Biden administration officials say the sanctions are being imposed now because they are not likely to add to inflation

Oil prices rallied more than 4% on Friday to reach their highest levels since October as traders focused on potential supply disruptions from more sanctions on Russia. Brent crude futures gained $3.50,

The sanctions target two major oil producers, liquefied natural gas production and elements of Russia’s so-called “dark fleet” of tankers used to carry oil to non-western bu

The measures include sanctions on Russian oil producers Gazprom Neft and Surgutneftegas, and the blacklisting of 183 vessels involved in Russian energy exports. Dozens of traders, Russia-based oilfield service providers,

President Joe Biden is expected to unveil new sanctions targeting Russia's economy this week, according to a U.S. official, as part of measures to bolster Kyiv's war effort against Moscow before Donald Trump takes office.

The Biden administration announced Friday it was imposing what it billed as the most significant sanctions to date on the Russian energy sector, targeting Moscow’s oil and liquified natural gas (LNG) exports just weeks before leaving office.

The U.S. Treasury on Friday announced sweeping new sanctions against the Russian energy sector, including oil majors Gazprom Neft and Surgutneftegaz, to try to hinder Moscow in its war with Ukraine. Britain also joined the sanctions against those two companies,