Crude prices are jumping as the United States imposes heavy sanctions on Russia’s oil industry.

Oil prices rose on Friday after the US Treasury announced sanctions against the Russian oil industry.

Brent It gained $2.84, or 3.69 percent, to close at $79.76 a barrel. US crude oil It rose $2.65, or 3.58%, to finish at $76.57 a barrel. Brent broke $80 a barrel for the first time since October, hitting a session high of $80.75.

The sanctions target Russian oil companies Gazprom Neft and Surgutneftegas and their distributors, more than 180 tankers and more than a dozen Russian energy officials and executives. Sanctioned executives include Gazprom Neft CEO Alexander Valerievich Dyukov.

The sanctioned vessels, mostly oil tankers, are part of Russia’s “shadow fleet” that evades sanctions on the country’s energy exports, according to the Treasury Department.

“Russia is taking sweeping action against a major source of revenue for the United States to finance its brutal and illegal war against Ukraine,” Treasury Secretary Janet Yellen said in a statement.

“With today’s action, we are increasing the threat of sanctions related to Russian oil trade, including shipping and financial facilitation to support Russian oil exports,” Yellen said.

The perception in the oil market is that Indian and Chinese refiners will have to squeeze barrels of Russian oil from the Middle East, Mizuho Securities CEO Bob Yager said in a note to clients on Friday.

Before President-elect Donald Trump took office, the Biden administration tried to put pressure on Russia and offer aid to Ukraine.

“The Biden administration has opted for stronger energy sanctions, leaving the oil market largely indifferent to sanctions concerns,” said Bob McNally, president of Rapidan Energy Group.

“Therefore, we expect today’s material risk premium in Brent to be indicative of whether the Trump team will continue with these sanctions,” McNally said.