The underlying problem is no doubt the dependency on Russia for energy. Europe will have to fix this problem as soon as possible.
It seems to me that this move from Putin is rather more unhinged than normal, and a lot of people around him will be looking for the exits. Denying them the exits so they have to stay home and do something about it might be a better strategy.
I think we will see some quite inventive sanctions rolling out from tomorrow.
It will stop them exfiltrating further wealth, and that ought to scare them enough when the walls start closing in, as they will.
There will come a time when Putin threatens an escalating global conflict and that is when they will finish him. Perhaps literally.