The worst penalty for Russia might come not from sanctions, but from investors:they might well decide that Russia is just too big a risk to invest big money in.
It is clear that in the short term Russia's economy will be greatly hurt by the Ukraine fiasco. What is also apparent is that in the long term, Russia will shift it's economic dependency from that of Europe to Asia. China and India will prove to be much more valuable future customers. For now, their economy will probably go to hell in a ham basket from prolonged sanctions.
ETA: The Russians and the Chinese are already expediting the construction of a major pipeline running from Siberia to China. The economic pendulum is already swinging toward the east.
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