U.S. President Joe Biden sought to show his determination to stand up to Russia in announcing fresh sanctions on Friday, but his resolve only went so far over concerns that the toughest measures left in Washington's arsenal risk roiling the global economy.

A 200-page list of targets based in Russia, the United Arab Emirates, China and other nations was the biggest single-day package of financial punishment since Russia invaded Ukraine two years ago. Just as notable, though, were companies and sectors missing from the expansive list: the metals sector, more energy-related punishments, and secondary sanctions on banks.

That caution reflected how for all of Biden’s talk about the sanctions, his team is still unwilling to go after revenue streams that experts argue would really cripple Russia’s economy, for fear of setting off broad shocks that could rebound on the U.S. economy.