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

The U.S. Departments of Treasury and State Friday applied new sanctions on Russia's oil production and exports. Sanctioned were oil companies, 183 ships, dozens of oil traders, insurance companies and energy officials.

The White House, now unconcerned about the effect on gas prices and inflation, blacklisted two of Russia’s biggest oil producers and nearly 200 tanker ships.

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.

Zelenskiy, writing later on X, expressed thanks for British sanctions imposed on Russian oil companies, saying that London "delivers yet another significant disruption to (Russian

Oil prices surged on Friday and were on track for a third straight week of gains as traders focused on potential supply disruptions from more sanctions on Russia. Brent crude futures gained $2.50, or 3.

Russian oil producer Gazpromneft shrugged off the impact of major new U.S. sanctions on Friday, while insurance company Ingosstrakh said they would create a market vacuum that would benefit less reputable competitors.