Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
A view of the Esther offshore oil and gas platform in the Pacific Ocean on January 5, 2025 in Seal Beach, California.
Mario Tama | Getty Images
Oil prices jumped more than 3% on Friday, as the US Treasury Department announced broad sanctions against Russia’s oil industry.
Brent gained $2.82, or 3.67%, to $79.74 a barrel at 10:32 a.m. ET, while US crude oil advanced $2.89, or 3.91%, to $76.81 per barrel.
The sanctions target Russian oil companies Gazprom Neft and Surgutneftegas and their subsidiaries, more than 180 tankers, and more than a dozen Russian energy officials and executives. Sanctioned executives include Gazprom Neft CEO Aleksandr Valeryevich Dyukov.
The sanctioned vessels are mostly oil tankers that are part of Russia’s “shadow fleet” that has avoided existing sanctions on the country’s energy exports, according to the Treasury Department.
“The United States is taking major action against Russia’s key source of revenue for funding its brutal and illegal war against Ukraine,” Treasury Secretary Janet Yellen said in a statement.
“With today’s actions, we are increasing the risk of sanctions associated with Russia’s oil trade, including shipping and financial facilitation in support of Russia’s oil exports,” Yellen said.
The Biden administration has sought to increase pressure on Russia and dispense aid to Ukraine before President-elect Donald Trump takes office.
Brent crude futures, 1 year
This is a developing story. Please check back for updates.
