The west has already heavily sanctioned the ogliarchs. Either way the ogliarchs aren't doing business in the west anymore. The vast majority of ogliarchs are now enjoying themselves flowing money into the likes of Turkey, Dubai and the Middle East where things get complicated and western sanctions don't really reach.
There is also the BRICS relationship where countries are choosing to align with the economic axis of China and Russia. Certainly more African countries are going take full advantage of the investment that will bring them. The west generally has abandoned Africa and a second world order is forming around either alignment to China or the US.
We could sanction those countries but what effect will it really have? We're just going to push them even further towards aligning their economies to China and Russia. In the end we don't accept Putin but we have zero means to do anything about that whilst Russia has so much influence through China. Turkey is probably the most difficult country for us and with what's happening in Israel that relationship will become even more difficult.
Unfortunately the west can't do anything about Putin beyond war and regime change but that can't ever happen because it would probably mean the end of the world.