MOSCOW — In Russia, as in Texas and other energy-dependent regions around the globe, a rising tide (of oil) lifts all boats.

That helps explain why on Thursday, as four American senators asked the State Department and other government agencies to blacklist two senior officials, the Russian stock market rose.

It was not the prospect of more sanctions, of course, that was buoying the Moscow markets but the global price of oil, which has been soaring to heights not seen in several years.

“Sanctions are important, that is for sure, especially for the market and for debt and equity investors, but for G.D.P. and the life of ordinary Russians, oil is far more important,” said Vladimir Osakovskiy, chief economist for Bank of America Merrill Lynch in Moscow, referring to Russia’s gross domestic product.