How likely is it that Putin will unleash a nuclear war?
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Talk of World War III never seems far away these days. But how close is the world to going nuclear?

The war in Ukraine has gone on longer than Russian President Vladimir Putin thought it would. Unexpected logistical issues, a population hostile to invasion, and a dogged Ukrainian resistance force means that the country has been able to fend off much of the Russian military, and even claim some important victories.

But both sides seem to be approaching a stalemate, and a drawn-out war means bigger stakes and a higher chance that someone may deploy a nuclear weapon.

The risk of a nuclear war is never zero. But since Russia invaded Ukraine, that risk level has crept higher than it's been in decades, and it’s now firmly “within the realm of possibility,” UN Secretary General António Guterres said earlier in March.

Experts told Fortune that the odds of a nuclear war breaking out are impossible to calculate. As long as Western nations do not enter into a direct military engagement with Putin over Ukraine, the likelihood of the conflict going nuclear is small. But they add that as Putin becomes more frustrated with how the war effort develops, he might get desperate, and that means the odds increase.

“The likelihood of Putin actually using nuclear weapons remains low, but the threat is still there,” Shannon Bugos, a senior policy analyst at the Arms Control Association, told Fortune. “None of us really know how the war on Ukraine will develop, and Putin has certainly shown himself to be quite a risk taker.”

An existential threat that comes down to one man 

Russia has not laid out clear reasons that it would use a nuclear weapon, but government officials have so far failed to rule out doing so.

“If it is an existential threat for our country, then it can be used in accordance with our concern,” Dmitry Peskov, a Kremlin spokesperson, said in an interview Tuesday with CNN’s Christine Amanpour.

That statement is not a departure from any preexisting Russian policy regarding the use of nuclear weapons. Peskov even referred to a document that has been publicly available since June 2020, which underscores that Russian nuclear weapons should only be used to deter foreign aggressors, or if the country feels it is under an immediate “existential threat.”

But experts point out that Peskov’s vague statement leaves room for any kind of interpretation.

“It doesn't mean anything, right?” Tom Collina, director of policy at the anti-proliferation Ploughshares Fund, a foundation that supports non-proliferation initiatives, told Fortune. “One person's ‘existential threat’ is not another's.”