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.