The question is whether the West should do it. Do we really want to see Russia impoverished, humiliated, helpless, desperate, and possibly disintegrated?
We shouldn't. Russia in ruins is a dangerous scenario. Not that Russia could strike back. She has no serious power to threaten the West. She was able to seize Crimea, but that was probably the peak of her imperial capabilities. Russian annexation of a NATO member state territory is an extremely unlikely event. The real danger is different.
The real danger is that the dead body of the Russian empire would become an easy prey for another empire. An empire more powerful than Russia ever was.
China has almost ten times the population than Russia. Yet its habitable land is rather small and natural resources badly insufficient. Russia has a lot of both. The most natural course of events if Russia collapsed would be a conquest of her territories and resources by the new Chinese empire.
China would not invade Russia directly. The Chinese are poor soldiers. Last time they attempted to invade another country was in 1979—and China was bitterly defeated by the Vietnamese. Instead, China would conquer Russia by stealth. China would buy lands, resources, banks, corporations in Russia at bargain prices after its implosion. China would make Russia allow mass immigration of the Chinese.
This is no hypothetical scenario, no conspiracy theory, no yellow menace fear-mongering. China already colonises many resource-rich African countries this way. Back in 2008, there were already more Chinese living in Nigeria than there were Britons during the height of the empire.
The West needs Russia to confine the ascending Chinese power. If the West doesn't understand it, the global power balance may shift fatally. By 2080—or perhaps decades earlier—the Chinese Empire is the world's only superpower. Where is the United States?