Sanctions should be increased even further. Russia experienced the sanctions following the Crimea annexation and scoffed. Due to that, they have been emboldened and attacked Ukraine. Now the sanctions should be tough enough that Russia, with the prospect of changing the plutonium cores of 5000 weapons every 10 years, or doing something else, will decide to do something else. Painful enough that the engineers designing their air defense systems decide to move to other countries.
Russia has built up their currency reserves by shorting pensions of their retirees. The reserves were intended to survive the impending sanctions. Russia will be forced to fund their pensioners, drawing down that reserve.
The sanctions following Russia’s invasion of Crimea were not sufficient to deter Putin from attacking Ukraine. Russia calculated the pros/cons, and determined that the west would not impose significant sanctions, reducing the potential costs. The west should cut off all oil/gas from Russia, and sanction anyone who purchases oil/gas from Russia.
Russia has built up their currency reserves by shorting pensions of their retirees. The reserves were intended to survive the impending sanctions. Russia will be forced to fund their pensioners, drawing down that reserve.