Not only that. They should be confiscating all assets of Russian nationals and companies outside of Russia, period.
Western multinational companies have to leave Russia or be banned from doing business outside of Russia.
Arrest all Russian government officials outside of Russia. UN convoy, Russian diplomats. Confiscate their assets.
Impose a travel ban on all Russian citizens. Freeze assets of all financial institutions that use the SPFS payment system.
Cancel all flights to/from Russia. Issue an international arrest warrant for Putin, his family, and his associates.
The most effective thing that could be done is to deport the children of Russian officials and propagandists from the United States and the European Union. Naturally, with the subsequent seizure of property. Many children of Russian officials live and study in the United States on Russian corruption money. At the same time, their parents pretend to be patriots and tell propaganda on Russian TV aimed at inciting hatred towards these countries. This data is not some kind of secret, it has been on the Internet for many years.
For example look this video:
https://www.youtube.com/watch?v=mjuNQZYqNjYOr this which is very fresh:
https://www.youtube.com/watch?v=mJ2GC_tdmwkIt is without subtitles, but everything must be clear. Russian oppositionists constantly talked about this, but the influence of propaganda on TV is very strong.