That would depend on who you mean by "we". If "we" is the US and Europe acting together, yes. If "we" is the US alone, no: our economy is not sufficiently connected to that of Russia to inflict enough pain.
Sanctions of course hurt both sides, and it's a question of who's willing to take the pain longest. In this case Russia would certainly have more pain, but Putin may be betting that Russians have a higher pain tolerance than, say, Germans, and fewer and less effective ways to force their government to end the pain. He may or may not be right. We'll see.
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