The Biden administration is cracking down on the Russian “shadow fleet” and taking steps to curb oil and gas production.

The United States will impose some of the harshest sanctions yet on Russia's oil industry, according to a purported U.S. Treasury document circulating among traders in Europe and Asia that drove global oil prices 3% higher on Friday.

"The United States is taking sweeping action against Russia's key source of revenue for funding its brutal and illegal war against Ukraine," Treasury Secretary Janet Yellen said.

The US took its strongest actions yet to slash Russian oil and gas revenues by sanctioning two oil companies, about 180 oil-carrying vessels, dozens of traders, insurance

The main target of the sanctions, done in coordination with the UK, are major Russian energy companies — Gazprom Neft and Surgutneftegas. The two firms exported about 970,000 barrels a day of oil by sea in the first 10 months of 2024, about 30% of the nation’s total flows on tankers, data compiled by Bloomberg show.

The United States will impose some of the harshest sanctions yet on Russia's oil industry, according to a purported U.S. Treasury document circulating among traders in Europe and Asia that drove global oil prices 3% higher on Friday.

In its final days, the Biden administration is again cracking down on Russia over its war with Ukraine, targeting the country’s production and exports of oil. The U.S. Treasury Department unveiled new sweeping sanctions on Russia’s energy sector Friday in an effort to reduce Moscow’s revenue from oil that has continued to be shipped by

The United States and Britain on Friday announced sanctions against Russia's energy sector, including oil giant Gazprom Neft, just days before outgoing President Joe Biden leaves office.