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.

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.

Oil prices rallied more than 4% on Friday to reach their highest levels since October as traders focused on potential supply disruptions from more sanctions on Russia. Brent crude futures gained $3.50,

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.

Russian oil producer Gazpromneft shrugged off the impact of major new U.S. sanctions on Friday, while insurance company Ingosstrakh said they would create a market vacuum that would benefit less reputable competitors.

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.

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.

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.

By Timothy Gardner, Daphne Psaledakis, Nidhi Verma and Dmitry Zhdannikov WASHINGTON/NEW DELHI/LONDON (Reuters) -U.S. President Joe Biden's administration imposed its broadest package of sanctions so far targeting Russia's oil and gas revenues on Friday,