Just let Russia compete in the Olympics even under a neutral flag same in Tokyo. The level of competition will not be the same, if Russia were not to join. Isn't sport especially the Olympics about inclusivity anyways?
Not having Russia in the Olympics will not tarnish that gold. I doubt countries would throw their medals away because they did not experience "the same level of competition".
Based on the Olympics' own words, they value "excellence, respect, and friendship" - which I don't think Russia is upholding (except excellence, probably) right now, nor would other countries feel that "friendship" from them given their war with Ukraine.
I understand competing with a neutral flag if it was for their previous issues (cheating and doping). But for war? That's too different.
My belief is that they are banned from competing because it's additional pressure for their government to stop the war. Questionable efficiency, but hey Ukraine is still losing people in this war, so if it helps, so be it.
Also, I don't agree that they should compete in Asia; how convenient for them to be able to change continents as they wish. Since they have borders near North America maybe they can try NORCECA.