Trump Cancels Putin Summit: Good Talks But "No Result"; New Sanctions Target Russian Oil

US President Donald Trump announced on Wednesday the cancellation of a planned summit with Russian President Vladimir Putin, citing a lack of progress in diplomatic efforts and his feeling that the timing was inappropriate.

"We canceled the meeting with President Putin, I didn't feel it was appropriate," Trump told reporters at the White House. He added: "I didn't feel like we would reach the desired goal. So I canceled it, but we will do it in the future." Trump expressed his frustration with stalled negotiations, stating: "Honestly, all I can say is that every time I talk to Vladimir, I have good conversations, and then they result in no outcome."

New Sanctions Target Russian Oil

The summit's cancellation coincided with the White House's announcement of new sanctions targeting Russian oil exports, as part of a broader effort to pressure Moscow over its ongoing military operations in Ukraine. Trump expressed hope that these measures would be temporary and make Putin "rational."

US Treasury Secretary Scott Bennett announced the new sanctions on Wednesday against Russia's two largest oil companies, Rosneft and Lukoil, along along with dozens of their subsidiaries. Bennett condemned Moscow's refusal to end the "senseless war," stating: "It is time to stop the killing and reach an immediate ceasefire."

Bennett indicated that the Treasury is prepared to take further action if necessary to support President Trump's efforts to end the war, saying: "We urge our allies to join us and commit to these sanctions."