The conflict between the U.S. and Russia over the Ukraine is escalating rapidly. But the warfare is mostly rhetorical and financial.

Earlier this month, after the U.S moved to impose sanctions on top Russian officials and bar Russia from the G-8, Russia’s stock market plummeted and the value of its currency, the ruble, fell against the dollar. In response, Putin adviser Serge Glazyev said Russia would strike back through financial means. “We hold a decent amount of Treasury bonds—more than $200 billion—and if the United States dares to freeze accounts of Russian businesses and citizens, we can no longer view America as a reliable partner,” Glazyev said earlier this month, per this Barron’s report. “We will encourage everybody to dump U.S. Treasury bonds, get rid of dollars as an unreliable currency, and leave the U.S. market.”

And new data released this week suggests there might be some action behind this rhetoric.

Read more in The Daily Beast here.