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 U.S. Treasury Department is sanctioning Russian oil companies, tankers, officials and executives. Oil prices jumped on worries that crude supplies would face disruptions. Oil prices jumped on Friday as the U.

Oil futures ended sharply higher on Friday, as fresh U.S. sanctions on Russia’s oil sector looked to threaten global supplies and as winter storms in the U.S. were expected to boost demand for heating fuels.