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

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.

Russian oil producer Gazpromneft shrugged off the impact of major new U.S. sanctions on Friday, while insurance company Ingosstrakh said they would create a market vacuum that would benefit less reputable competitors.

Indian firms see a major disruption of Russian oil supplies as Washington imposes new sanctions to curb Moscow's revenues, pushing refiners to scout for crude from the Middle East and the U.S., three Indian refining sources said on Friday.

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 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 more than 3% on Friday as the U.

Friday closed up +2.65 (+3.58%), and February RBOB gasoline (RBG25) closed up +0.0466 (+2.30%). Crude and gasoline prices Friday settled sharply higher, with crude posting a 3-month high and gasoline posting a 2-3/4 month high.