The Group of Seven democracies have sought to crimp Russia’s oil export earnings that help fund the war against Ukraine.

Some 180 vessels, dozens of traders, two major oil companies and some senior Russian oil executives, are designated in the sanctions, reports of which pushed global oil prices above $80 per barrel. [O/R].

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.

The United States on Friday imposed sweeping sanctions on Russia's energy sector to try to limit funding for Moscow's war in Ukraine. The sanctions target two of Russia's largest oil companies, Gazprom Neft and Surgutneftegas,

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 on Friday as the U.