A Treasury Department analysis indicates that new U.S. sanctions on Russian oil producers have sent prices there tumbling, choking off a key revenue source that Russia has used to fund its war in Ukraine, the department said.

One key benchmark for Russian oil prices — Urals crude — had fallen by at least 21% since a set of new sanctions were announced last month, a Treasury official said Thursday. The official also pointed to a decrease in the amount of oil departing from Russia to unknown destinations and said transaction volume has decreased.

The sanctions , announced Oct. 22, target Russian oil giants Lukoil and Rosneft. They represent the first direct actions against Russia of the second Trump administration and some of the most aggressive since Russia's full-scale invasion of Uk

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