That's normally my comment. For those that still insist that Putin is rational, there's one way to model his current behaviour: his utility function prioritise

That's normally my comment. For those that still insist that Putin is rational, there's one way to model his current behaviour: his utility function prioritises "make Russia great again", or at the very least, geopolitical concerns. He's willing to take whatever hit he needs to take, whether economically or in the lives of soldiers and civilians, to achieve this goal.