CNN —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. US senior administration officials said they want to leave Kyiv – and the incoming Trump administration – with the strongest possible hand for potential negotiations. “We expect our actions to cost Russia upwards of billions of dollars per month,” a senior administration official said. Oil prices have been relatively subdued, in part because of record-shattering US production. Still, oil prices climbed sharply Friday morning, even before the official sanctions announcement, with some traders blaming rumored sanctions.

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Persons: CNN —, Biden, Joe Biden, Donald Trump, Vladimir Putin, ”, Trump, Putin “, ” “, Putin, — he’s, “ it’s, we’ve, Brent Organizations: CNN, Ukraine, Kyiv –, Trump, Public Joint Stock Company Gazprom Neft, “, OPEC Locations: Russia, United Kingdom, Kyiv, Ukraine, China, India, United States