> There really are no good options.
You can in fact strangle these regimes and it's very effective. We did it to the USSR, we did it to Cuba, we did it to Venezuela, we did it to North Korea. The outcomes were excellent in fact: those regimes were largely held in check and their ability to maneuver was made far more difficult. Crippling regimes like Putin's and making it difficult for them to function at max power, is a very reasonable outcome. Putin isn't going away whether we make it hard or easy on Russia most likely, so the rational choice is very obvious. Containment and strangulation is just fine.
The best options are what should have occurred over the prior eight years, for which it is now too late.
The good options going forward are to topple Lukashenko in Belarus (civil war, flood the nation with weapons, arm the resistance at any cost), aggressively move on Moldova and Russia's interest there (immmediately; as in eight years ago), and generally take Russia's few proxies away from them to weaken Putin's dreams of a new empire, that includes declaring a proxy war on Russia's off the books military activities in Africa and elsewhere. We have drastically more resources and reach than they do, we should kill their proxies anywhere we find them by funding it appropriately.
Very aggressively target Russia's currency and any international use of it. Attempt to destroy their economy. That includes by working with Western Europe to build nuclear energy and move away from Russian energy. This isn't solved in a day, but it can be solved over 10 and 20 years.
Cyber attack Russia's interest anywhere and everywhere they can be reached. They do the same to us, stop pretending we can be their friends. Russia isn't interested in being a liberal democracy or a pal to the civilized world, Putin's Russia is interested in power and conquest.
Blockade Russia off from the global Internet, which would be relatively easy for the US to accomplish. Enhancing their isolation that much more.
Remove them from Swift and make them a global pariah economically ex China and select few others.
Return the people of Russia to the conditions they enjoyed under the Soviet Union economically by strangling the nation, until or unless they get rid of Putin and return to the civilized fold and give up their ambitions to conquer more of Europe. It's probable that only the people of Russia can stop Putin, that includes people nearest to him (which is always an outsized threat to dictators; I assume Putin will do some purges if the pressure gets too great). Russia is well acquained with revolutions, our task now is to squeeze Russia until another one occurs. We outlasted the USSR trivially, the next task is to end the Russia that exists today (prompt revolution and see it broken into numerous smaller nations).