Russia knows the consequences yet they push it through just to prove to the world that they are powerful, but it looks like they are slowly failing. The inflation will rise more, expect a more sanctions and Russian people will suffer a lot. We already heard the news about panicking in Russia, I feel sorry for them since they can’t even protest to their own government or else they’ll face charges.
IKEA announced yesterday to shut down all stores and stop all production of furniture in Russia and Belarus. As a result, there was a panic buying in IKEA stores. Similarly, other Western companies will withdraw their business from Russia. It will be a dark time for the Russians. I have read in various threads that many Russians are now betting on China, but China may be able to cushion things a bit, but certainly not prevent the collapse of the Russian economy.