It will last. West just pushes Russia and China further together and de-couple from the West. Short-term impact. But hurts West in the long run.
But how much Russia borrows from the West. So Russian credit rating is junk. So Russia can turn it to junk and do not have to repay....
And it's not russia and china. Simple Russian & Chinese folks, have nothing to do with it. It's the regime & regime. Meanwhile, in the west, the people of free democratic nations, supporting the brave people of Ukraine.
The point is to isolate Russia financially, diplomatically and culturally. I was born in Russia and I speak Russian like a native. I know how Russians think and what happens there. No matter the huffing and puffing, Russia considers itself much more part of the West and has a lot of disdain about the East. Being cut off from the West - trade, travel, being able to educate its kids there or work there, is going to be hugely detrimental to Russian psyche. Bolshoi tours are being canceled. Russian philharmonic orchestra tours are being canceled. Russian musicians who support Putin are being fired from their Western jobs. Russia was just kicked out of Eurovision. Russian soccer teams are not welcome in Western championships anymore. Wait till the sanctions hit the rich Russians' families whom they love sending to the West to live, study, or shop. Wait till all those Russian software companies won't be able to work on Western projects. Yes, Russians will be able to vacation in China or India. Wooptee do. Those are the "low-brow" spots. Good-bye NYC, Hollywood, South Florida, French Riviera, London and Paris. Or even Turkey, Greece and Cyprus for the lower-class people. Russia will be dragged back to the hoary Soviet isolation it so richly deserves. Crimean excruciating pebble beaches for everybody!
Russia is in better financial shape than the US. Talk about sheer irony. They also, have $600 billion in reserves. US has $630 billion in reserves but, owes how much? Over $30 trillion now?