> one option is an escalation with NATO.
Wouldn't this make the situation much worse for Russia, and therefore for him as well? The oligarchs will know who is to blame if Putin starts a war with NATO.
The oligarchs aren't the ones controlling Putin, it's the other way around. But yes, escalation with NATO is a very poor idea, given Russia's struggles with a single non-NATO country.
Regime security for Putin in an escalation/mass mobilisation situation is high. The chances of the Russian economy surviving are poor.