So if I understand correctly, you mean that France would either come through on Mistral deliveries or properly cancel the contract and pay the penalties. If this is the case, I don't think the non-delivery of Mistrals would in itself hurt France's image or relationship with Russia. This may be the best face-saving option.You assume that France will cancel the second Mistral, I doubt it will although there may be pressure bought to do that from some sources.
Its easy for politicians (Hollande) to make comment but a contract exists, penalties exist and France will do whatever she thinks appropriate to serve both her national interests and those of her EU partners.
There are other more targeted sanction options. The quantum of compensation seems trite under the circumstances.