Russia's Foreign Ministry on Saturday denounced new U.S. sanctions against Moscow's energy sector as an attempt to harm Russia's economy at the risk of destabilising global markets and said the country would press on with large oil and gas projects.

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.

The Group of Seven democracies have sought to crimp Russia’s oil export earnings that help fund the war against Ukraine

Oil rose to $80 per barrel, the highest level since October, as the US announced new sanctions against Russia.