This is what WSJ columnist Bret Stephens suggests as a policy option for the US:

""In Russia," the historian Dietrich Geyer once wrote, "expansion was an expression of economic weakness, not exuberant strength." Mr. Putin's Russia is a petro-oligarchy whose survival depends on high oil prices and privileged access to the West for the politically connected elite. Raise interest rates, investigate the finances of Mr. Putin's inner circle, impose travel bans on Putin's cronies and broaden the scope of the Magnitsky Act, and we'll see just how resilient the Moscow regime really is. Only a president as inept as Barack Obama could fail to seize the opportunity to win, or even wage, the new Cold War all over again."