I believe at the moment that they're looking at the threat of sanctions as a deterrent, although, as I said in my opining remarks, I think there should be some small taste of the sanctions, because at the moment Putin doesn't believe that any of us are serious about this. Until he sees that there is some seriousness, his calculation is that this will be like every other thing he's done, for which there have been sanctions but none that affect him personally.
On February 10th, 2022. See this statement in context.