Russia is a very intelligent country with alot of resources, and alot of friends. Russia can easily rebuild itself with its stable civilization. The Middle East will be willing to help Russia with oil. China can help Russia, because Russia is still significant. All of these things should be considered.
I think Russia knows exactly what to do to help their economy but it is in the way of their pursuit for more land and more resources. The decisions coming from Putin aren't about the economy, they're about control. The government there doesn't care about the people who are suffering as a result of the economy and therefore it won't be fixed. It's not a problem that doesn't have a solution.
Russia has already had huge deals in the past year with their former allies of China and have set up an alternative monetary fund with BRICS. Russia still covers an eighth of the world's landmass with all the resources underneath, as well as all the new resources acquired from Crimea. The EU regulations have backfired and Russia is even expanding into the melted North Pole.
Russia will do what is best for Russia. The government will do everything it can to save the economy and the country. That is what the government is elected to do, take care of the country. If the government Russia has right now cannot do this, then new people so be elected to take over. The people of Russia should elect officials who are right for their country.
There is a clear and obvious choice to make a massive improvement to their economy, leave the Ukraine. This will of course be seen as surrendering to the Western powers and that seems unlikely. Russia is loosing approximately $40 BILLION dollars worth of income because of the sanctions. Is that worth Putin loosing face?