The Biden administration on Friday targeted Russia’s energy sector, including its oil industry, with some of its harshest sanctions to date meant to cut off funding for Moscow’s war against Ukraine.

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 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.