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

The U.S. Treasury Department is sanctioning Russian oil companies, tankers, officials and executives. Oil prices jumped on worries that crude supplies would face disruptions. Oil prices jumped more than 3% on Friday as the U.

President Joe Biden's administration says it's expanding sanctions against Russia's critically important energy sector over its war in Ukraine.

The sanctions target two major oil producers, liquefied natural gas production and elements of Russia’s so-called “dark fleet” of tankers used to carry oil to non-western bu

The U.S. Treasury on Friday announced sweeping new sanctions against the Russian energy sector, including oil majors Gazprom Neft and Surgutneftegaz , to try to hinder Moscow in its war with Ukraine.

The measures include sanctions on Russian oil producers Gazprom Neft and Surgutneftegas, and the blacklisting of 183 vessels involved in Russian energy exports. Dozens of traders, Russia-based oilfield service providers,

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

The Biden administration on Friday imposed its broadest package of sanctions yet targeting Russia's oil and gas revenues in an attempt to give Kyiv and the incoming administration of Donald Trump leverage to reach a deal for peace in Ukraine.

Biden administration announces expanded sanctions on Russia's energy sector as Trump prepares to address Ukraine conflict

The Biden administration announced Friday it was imposing what it billed as the most significant sanctions to date on the Russian energy sector, targeting Moscow’s oil and liquified natural gas (LNG) exports just weeks before leaving office.