The United States is taking sweeping action against Russia's key source of revenue for funding its brutal and illegal war against Ukraine, Treasury Secretary Janet L. Yellen said in a statement.
Despite a coordinated effort by Western allies to economically punish Moscow for its actions, the Russian economy has avoided the collapse that many economists predicted.
U.S. officials said healthier global oil supplies and the easing of inflation presented an opportunity to exert more pressure on Russia's oil industry as the war approaches its fourth year.
Oil prices jumped on Friday ahead of the announcement of the sanctions amid concerns that new restrictions, along with severe weather in the United States and wildfires California, could constrain global energy supplies.
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