The great they say that:

Sanctions will have a “devastating” impact on Russia

I think a few things here. Firstly that Putin is no idiot. He planned ahead for this tactic. I'm sure it wont hurt Russia as bad as we hope.

What we should (and can only) truly hope for is that sanctions will trickle down and hurt the Russian people enough to oust their leader or their government. That is probably a bloody affair for them and they will not be eager to do so. They have not grown up like us with the ideals of freedom and justice as deeply engrained as we have. They will not rise up quickly.

Humans are very flexible in what they need to live. Its pretty minimal and therefore a whole lot of hurt would have to befall the Russian people for a long time before they took any action that might endanger their lives. 

And rightly so.

I wish them the best of luck and pledge them all of my support.