It's Russia who escalated, though. If they chose a path of co-operation and friendly trade instead of trying to enslave their neighbours, then they would be allowed to compete in the olympics.

Of course the real problem is that it's ordinary Russians who bear the suffering caused by their own government, while the ruling elite enjoys luxurious lifestyle no matter what sanctions Europe and US do. The solution would be making life difficult for the oligarchy, but that would probably require measures West isn't willing to employ, because they would be illegal under international law (which Russia doesn't care about).