A better strategy [Ed: other than arming Ukraine] is to eschew his methods and rely on an asset that he, in turn, cannot match: a way of life that people covet. If that seems wishy-washy beside his tanks, remember that the crisis began with Ukrainians’ desire to tilt towards the EU—and Mr Putin’s determination to stop them. Better than arms, the West must urgently give Ukraine as much aid as it needs to build a state and realise that dream (and as much advice as it takes to ensure the cash is not misspent or stolen). The IMF deal announced on February 12th should be only a start. Mr Putin wants Ukraine to be a lesson in the perils of leaning West. It should instead be an exemplar of the rewards.

Just as urgently, those former Soviet countries that have joined Western institutions must be buttressed and reassured. If the case for sending arms to the Donbas is doubtful, that for basing NATO troops in the Baltics is overwhelming, however loudly Mr Putin squeals. Western leaders must make it clear, to him and their own people, that they will defend their allies, and the alliance—even if the struggle is covert and murky.

And it isn’t only its allies who appreciate the West’s virtues. So do many Russians, including shameless Putinists who denounce the West’s decadence but exploit its schools and stockmarkets. It is long past time for every Russian parliamentarian and senior official to join the sanctions list. Far from being relaxed as, after Minsk, fellow-travellers may suggest, sanctions must be tightened—and sanctions-busting curtailed (see article). In the end, they will prove a stronger lever than weapons.

At the same time, the West should use every available means to help ordinary Russians, including Russian-sympathisers in the Baltics and Ukraine, learn the bloody, venal truth about Mr Putin. It should let them know that Russia, a great nation dragged down a terrible path, will be embraced when it has rulers who treat the world, and their own people, with respect not contempt, however long that takes.

David Fuller's view

I agree, and this last paragraph above, which I have placed in bold, is well stated.  However, it will only solve the problem of Putin if Russians summon the will and courage to replace him, and his kind currently in power within Russia. 

See also: The Columbus Dispatch via Associated Press – Walesa: Solidarity in sanctions would change Putin’s policy, by Monika Scislowska.  It contains a number of informative graphics.