Just as leaders from across the world gathered in New York to address challenges to global peace and stability, the Russian president Putin declared mobilisation in Russia for the third time in its history. This step, which had formerly was ruled out by Russian officials, indicates that the Kremlin does not have any viable options but to escalate. Even though Putin still prefers to call the war a “special military operation”, he has virtually introduced martial laws across the entire spectrum of Russian economy and society, doubling down on the only gamble that he thinks can still pay off.