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

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

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.

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.

Oil had a dramatic day as the US imposed its most aggressive sanctions on Russia’s industry and prices surpassed $80 a barrel. Brent futures at one point hit their highest mark since early October. The sweeping penalties are part of an effort by the outgoing Biden administration to boost Ukraine’s leverage in possible peace negotiations after Donald Trump takes office.

The United States of America has announced new sanctions that will hit Russia's oil refining industry. Source: European Pravda with reference to a US Treasury Department press release Details: Sanctions have been announced against Gazprom Neft and Surgutneftegas.