The latest U.S. sanctions on Russian oil are rumored to be expansive, encompassing two Russian oil companies and more than 100 tankers, as well as oil traders and Russian insurance firms. The sanctions may also hit Chinese banks that facilitate Russian oil trades.

The US has another massive package of sanctions ready to go in a bid to curb Russia’s oil revenue, sources have told Reuters. The measures are said to include the blacklisting of a further 100 tankers, as well as two Russian oil companies, domestic insurers and oil traders, three sources said.

Britain sanctioned 20 ships on Tuesday for allegedly carrying illicit Russian oil, its latest measures targeting Russia's so-called shadow fleet in response to the 2022 invasion of Ukraine.

The sanctions will boost support for Ukraine before the inauguration of Donald Trump, who has criticised the cost of US aid and whose position on Russian sanctions is unclear.

The Biden administration plans to impose more sanctions on Russia over its war on Ukraine, taking aim at its oil revenues with action against tankers carrying Russian crude, three sources with knowledge of the matter said.

The Biden administration is planning to sanction tankers transporting Russian oil sold above the $60 per barrel price cap, according to Reuters. Read also: Fuel oil spill from Russian tankers contaminates southern coast of occupied Crimea One source described the sanctions as a "large package,