises Russia is losing in its war of imperial expansion. The less good news is that if he believes even a tiny fraction of the lies and fantasies he reeled off during the speech, his grip on reality is even shakier than we previously suspected.

Keir Giles works with the Russia and Eurasia programme of Chatham House; he is the author of Russia's War on Everybody