Russia is in a lose-lose situation. I think the potential consequences for it are greater than it would appear here. The greater risk (to Russia) is that this will have a long-term effect similar to Napoleon's Grand Armée, which had the effect of coalescing nation-states and national identities across Europe. This invasion will have the effect of bringing France and Germany closer together. There were already grumblings from both PMs that they weren't so sure about having their foreign policy on the matter dictated by the U.S. And that points to a real kicker. Germany doesn't lose wars when it fights on one front, but always loses wars when it fights on two fronts.
You contrast this with the knowledge and memory of 1931 (when Germany was in no shape to fight a war) and 1941 (we all know), Russia does indeed have much to fear from NATO, even though NATO doesn't seem capable of threatening it today.
So on one hand, Russia does not want to coalesce a threat to it in Western Europe. On the other hand, Western Europe has already come to its doorstep. I think there's a lot of people who are legitimately asking, why are they doing this, and why now? I think you should listen to what Putin says (without reading the media commentary on it), and read between the lines. It should also be considered that Macron forced Biden to offer direct talks with Putin. That seemed rather telling. Consider the domestic situation in the U.S. Put two and two together, and also that Obama mis-stepped when he said that chemical weapons were a red line in Syria. There isn't really so much a "global elite" or just "military industrial complex" as there are heads of state, their diplomacy and spy corps, diplomatic backchannels, and then the human element. Something happened, we don't know what, but from the effect, it seems obvious enough.
Ultimately, Putin knows that the nuclear card is time-limited. Originally, they were the U.S./NATO's bulwark against the USSR. Now they are Russia's card vs the West.
Nukes are only useful if they can be delivered to their target. We've been living in a world where they have made major wars too dangerous to be waged, and the state of technology has been like that for the entirety of our lifetimes, and we don't remember it any other way. But history shows that the balance between offensive weapons and defensive weapons swings back and forth. Indeed in Israel they are steadily gaining credible (and cheaper) ABM. When that nuclear card is undone, I think we will see some terrible wars recurring through the world because a whole lot of geopolitical tension will be released.
Putin is calculating for that. Russia's only reliable defense is strategic depth. Something has pushed him to err on the side of possibly uniting Western Europe. There again, he may be ironically counting on the U.S./U.K., which have historically not been too favorable to a solid Franco/German-led EU. But the influence of the U.S./U.K. may further wane in this matter, and we are seeing a real gambit. Putin cannot possibly know. He is making a decision based on imperfect knowledge.
Maybe the interesting bits are the other players here. What will be the ultimate effect on France/Germany/EU? And what about China? This puts them in a tough spot and they seem to be caught a tad flat-footed. I bet that underneath all the official rhetoric and alliances talk, the rest of the world is pretty "annoyed" at the dynamic between the U.S. and Russia, both of them troubled/declining empires whose "traditional" power structures are stirring for legitimacy. It's been some interesting times.