The United States has introduced a new round of sanctions targeting over 400 entities connected to Russia’s energy sector, prompting strong approval from Ukrainian President Volodymyr Zelenskyy. Zelenskyy,

The Biden administration has imposed some of its toughest sanctions yet on Russia, in a move designed to hit Moscow's energy revenue that is fuelling its war in Ukraine. The measures target more than 200 entities and individuals ranging from traders and officials to insurance companies,

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.

Ukrainian President Volodymyr Zelenskyy has welcomed the upcoming package of US sanctions targeting Russia's oil refining industry, highlighting the impact on Surgutneftegas, referred to as the "wallet" of Kremlin leader Vladimir Putin.