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.

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.

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.