Instead of a sweeping package that crippled top Russian banks, cut its financial transactions off from the global economy, or personally singled out President Vladimir Putin, the U.S. and its allies settled on a modest “first tranche” of penalties. Markets responded with a shrug.

The sanctions targeted a pair of Russian banks, VEB.RF and Promsvyazbank as well as three members of Russia’s elite with close ties to the Kremlin. The penalties also sought to freeze future purchases of Russian sovereign debt.

Yet the sanctions hardly amounted to the precedent-shattering, economy-crippling measures the U.S. and its partners long telegraphed if Russian troops were to roll across the border.

White House officials spent Tuesday afternoon trying to defend the measured approach, as questions swirled over whether their response would be enough to deter the Kremlin from mounting a bigger assault.