Global diesel prices and refining margins spiked following the latest round of U.S. sanctions on Russia's oil trade on expectations the measures would tighten supplies, according to analysts and LSEG data.

On Jan. 10, the U.S. Treasury announced fresh measures to deplete Russia's energy revenues, including on 183 vessels, largely oil tankers.

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.

Financial sanctions on Russia were introduced following the annexation of Crimea in 2014 and the wider invasion of Ukraine in 2022. They include bans on exporting weapons technology, facilitating the illegal trade of Russian oil and generally assisting President Vladimir Putin's government.

Treasury secretary nominee Scott Bessent told senators Thursday he would be “100 percent on board” with increasing sanctions on Russia’s major oil companies if President-elect Trump supports that

The United States on Wednesday took fresh action targeting Russia over its invasion of Ukraine, taking aim at efforts to circumvent U.S. sanctions as Washington continues to increase pressure on Moscow in the final days of the Biden administration.