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“To inflict immediate economic pain on Russia, EU and U.S. have to impose far more serious economic and energy embargoes, cancel large contracts, freeze assets of a whole range of state-run Russian commercial entities, and target far more government-linked business people over a sustained period of time to send the Russian economy into dramatic decline, wiping away the wealth of the country’s business brass,” she said.

But such far-reaching sanctions also could set back fragile recoveries in the U.S. and Europe and inflict broader harm on the global economy. That is why many analysts do not expect more drastic measures unless Mr. Putin tries to extend his army’s reach into eastern Ukraine.

Russia is a $2 trillion economy that has veto power at the United Nations Security Council and influence over its immediate neighborhood and further afield, with plenty of countries willing to trade regardless of Moscow’s fallout with the West,” said Ms. Gevorgyan. “Hence the isolation tactics, applied to the likes of Iran, are probably unlikely to work in case of Russia.”

Risk of backfiring

Frank A. Verrastro, an analyst with the Center for Strategic and International Studies, also cautioned against trying to punish Russia with full-bore sanctions. He said such moves would boomerang and hurt the U.S., EU and global economies, especially if they involve boycotting or trying to block the sale of Russia’s 7 million barrels a day of crude oil exports.

“In the absence of Russian barrels, world oil prices would undoubtedly spike, causing economic pain for the United States and its sanctions partners” that would rival the pain of lost oil revenue in Russia, he said.

EU nations, in particular, would be better off adopting strategies to wean their economies off of a significant dependence on Russian oil and gas over the long term, he said, such as developing the significant shale oil and gas resources in Europe. The U.S. could help by expediting liquefied natural gas exports to Europe and allowing some sales of surplus American crude oil, he said.

Timothy F. McCarthy, author and former chairman of Nikko Asset Management, said Russia no longer deserves support from U.S. investors and corporations that rushed to do business when Russia was viewed as one of the most ascendant markets in the past decade.

Russia is not in the same investment league as Brazil, India and China,” he said. “The evidence of a corruption-stifled economy has been building over the past decade. In Russia today, the breadth and depth of corruption is so pervasive that it saps the energy from most all economic sectors and simply stunts any chances for growth.”

Transparency International ranks Russia 127th out of 177 nations for good governance, while illicit financial outflows typically are seven or eight times the amount in China or Brazil, he said.

“Clearly, Russian citizens do not want to invest their own money in Russia,” and with a rapidly declining population, the outlook for long-term growth in Russia is just as bleak or bleaker than the rest of Europe, Mr. McCarthy said.