Would civilization benefit if we did not allow economic factors to override ethical ones?

I am thinking at this time about the sactions imposed on Russia because of its’ invasion of the Crimea and training and arming of separatists in the Ukraine. The statement I read that said that most European countries, while detesting what the Russians are doing, were mostly just making noise and could not impose sanctions that might actually have an effect because of “overriding economic concerns”; many of them depend on Russia for their oil.
But I am not picking on them, the US is just as guilty in any given circumstance. I am asking this thinking in terms of the overall, if any, effect disallowing economic concerns to determine our collective courses of action would have on a world-wide scale.
So, what are your thoughts? Would it have a great change on society or a little change or none at all? And, if so, would the change be beneficial or detrimental?