LAST TIME Donald Trump slaps sanctions on Russia's two biggest oil companies and cancels summit with Vladimir Putin in sudden change of direction

The United States has imposed sanctions on Rosneft, Lukoil and dozens of their subsidiaries because of Russia's “lack of serious commitment to a peace process to end the war in Ukraine,” Reuters and SkyNews report.

The new sanctions were announced a day after plans for a summit between US President Donald Trump and his Russian counterpart Vladimir Putin fell through.

Trump told reporters at the White House that he had a “very good relationship” with his Russian counterpart, but felt he had to cancel the planned meeting in Budapest because “it didn't feel right.”

Showing signs of frustration, the White House leader told reporters: “I didn't feel like we were going to get where we needed to get. So we called it off. But we will in the future. We had constructive discussions. But they didn't go anywhere. They just didn't go anywhere,” Trump said.

He also suggested that sanctions could be lifted if the Russian president was willing to cooperate in peace talks.

“Hopefully (the sanctions) won't last long,” he said in the Oval Office. “Hopefully the war will end.”

The US Treasury Department said Russia's two biggest oil companies, Rosneft and Lukoil, are being targeted by sanctions in an attempt to damage Moscow's ability to finance its war machine.

These sanctions are imposed due to the fact that Vladimir Putin was “neither sincere nor honest at the negotiating table”, the Secretary of Finance justified, then, on Fox Business, according to AFP. He emphasized that the American leader is disappointed with the current state of negotiations regarding the Ukraine War.

The move marks a sharp shift in direction for the White House, which has vacillated between putting pressure on Moscow and taking a more conciliatory approach aimed at securing peace in Ukraine. As recently as last week, Trump seemed willing to delay further action against Moscow.

“Now is the time to stop the killing and establish an immediate ceasefire,” said US Treasury Secretary Scott Bessent. Oil prices continued to rise after the statements made by the head of the US Treasury, registering an increase of more than 2 dollars per barrel.

“Given President Putin's refusal to end this senseless war, the Treasury is sanctioning Russia's two largest oil companies that finance the Kremlin's war machine. We encourage our allies to join us and adhere to these sanctions,” the US Treasury chief stressed.

For months, Trump has resisted pressure from US lawmakers to impose energy sanctions, hoping Putin would agree to end the fighting. But with no end in sight, he said he feels the time has come.

Trump has said he is not yet ready to supply Ukraine with long-range Tomahawk missiles, as Kiev has requested. Speaking to reporters during a meeting with NATO Secretary General Mark Rutte at the White House, Trump said the Ukrainians would need at least six months to learn how to use them.

Ahead of next week's meeting with Chinese President Xi Jinping in South Korea, Trump said he wanted the Beijing leader to use his influence with Putin to stop the fighting. Xi and Putin formed a strategic alliance between their countries.

In a new show of force, the Kremlin on Wednesday released a video of General Valeri Gherasimov, chief of the General Staff, reporting to Putin on military exercises. Russia has said it has launched missiles, including intercontinental ballistic weapons capable of hitting the United States.

Russia's Defense Ministry said its long-range Tu-22M3 strategic bombers flew over the Baltic Sea, escorted at various points by fighter jets from foreign states, possibly from NATO.

At key moments in the war in Ukraine, Putin recalled Russia's nuclear power as a warning to Kiev and its Western allies. NATO also conducted nuclear deterrence exercises this month.

EU countries also approved a 19th package of sanctions against Russia over its war against Ukraine, which includes a ban on imports of liquefied natural gas from Russia, the Danish EU presidency said on Wednesday.