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. - Strong economy influenced timing - Friday's announcement comes just 10 days before US President Biden is due to step down,

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

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 Biden administration has enacted a sweeping set of new sanctions on Russia’s oil industry, including restrictions on two major Russian oil producers and the alleged “shadow fleet” of vessels carrying Russian oil around the world, the US Treasury Department announced Friday.

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

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.