Russia is intentionally hyping up the risk of nuclear war and WW3.
Western leaders should impose total sanctions on Russia but also calm their own populations that there will not be any military confrontation with Russia.
I suspect that it is in fact acceleration of China's plans to resolve the Taiwan Situation that triggered this whole Ukraine crisis.
It's like the run-up to WWI. Everybody can see which way the wind is blowing. Once you are sure that war is inevitable, the best strategy is, unfortunately, to grab what you can.