Russia says it will continue oil and gas projects despite US sanctions

A ministry statement also said that Russia would respond to Washington's "hostile" actions, announced on Friday, while drawing up its foreign policy strategy.

The statement said the measures amounted to "an attempt to inflict at least some damage to the Russian economy, even at the cost of the risk of destabilizing world markets as the end approaches of President Joe Biden's inglorious tenure in power."

The U.S. Treasury imposed sanctions on Gazprom Neft and Surgutneftegas, which explore for, produce and sell oil as well as 183 vessels that have shipped Russian oil, many of which are in the so-called shadow fleet of ageing tankers operated by non-Western companies.

Ukrainian President Volodymyr Zelenskiy said the measures would "deliver a significant blow" to Moscow. "The less revenue Russia earns from oil ... the sooner peace will be restored," he said.