U.S. President Donald Trump has announced the cancellation of the planned summit with Vladimir Putin in Budapest. “I just didn’t feel right. I didn’t feel we could achieve what we needed to. That’s why I canceled the meeting. But we’ll have it in the future,” Trump said during a meeting with NATO Secretary General Mark Rutte. He added that Putin is ready for negotiations regarding Ukraine but is putting forward maximalist demands. “We don’t want him to have everything,” the U.S. president explained his position.

Alongside the cancellation of the summit, Trump imposed sanctions on Russia’s two largest oil companies, Rosneft and Lukoil. According to the president, he felt that “the time had come.” “We’ve waited long enough. I thought we could do it [stop the war in Ukraine] long before the Middle East,” he said. Trump expressed hope that this move would make Putin “more reasonable.” The U.S. leader also noted that Ukrainian President Volodymyr Zelensky should “become more reasonable” as well. “As I said, it takes two to tango. We’ll see what happens. These two hate each other, and that complicates things,” Trump concluded.

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) clarified that the sanctions against Rosneft and Lukoil target their subsidiaries located in Russia. The list includes 34 companies. The restrictions include the freezing of assets in the United States. The Treasury Department announced its readiness to take additional measures “to support President Trump’s efforts to stop the war in Ukraine.” The department also called on “allies to join in and uphold these sanctions.” “Now is the time to stop the killing and declare an immediate ceasefire,” said U.S. Treasury Secretary Scott Besant.