It's just damage control, I suspect. The idea is to combat the rapid depreciation of Mr Putin's allure in the West and elsewhere, as swift as the ruble's on the currency market. — Olivier5
This is simply not true. Putin's "allure" in the West is exactly the same as it was before: dictator, evil, murderer, Hitler, chemical weapons user, fascist and old soviet reactionary in addition to even older school Empirial Czarist as well.
His "allure" in the West hasn't "declined".
As for the rest of the world, China, India, Brazil, Africa etc. are staying neutral or then supporting Russia in buying gas and oil.
Indeed, EU's purchases of gas and oil far out-weigh any other sanctions or arms dealing with Ukraine.
For example, check out this infographic
If you're not actually stopping the flow of oil and gas ... you aren't really doing anything of significance against Russia's economy.
What would be significant is blocking off real, tangible intellectual property that Russia needs to function (single points of failure that are disproportionate points of leverage, such as in Soviet times) ... but, oopsie, we sent all the Western IPR made by our superior "freedom based creativity" to Communist China and other East-Asian countries that aren't about to stop sending anything China buys to China to stop Russia buying it from the Chinese.
All the West has area brands and "spanking" Russia by pulling out those brands just cedes market share to the Chinese. It's a capitalist wet dream for the entire pantheon of competing brands to just "go away" from the market, and Communist China definitely understands that part of capitalism ... to go take that market share.
However, to make things even worse about the infographic:
Brown box is other raw mineral commodities totally unaffected by sanctions as everyone needs these kinds of commodities, in particular China, and Russia offering these at even a slightly cheaper price, will be bought up, and the most that happens is global resource flows just change around a bit.
The pink box is petroleum derivatives, totally unaffected by sanctions, same reason as above.
The purple box is precious metals, again easy to sell and also just easy to stockpile as part of central bank holdings.
Yellow is food ... no one about to "not buy food" if they need it.
Beige and orange also food.
Red is wood products, again commodity not going anywhere on the international market.
Blue is capital equipment that, guaranteed, Russia isn't selling much of to Europe and likely those trade relations are totally unaffected by sanctions.
In short, pretty much the entire infographic of Russia exports are either totally unaffected by sanctions ... even by their "enemies" such as the EU sanctioning them, or then, at best, just re-orders international material flows a bit but in no way stops those Russian exports.
And since the war increases commodity prices generally speaking, even if Russia has to undercut competition in the markets it has access to (... like one of largest economies in the world, China, but also India isn't sanctioning Russia, and certainly not Russia's post-soviet allies that remain and Iran and so forth) ... is still selling at a larger profit than before the war, that then easily pays for the war.
People think this is Soviet collapse 2.0 ... depressing commodity prices (intentionally or just because cheap oil was plentiful back then) and restricting critical IPR (in particular computation) was a big part of the unravelling of the Soviet Union. If the Soviet Union was making bank on its core business of commodities then likely it could have kept people happier during its reform programs ... which it was only trying to do in the first place because, back then, IPR economy was king (and commodities ran on thin margins) and the whole Soviet system wasn't great at IPR style capitalism to constantly innovate the new bling people crave (you know, after they've been told they crave it by marketers).
But we're now at the end of the great capitalist "innovate your way out of your problems" 500 year run, and there isn't really any new "must have" gadgets that keep the "myth of progress" narrative going.
Westerners have cell phones ... so do Russians, and the "grass is greener" effect also no longer works as Russia has now tasted Western style capitalism and most Russians think they were better off under communism ... so, isn't that happening, certainly at least in the authoritarian component, just "democracy".