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

In its final days, the Biden administration is again cracking down on Russia over its war with Ukraine, targeting the country’s production and exports of oil. The U.S. Treasury Department unveiled new sweeping sanctions on Russia’s energy sector Friday in an effort to reduce Moscow’s revenue from oil that has continued to be shipped by

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

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.

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.

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,

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 is taking sweeping action against Russia's key source of revenue for funding its brutal and illegal war against Ukraine," Treasury Secretary Janet Yellen said.

The United States on Friday imposed sweeping sanctions on Russia's energy sector to try to limit funding for Moscow's war in Ukraine. The sanctions target two of Russia's largest oil companies, Gazprom Neft and Surgutneftegas,