The sanctions will have no effect what so ever. Russia was already having economic problem, and the best way to distract people is with a war.
If anything Putin is more popular in Russia then every before and every problem he has can be blamed on the "evil" Americans. Putin is also getting much support from other countries which hate America.
The purpose of the sanctions is to show the western world we do not approve of Putin's bully like actions.
Russia has powerful friends, and if USA and the NATO don't stop with their sanctions, China, India and other allies could make a catastrophe to US economy (they already starting trading with their own currencies), and that will by like a payback, anyway if this goes to war, I think that If China, India, Russia, North Korea, and Iran strikes against NATO they will win this, I won't like a war because all the deaths and damages to the planet, but if the third world war takes place, I just want to see the evilness of the US government being destroyed for once, they are the living cancer on this world and almost all the world crisis are because of them.
Russia is always talking the talk about retaliation, and they will certainly try to put pressure on states where they can. But economically they're not in a great space at the moment, so their options might be limited in terms of what they can do without really hurting their people.