Marek,
I do observe sanctions in the world. From this observation, I must make a conclusion that sanctions are  an internationally accepted method of action toward countries whose behavior your country (or a group of countries) finds unacceptable. Usually (but not always), they don't work. More often than not, they are needed for domestic consumption. Perfectly fine with me - if leading democracies of this planet are engaged in such behavior to shore up domestic support, why not Russia?

About Chechnya - I believe Russia should have been under sanctions for it between December 1994 (start of the 1st war) and summer 1995 (when Basaev performed his Budennovsk raid and turned this war from a war of independence into a fight with a brutal terrorist movement). Actually, such sanctions would have helped Russia a lot - by endorsing Eltsin's bombing of parliament in 1993 and Chechen war in 1994, the West clearly showed how "our SOB" could behave as long as his loyalty is assured.

Of course, I don't believe Russia should be under sanctions for the 2nd Chechen war which started in response to external aggression (remember Dagestan)? Definitely not imposed by the countries which invaded Afghanistan in response to 9/11.