The current author raised this possibility in his Lennart Meri lecture in April 2015 and provided what he believes is the reason it must be considered in an article for a special issue of Estonia’s “Diplomaatia” journal titled "Responding To The New Russian Challenge." The relevant passage of that article follows:Depriving aggressors of their veto power in the Security Council is likely to be an important part of the debate: at the very least, it should be discussed.
“There is no possibility that the world can return to the status quo ante, even if Putin backs down everywhere—something he will not do or, even if he is overthrown, something which no one can count on. The current international order and all its institutions were created at the end or immediately after World War II. These institutions reflected both the power relations, military and economic, that existed at the time and, equally, expectations about what the allies of the end of that conflict would do in the future.
“Those power relations have shifted, and the expectations have not been fulfilled. But now, by his actions in Ukraine, Putin has made a return to the old order impossible, however much those in the quest for “stabil’nost’ über alles” may think otherwise. There needs to be an international organisation in which no rogue state can veto any judgement against itself, no matter how many nuclear weapons it may possess. There need to be political and financial arrangements that reflect the shifting balance in the world between the US, Europe and Asia. And all of those things will require new organisations and a new generation of wise men—and now wise women, as well.
“Putin and Russia must pay a price for what the Kremlin has done, and that price will not be paid just by having them stop doing it. The world needs to remember the 1957 Krokodil cartoon in which a student complains that he has been given a failing grade even though he has admitted all his mistakes. The way ahead is going to be far more difficult than almost anyone now imagines. But the longer these intellectual and political tasks are put off, the more damage Putin will do, and the harder it will be for the West to defend its values and itself in the future.”