Sanctions don't have a great track record for making political change possible. Just look toward Cuba as an example.
Russia appears to be the ultimate test of the power of sanctions. Never before has total financial war been waged to this degree. Never before has total financial war been waged against such a large nation. A former Treasury Department official described it as, "This is financial nuclear war and the largest sanctions event in history.”
While the sanctions are certain to cause the Russian people to suffer, leaks in those sanctions have already began to show, and that's not a good sign for their success.

Just in the last two weeks Pakistan signed a huge trade deal with Russia.

Pakistan has become the first country to officially sign a huge trade deal with Russia at a time when Moscow has come under severe criticism for invading Ukraine. As part of the agreement, Pakistan will import two million tonnes of wheat and natural gas from Russia.
Will this impact Pakistan's assistance from the International Monetary Fund (IMF)?

Earlier this week the Philippines agreed to purchase $250 million in Russian military equipment. This is coming from a nation that condemned the invasion of Ukraine, which shows condemning something may only be a symbolic gesture.

The big question is India and it's refusal to make a statement of any kind against Russia.

Since Russia invaded Ukraine two weeks ago — shelling several major cities, hampering efforts to evacuate and causing the deaths of at least 400 civilians so far — India has abstained on every United Nations vote condemning Russia's actions. These include votes at the UN Security Council, the UN General Assembly, the UN Human Rights Council and at the International Atomic Energy Agency.

Since 1991, India has spent $70 billion US on Russian weapons.
For years the U.S. has threatened India with sanctions because of this, but repeatedly backed down. Now things appear to be coming to a head.

The Biden administration is weighing whether to impose sanctions against India over its stockpile of and reliance on Russian military equipment as part of the wide-ranging consequences the West is seeking to impose on Moscow over its invasion of Ukraine.

Donald Lu, the assistant secretary of State for South Asian affairs, on Thursday told lawmakers in a hearing that the administration is weighing how threatening India's historically close military relationship with Russia is to U.S. security.

“It’s a question we’re looking at very closely, as the administration is looking at the broader question over whether to apply sanctions under CAATSA or to waive those sanctions,” Lu said.

This would be a critical step, because if India doesn't back down then sanctioning them would push them further into the Russian orbit. Until now the western media has been focused on 'Russia bad, China bad', while ignoring that India has been making lots of noise about ignoring the sanctions.

India, Russia and China are exploring an alternative to the US-dominated SWIFT (Society for Worldwide Interbank Financial Telecommunication) payment mechanism in a bid to smoothen trade with countries facing American sanctions, people aware of the development said.

India has also been exploring a rupee-ruble trade arrangement with Russia.
Having been under the thumb of the British Empire for centuries, it doesn't appear that India has any plans on taking marching orders from the U.S./U.K. alliance.

However, the big question remains China. China and Russia are not natural allies. They only have two things in common: 1) Russia has commodities to sell, while China needs to buy those commodities, and 2) a common enemy - the U.S.
China obviously has reservations about siding with Russia because of the blowback, as explained here.

It doesn’t take a deep thinker to appreciate that China must be alarmed and displeased by the audacity of both Russia’s war and the Western reaction to it. If China were to pursue military action against Taiwan, it, too, could expect to lose much of its access to the global financial system.

This is all true. On the other hand, so is this.

The Chinese Communist Party understands that if the US can take down Putin, they will be next. That’s why the Chinese are unlikely to abandon their strategic partnership with Russia.

As if to emphasize this point, China's state media CGTN bought ads on Facebook, targeting global users with pro-Russian talking points about Russia's invasion of Ukraine. China may regret their alliance with Russia, but it looks like abandoning that alliance is an even worse option.

Sanctions on this level, on a global dollar-based system, is effectively weaponizing the dollar. And just in case you don't believe that, President Biden has signed a decree banning the supply of US dollar notes to Russia.
Russia has been preparing for this economic war for years. While roughly $500 Billion in central bank currency reserves were frozen by the U.S. and EU, Russia has accumulated $120 Billion in gold. The difference between gold and any fiat currency is that there is no debt associated with gold. A debt can be turned off with a flick of a switch. Thus when U.S. senators offered legislation on Tuesday to freeze Russia's gold reserves it only showed that they don't understand how gold works.

Monetary gold held within a state’s own vaults cannot be seized by foreign adversaries, short of a military invasion. Specie can be physically moved around the world, outside of digital financial networks, making it difficult to track.

Gold can also be leased out to a friendly nation like China or India, thus facilitating trade without the bother of moving the gold.
Plus if Russia is forced to sell its gold, the most obviously buyer is China, who is right now looking at the real danger of being locked out of the global financial markets like Russia is.

Thus what is at stake in this financial war against Russia is the Hegemony of the U.S. Dollar. If this economic war fails then so will the U.S. Empire.
This is a very bold gamble to make at a time when the U.S. is running record trade deficits and record budget deficits, while the Federal Reserve is engaging in monetary experimentation never before seen in history.
We've essentially no Plan B if Russia doesn't back down.

After US credit card companies blacklisted anything to do with Russia from their systems, Russian banks seamlessly switched much of their payment processing to China UnionPay.

UnionPay is China’s alternative global payment processing network.
It works just like Visa, MasterCard, or American Express, except it doesn’t depend on the US government’s good graces. It can operate independently of the US financial system.

China UnionPay is growing rapidly worldwide. Merchants and ATMs in over 140 countries accept it. It’s now one of the largest payment processors in the world.

Further, China, India, Iran, and Turkey, among other countries, announced, or already are, doing business with Russia in their local currencies instead of the US dollar. These countries represent a market of over three billion people that no longer need to use the US dollar to trade with one another.
...
By isolating Russia and its trading partners, the US government incentivizes almost half of mankind to find alternatives to the dollar.

In other words, they are undermining their own racket and promoting de-dollarization on an unprecedented scale.