The Party is over now start cut of spendings.
The party has been long gone in my country. These days people are doing everything to cut costs because the government is increasing tax and servicing loans. Government subsidies on many basic essential needs like fuel and gas have been removed. Before it was common to see people lavishly celebrating birthdays, weddings and burials, but it has greatly reduced. So your observation is valid, we need to cut costs.
Now you say we can print the money....no we can't just you can use bonds only limited time but sooner or later you need to get economy more productive and more commodities....the russia is out of western markets not good either If russia would keep good relationship with west then no problem print money and export exesessive inflation to russia in rubles but it's over now.
Ukraine is good but compared with russia it's small and not enough goods like oil what we can get from russia.
The conflict between Russia and Ukraine affected the close trade relationship Europe had with the former. Russia is a major player in the oil and gas sector and most European nations depend on them. However, the war and sanctions made many EU nations seek other trading partners to avoid dependence on Russia. Even if the war ends, I don't think the trade relationship between Russia and the EU will return to normal.