For Russia, the costs will already be high. Though far from a panacea, sanctions against a wider set of people and financial institutions close to Mr. Putin and critical for Russia’s economy can raise them higher still — as would increasing oil and gas production in the United States and the Middle East. Removing the Kremlin’s cushion of high energy prices, which have long been a windfall for the government, would be the best sanction.

The United States should also continue to make public its intelligence that sheds light on Russian intentions to spoil surprises. Traditional and social media with the potential to reach Russian journalists and civil society should counter the Kremlin’s narrative. And images of what is taking place inside Ukraine should reach the world, leaving no doubt about the toll in innocent lives caused by Mr. Putin’s adventurism.

On a more strategic level, the United States should try to build some distance between China and Russia. That won’t happen overnight, but the Biden administration should step up its private diplomacy with China, highlighting the economic and strategic risks — including financial punishment and increasing anti-China sentiment in the West — of it being closely associated with an aggressive Russia.