We have some leverage, we have $300 billion of Russia's we have frozen. We can set a date and send that money to Ukraine if there is no settlement.
The Houthi strikes are leverage. Russia supports them.
Knowing Russia's weaknesses is leverage:
The United States can use the enormous challenges Russia will face in 2025 as leverage to secure critical concessions in ongoing negotiations to end the war by continuing and even expanding military support to Ukraine. Russia will likely face a number of
understandingwar.org
Making it clear if they don't negotiate a peace by X date and the sanctions will NOT come off even in a deal would be leverage to a country that is hemorrhaging.
Russia has sacrificed Syria for Ukraine. She will soon sacrifice the Houthis. We could probably threaten moves against Iran, which would cause Iran to slow arms to Russia for her own defense.