The reason for that is simple - Russia started its invasion _after_ making Europe dependent on its gas. In Ukraine a lot of people predicted that the war is inevitable after the latest north stream is finished.

The reduction of purchase of gas from Russia did significantly impacted energy prices across EU to the point of populist far-right pro-russia governments rising in popularity (even though that is not the only reason).

So Russia and China has a long term strategy of subverting the west and we are just reacting when there are no good options available.

But, sanctions do work. The problem is that the economic power of the west is comparable these days to "global north".