Sanctioning Russia’s oligarchs and wealthy businessmen likely won’t stop Russian President Vladimir Putin from continuing his invasion of Ukraine, according to analysts who argue that oligarchs hold little sway over the Kremlin strongman.

The Biden administration has announced sanctions against numerous Russian businessmen and billionaires, and White House press secretary Jen Psaki said Thursday that “one of the big factors is, of course, the proximity to President Putin. We want him to feel the squeeze, we want the people around him to feel the squeeze.”