I read this article in The Atlantic (link below, limited number of free articles each month). Two paragraphs jumped out at me:

"Central-bank sanctions are a weapon so devastating, in fact, that the only question is whether they might do more damage than Western governments might wish. They could potentially bankrupt the entire Russian banking system and push the ruble into worthlessness."

"Remember the saying “If you owe the bank $10,000, you have a problem—but if you owe the bank $10 billion, the bank has a problem”? We, the people of the Western world, collectively owe the Russian state hundreds of billions of dollars. That’s not our problem. That’s Russia’s problem, an enormous one. Because one thing any debtor can do is … not pay when asked."

That's what central bank sanctions are designed to do, prevent Russia from accessing foreign bank holdings, which is how most of his $630 billion in reserves is held. If he intended those to be a hedge against economic sanctions, thinking that central bank sanctions are too powerful to be implemented. But it appears that we are implementing them in some for, and they're working, as we're already seeing bank runs in Russia as of this morning. The ruble dropped 20% against the dollar today, and they have suspended trading on their stock market.

This has got to be hurting the people around him that he relies on to maintain power, and with additional targeted sanctions at those same people, the combination may be enough for them to get Putin to moderate.

It's only going to get more interesting from here.