[crazygringo]

It's not a bluff, though. A bluff would have been making threats and then not invading Ukraine.

But Russia invaded Ukraine. They've been at war for three years. Putin is entirely prepared to continue. There's no bluff here. Putin is being entirely serious about his conditions to end the war peacefully, because if he doesn't get them he has zero problems with continuing the war to try to get what he wants by force.