I'm not sure economic sanctions are the solution here. More likely, a positive deal and various security promises for Russia (e.g. no more NATO exercises for a mock invasion of Russia, or simply more commerce) will probably do a lot more to ease tensions. As long as NATO and Russia continue to behave as enemies, Russia will continue to see Ukraine as a necessary buffer at its borders, and seek to make it a vassal state, to the detriment of everyone...

Edit to add: avoid phrases like "the West", it's very "Us and Them", it's much better to be explicit: is this about NATO? The US and its closest allies? The EU?