"Sanctions are a very tricky tool of foreign policy, and they only work under certain circumstances," Senior Fellow Elizabeth Shackelford tells MSNBC's Ali Velshi.

"You have a patronage system in Russia, like you have in a lot of countries around the world. Vladimir Putin is not all-powerful, he needs people to keep him in power where he is, and that's where the oligarchs and the small circle around him come in.

The idea is of trying to take a multipronged approach with sanctions, where you both target the econ broadly, which is going to both impede Putin's ability to continue to fund his war effort, but then also target the people who are closer to him.

"We realize now we are not going to persuade Putin to change course. The question is who has influence over him? And it's a small circle of people who have gotten very, very wealthy off of being around him."

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