Clearly Russia has to do something dramatic. Their current soft touch approach on Ukraine is simply not working. Ukraine is steadily raising production and hitting Russia hard using drones. Soon more missiles will come online as well. This only gets worse for Russia over time.
They need to do something drastic if they don't want to slowly bleed to defeat.
Either attack Europe directly and establish deterrence against further arms supplies to Ukraine. Not gonna work cause Europe will go crazy and supply Ukraine even more and could even escalate by attacking Russia with missiles.
Use nukes on Ukraine, a much more safer option than attacking Europe and has more chances of success in terms of getting a Ukrainian surrender. But again, too many Ukrainian civillian deaths by using Nukes is probably not going to fly on the world stage.
Do proper mass mobilization of the economy and population for a total war. Increase production significantly and also raise a much bigger army. This is the only viable option they have to achieve victory, but it will be a huge risk for Putin. If the public gets fed up, that will be the end of Putin.
The chance of a Russian defeat is only increasing unless they take drastic steps.