To be honest I don't see how any of the sanctions could work.
Banning Airspace:
90% of Russia's air movement is actually carrying goods. And from that 83% goes to China.
Aeroflot planes are all on lease from an Irish company.
Air traveling to and from Russia can easily be arranged by letting foreign based Airliners in.
Banning SWIFT: As described in earlier link.
Ceasing assets of Oligarchs
The selected Oligarchs have assets everywhere in the world. They will never get poor. And it's just ceasing, can't last for ever. Most of them have huge connections to corrupt politicians anyway...
Ceasing assets of Russias major Banks and depriving them of doing any transactions in $,STG,Yen, and Euro.
This already has an effect on the exchange rate of ruble, and already forced a couple of Banks to close down. However it will certainly backfire as Russians may demand payments for their exports in rubles, and you'd have to buy rubles from somewhere using your own currency. Hundreds of currencies around, they may even go for Saudi Rials
Whatever the west will do, it can't stop the traders from trading.