It's awful, I think that Putin will probably move on Moldova next if he is successful in Ukraine. It is very unlikely he would be able to hold the whole of Ukraine against the peoples will and if he ends up occupying all of it there will likely be a long period of attrition by IED and Stinger Missile, it would be another Afghanistan for the Russians. In Afghanistan they finally withdrew when they could no longer move around safely once the Mujahedeen were suppled with Stinger Missiles by the USA.
All that the free world can currently do without escalating to WWIII is to be united in excluding Russia from anything that could be considered normal business that includes all forms of Sport, good call on the IOC after initial hesitation.