Thank you for that question. It's a very important question.
In my opinion, Putin didn't believe that we would come up with the sanctions that we came up with when we came up with them.
He had looked at our conduct, and when I say “our”, I mean Canada, the United States, the EU and the U.K. He looked at our conduct after the invasion of Georgia—nothing; after the illegal annexation of Crimea—effectively nothing; after MH17 was shot down—nothing; and, after the Salisbury poisonings—nothing. He was of the opinion that we weren't going to do anything if he invaded Ukraine. He thought we would do some kind of token “seem to be doing something but not doing anything” sanctions. I believe that part of his miscalculation of invading Ukraine was that we didn't do anything.
When I made that proposal on February 10, all we had to do was sanction five oligarchs, not as a major punishment, but as a demonstration that we have the capacity to do this, but we didn't, so he barrelled into Ukraine and, in doing so, he basically started the process. When Putin starts a process, he doesn't ever go back; he only has a forward gear, not a reverse gear.
I think that at this point the sanctions are not for deterrence. They are to bleed him dry of financial resources.