The thing with this is, it has absolutely no effect on Putin at all. I can imagine that sanctions might put the squeeze on his cronies, and even on himself, and I can imagine this might influence him to barter for a peace that somehow he can sell as victory, but Putin doesn'y give a shit about the poor in Russia - why should he care about the rich, if they're not personally making him richer?
He now gets to use this ban as a propaganda tool, as evidence to his people that west is not free, that it's oppressing Russians everywhere, and that Mother Russia is being bullied and needs to stand firm. All the old wastrel commie rhetoric that appeals to their romantic notion of their country...