WASHINGTON, United States (AFP) — The United States and Britain on Friday announced sanctions against Russia’s energy sector, including oil giant Gazprom Neft, just days before outgoing President Joe Biden leaves office.

The US Treasury Department said it was designating more than 180 ships as well as Russian oil majors Gazprom Neft and Surgutneftegas, fulfilling “the G7 commitment to reduce Russian revenues from energy.”

At the same time, the UK government announced sanctions against the two companies, saying their profits were “lining (Russian President Vladimir) Putin’s war chest and facilitating the war” in Ukraine.

“Taking on Russian oil companies will drain Russia’s war chest — and every ruble we take from Putin’s hands helps save Ukrainian lives,” United Kingdom Foreign Secretary David Lammy said in a statement.

“Putin is in tough shape right now, and I think it’s really important that he not have any breathing room to continue to do the god-awful things he continues to do,” Biden told reporters Friday at the White House.

“Gazprom Neft considers the decision to include its assets on the sanctions list as baseless, illegitimate and contrary to the principles of free competition,” Russian state news agencies quoted a company representative as saying.

Oil prices rose on the news, with a barrel of Brent North Sea crude oil for delivery in March up 3.6 percent at $79.68 at around 4:45 p.m. in Washington.

Asked about gasoline prices, Biden conceded costs could rise “as much as three, four cents a gallon,” but stressed that sanctions would have a “more profound impact” on Russia.