Cicero has some good ideas on how the West can punish Russia for being a thug:
Do Russian spies not function with impunity? Expel them.
Is investment going to Russia? Stop it.
Is technology going to Russia? Ban it.
Do Russians enjoy shopping in the West- no visas.
Russian cyber attacks? Close the Russian Internet access to the outside world, as it is reopened, close it again, and again- replicate the cyber attacks they launched against Georgia (oh, and NATO, last year).
Does Russia like i-phones? No export of any technology.
Does Russia wish to join WTO? Stop it
Are they members of the “G-8”? No, you mean G-7.
Abrogate all military treaties including START.
EBRD and EIB investments in Russia? Suspend them.
No most favoured nation status- extra tariffs on Russian exports.
Russia craves respectability? Deny it- it is a thuggish third rate power- it will be hurt by a concerted boycott- so hurt it!
The only problem with this list is the West isn’t going to implement it.