US sanctions Russian oil companies after failed Putin talks

The US has announced new sanctions on Rosneft and Lukoil, Russia's two largest oil companies, over continued fighting in Ukraine.

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The announcement came one day after US President Donald Trump said a planned meeting with his Russian counterpart Vladimir Putin in Budapest would be shelved indefinitely.

"Every time I speak to Vladimir, I have good conversations and then they don't go anywhere," Trump said.

While the economic impact to Russia is likely to be minimal, it represents a major shift in Trump's foreign policy, having previously said he would not impose sanctions until European nations ceased buying Russian oil. The Kremlin said Russia was "immune" to the sanctions.

The development came just days after the UK sanctioned the same two Russian oil companies, Rosneft and Lukoil. European Union countries have also issued their own new sanctions that ban the import of Russian liquefied natural gas from January 2027.