It's important to see that there's no real near-distance endgame ("off ramp") for Putin politically; he's in a position from which he cannot retreat.
That makes an economic bet quite a bold one. If Russia's polity were that sensitive to economic fluctuations, the war would have most likely never got started...
There is no off ramp for Putin, but getting rid of him is an off ramp for everyone else. The question is if there are still structures in Russia able to do that.
Which is an assumption that devastating the Russian economy will either force Putin to withdraw or result in his removal from power. Biden told US reporters that we have to wait a month to see whether sanctions were working, because there's no guarantee it will have the desired effect on Moscow.
