Russian state is under tremendous financial stress. If one were to listen to sources projecting an imminent collapse - they’d be disappointed, but still it is happening, albeit not as quickly as some have hoped.
The western countries despite their best intentions couldn’t move as quickly as some have hoped - whatever costs they impose on Russia are often a double-edged sword and risk harming their own economies.
Before one dismisses it as cynical - one must realize that to ensure long-term support for Ukraine - politicians have to be careful and court the public opinion in their own countries, and an economic burden will not help that cause.
But still - claims of some magical resilience of Russian state to the biggest collection of economic sanctions in history - is also a form of Russian propaganda. The extraordinary outflows of investment capital, flight of economically mobile population, import and export bans, loss of western gas and oil markets - is and will be more effective with every passing day.
The alternative to this gradual effect - is an overwhelming military defeat as the result of bold offensive action by NATO, but one can only guess how this would end. So we must wait.