Announcing new sanctions on Russia, President Joe Biden on Tuesday condemned Vladimir Putin’s reinvasion of Ukraine.

Biden’s opening round of sanctions seems designed to fire a warning shot off the Kremlin bow. Targeting the VEB state development bank and Russian access to Western sovereign debt markets, Biden avoided more significant Russian financial interests. VEB is not a top 10 Russian bank, and Putin has carefully stockpiled his foreign capital reserves. Still, Biden made clear that new sanctions would follow any further escalation by Russian forces. Linked to the VEB sanctions, this rhetoric serves as a warning to larger Russian banks such as VTB, Gazprombank, and Sovcombank. Biden also announced that U.S. sanctions would be imposed on certain oligarchs and their families. Again, however, it is unclear whether these sanctions will target major Putin allies such as Roman Abramovich, Alisher Usmanov, and Oleg Deripaska. These individuals hold significant financial interests in Britain, and sanctioning their assets would send shock waves through the Russian elite upon which Putin relies for his patronage-power networks.