Russian oil company Gazprom Neft, a subsidiary of the energy giant Gazprom, has been given 45 days to divest from its ownership of the Serbian oil company NIS following new US sanctions targeting the Russian oil sector.

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 UK government has announced sanctions against the Russian companies Gazprom Neft and PJSC Surgutneftegas. Source: European Pravda, citing a UK government press release Details: The official statement from London notes that these companies produce over 1 million barrels of oil per day between them,

The US has imposed sanctions on over 30 Russian oil service companies. At the same time, restrictions have also affected a Serbian company linked to Gazprom Neft, according to the US government website and the US Department of the Treasury.

WTI crude oil (CLG25) today is up +1.92 (+2.60%), and February RBOB gasoline (RBG25) is up +0.0344 (+1.70%). Crude and gasoline prices today are sharply higher, with crude posting a 3-month high and gasoline posting a 2-3/4 month high.

Washington on Fridayimposed some of its most sweeping sanctions on Russia’s oil industry since the full-scale invasion of Ukraine, targeting two Russian oil majors, as well as Russian oil executives,