I don't know what American news say, but from what I've gathered from Finnish news, the Russian troubles are mostly due to oil prices, and the sanctions have had very little effect.
I was reading an article on telegraph.co.uk [1] which very much pins the Russian collapse on sanctions;
After years of bluster and suggestions by Mr Putin that the US is a paper
tiger, the Kremlin is now coming face to face with the cataclysmic
consequences of what it has done by invading Ukraine and changing
Europe's borders by force. By the same token, Washington needs to move
with care since it would be a geostrategic miscalculation of the first
order to push a nuclear-armed Russia too far into a corner, or to
perpetuatue a cycle of grievance.