It depends on what those sanctions are and it's a dangerous balancing act. Clearly the Russian economy is in shambles but Putin isn't the one that faces the consequences, his citizens do. Why bother with sanctions? The risk/reward calculation - Economically isolate Russia and hope they can bend the knee and waive their army off of Ukraine. Any future Russian aggression is deterred and so less pressure on Eastern European countries of an invasion or geopolitical tension. But consider what sanctions actually do to the countries imposing these economic restrictions. Well, USD is really the only asset that should be analyzed here because the US economy is the largest, so whatever other countries decide to do will have a limited effect.
https://www.cnbc.com/2021/06/03/russia-to-remove-dollar-assets-from-national-wealth-fund.htmlKey points are as follows: Over 186 billion USD was cut from the Russian National Wealth Fund; Yuan is expected to compose 30 percent of assets. Russia and China have been circumventing SWIFT through their own financial intermediaries.
Russia was planning economic isolation from USD for a long time to avoid sanctions by reducing their USD asset holdings from the National Wealth Fund. They accomplish this by swapping out USD for Yuan in their reserves and also reducing the USD output of Russia/China trading. Under normal circumstances, Russia/China transactions would usually be conducted with USD because it works as the best universal currency (accepted everywhere by major banks, low inflation at the time, and sustainable - backed by a powerful government).
Now, USD no longer has any feasibility and sanctions will accelerate the abandonment of USD. When you begin attach politics to the currency, it encourages other avenues. USD inflation is high, and the freezing of Russian assets affiliated with USD sends a message to any holders of USD that their assets can be frozen instantaneously.
Anyways, sanctions seem to be working since Ruble's value continues to drop, but Russia still has taken steps to free themselves of US sanctions, so after it a while it can backfire. And really, it accelerates adoption of something like Bitcoin which are immune to asset freezes. Time will tell if it will stop Putin but my guess is it won't. He is willing to throw his citizens under the bus because he is aging and wants to accomplish something before he departs into irrelevancy.