It's long overdue we label sanctions for what they really are: war. If you prefer, call them "economic war".

Today, president Obama took the undeclared war another step forward by targeting Lukoil, a private Russian company.

Please consider Gazprom, Lukoil Hit in New Round of Sanctions.

The US dramatically expanded its sanctions against Russia on Friday by adding Gazprom, Europe's leading energy provider, to the list of targeted companies, as it sought to ratchet up pressure on Moscow to step back from the war in Ukraine.

The latest measures targeting energy, financial services and defence industries also included Lukoil, the privately owned oil group, and Sberbank, Russia's largest bank.

In addition to blocking most major state-owned groups from western capital markets, the US has also tightened restrictions on some of Russia's largest energy projects, a key engine of its future economic growth.