I mean Russia's been under sanctions since 2014 and that has achieved...? Has sanctions ever really dissuaded dictatorial regimes? (Iran, North Korea etc.) At best, sanctions work over a long period of time and the brunt of economic harm will be borne on the average citizen.
EU doesn't even want to kick Russia off of SWIFT. Apparently there are also reports that Mario Draghi (former head of European Central Banks) carved out Italian luxury goods from EU's package of economic sanctions to shield their economy and Belgium's diamond industry is also not included in the package of sanctions. So yea... Putin must be really impressed at our resolve in deterring him.