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.

Joe Biden is expected to unveil new sanctions targeting Russia's economy as part of measures to bolster Kyiv's war effort before Donald Trump takes office.

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.

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.

President Joe Biden's administration announced Friday that it's expanding sanctions against Russia's critically important energy sector, unveiling a new effort to inflict pain on Moscow for its nearly 3-year-old war in Ukraine as President-elect Donald Trump gets set to return to office vowing to quickly end the conflict.

The Biden administration on Friday targeted Russia’s energy sector, including its oil industry, with some of its harshest sanctions to date meant to cut off funding for Moscow’s war against Ukraine.

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