The economic sanctions package looks like a catastrophic blunder a few months later now. It has done little to change Russia's rationale or posture in this conflict, has not affected their ability to fund the war in the short to mid-term, and has had far larger knock-on effects on the global economy than initially presumed by USA and EU. Energy prices appear locked in at these highs for the foreseeable future and, along with inflation, will have political consequences for sitting governments in all the G7 countries (and already have). It'll likely even get more grim in the winter, especially for the EU, if and when gas shortages have a glaring effect on day to day life.
This is without considering the effect of food shortages and food price hike on rest of the world, though at least that can be argued to have less of a direct connection to sanctions.
So far answer from Biden, EU etc has been to rhetorically blame Russia for the consequences, which while true in principle, is unlikely to have much resonance politically. There is also already some airing ofregret/second-guessing about where the sanctions should go from now and their effect on the economy:
US Officials Are Split Over the Next Round of Russia Sanctions
Militarily it also appears the situation looks a lot less promising from Western perspective than it was a few months ago, now that Russia has concentrated its war aims. Looks like a grim path ahead both on political, economic, and war fronts.
