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.

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

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

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 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 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.

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.

Oil prices rallied nearly 3% to their highest in three months on Friday as traders braced for supply disruptions from the broadest U.S. sanctions package targeting Russian oil and gas revenue. President Joe Biden's administration imposed fresh sanctions targeting Russian oil producers,

Oil had a dramatic day as the US imposed its most aggressive sanctions on Russia’s industry and prices surpassed $80 a barrel. Brent futures at one point hit their highest mark since early October. The sweeping penalties are part of an effort by the outgoing Biden administration to boost Ukraine’s leverage in possible peace negotiations after Donald Trump takes office.