The U.S. Treasury Department is expanding the web of sanctions on companies and institutions supporting Russia’s war efforts in Ukraine.

The Treasury Department announced Wednesday that it is amping up its sanctions against companies and entities involved in Russia’s defense industry. Secretary of State Antony Blinken said in a

The Biden Administration delivered another blow to Russia by upgrading sanctions on nearly 100 entities — including a shipyard and an LNG project — to a global ban on doing businesses with the entities.

The United States on Wednesday imposed hundreds of sanctions targeting Russia in an action that seeks to increase pressure on Moscow in the final days of the Biden administration and protects some of the sanctions it has already imposed ahead of Donald Trump's second presidential term.

President Joe Biden's administration says it's expanding sanctions against Russia's critically important energy sector over its war in Ukraine.

As part of the action, the Treasury imposed new curbs on almost 100 entities that were already under sanctions, potentially complicating any future efforts to remove the measures

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.

A fresh wave of U.S. sanctions against Russia’s oil industry threatened to disrupt global supplies, sending crude prices to their highest in more than four months.

The Group of Seven democracies has sought to crimp Russia's oil export earnings that help fund the war against Ukraine. But Western governments and sanctions experts say Moscow has resorted to using a so-called shadow fleet of hundreds of aging tankers of uncertain ownership and safety practices that are dodging sanctions and keeping the oil revenue coming.