Biden will try but the Euro press will be all over him. They have just about cut him loose.
The Europeans never prepared for a war with Russia. They knew Putin uses his troops to add emphasis to his goals, just as we send navy battle groups here and there to make a point. It’s too late, but Russia really wanted a buffer zone between NATO forces and the border after the break-up of the USSR. That is no longer possible, but he wants a safe border, as we do and as most countries do.
Will making Europe dependent on Russian oil satisfy Putin as sufficient leverage?? Time will tell.