The Biden administration delivered a parting blow to Russia’s economy Friday, targeting two of its largest oil companies and 183 oil tankers in what a senior official called the “most significant sanctions yet against the Russian energy sector, the largest source of revenue for the Kremlin’s war machine.”

The sanctions also target Russia's "shadow fleet" of oil tankers.The United States and the United Kingdom imposed further sanctions on Russia's energy sector on Friday in an attempt to curb funding for Moscow's full-scale invasion of Ukraine.

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.Ukrainian President Volodymyr Zelensky on Friday praised the United States for introducing the sanctions.

Oil prices surge to three-month highs as U.S. broadens sanctions on Russian oil and winter weather lifts demand for heating fuels.

The Biden administration has imposed some of its toughest sanctions yet on Russia, in a move designed to hit Moscow's energy revenue that is fuelling its war in Ukraine. The measures target more than 200 entities and individuals ranging from traders and officials to insurance companies, as well as hundreds of oil tankers.

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.

Indian firms see a major disruption of Russian oil supplies as Washington imposes new sanctions to curb Moscow's revenues, pushing refiners to scout for crude from the Middle East and the U.S., three Indian refining sources said on Friday.

The UK government has announced sanctions against the Russian companies Gazprom Neft and PJSC Surgutneftegas. Source: European Pravda, citing a UK government press release Details: The official statement from London notes that these companies produce over 1 million barrels of oil per day between them,

The US has imposed sanctions on over 30 Russian oil service companies. At the same time, restrictions have also affected a Serbian company linked to Gazprom Neft, according to the US government website and the US Department of the Treasury.

WTI crude oil (CLG25) today is up +1.92 (+2.60%), and February RBOB gasoline (RBG25) is up +0.0344 (+1.70%). Crude and gasoline prices today are sharply higher, with crude posting a 3-month high and gasoline posting a 2-3/4 month high.