The US on Friday announced the most sweeping and aggressive sanctions yet on Russia’s oil trade, just ten days before Joe Biden leaves the White House to be replaced by Donald Trump as president.

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

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.

U.S. President Joe Biden's administration imposed its broadest package of sanctions so far targeting Russia's oil and gas revenues on Friday, in an effort to give Kyiv and Donald Trump's incoming team leverage to reach a deal for peace in Ukraine.

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.

Some 180 vessels, dozens of traders, two major oil companies and some senior Russian oil executives, are designated in the sanctions, reports of which pushed global oil prices above $80 per barrel. [O/R].

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,

The outgoing Biden administration imposed restrictions on two major Russian oil producers and more than 180 oil-carrying vessels.