It was the only move they could make given the circumstances. The question isn't whether it was the right move, it's whether it was the right time.
Some would argue it should have happened much earlier. They delayed too long and let the problem fester and get much worse than it could have been if they had intervened more forcefully earlier.
Then again the counter-argument to that, which i think is valid, is that Russia's economy was not yet ready to withstand the sanctions assault, and it took time to prepare and put all the defenses into place so to speak.