"This is going nowhere" Trump cancels meeting with Putin - and imposes new sanctions

US President Donald Trump has canceled a planned meeting with Vladimir Putin in Budapest at short notice - at the same time, the US is imposing massive new sanctions against the Russian oil industry. The EU is also following suit.

Donald Trump cancels his planned meeting with Vladimir Putin at short notice - and tightens the thumbscrews at the same time. While the USA imposes its toughest sanctions to date against Russia's oil companies, the EU is also preparing a new package of penalties. The pressure on the Kremlin is growing in Washington and Brussels - and Trump is sending a clear signal that his patience with Putin is at an end.

The energy companies Rosneft and Lukoil and several subsidiaries are among those affected. Treasury Secretary Scott Bessent explained that the move was a reaction to Moscow's refusal to "end the senseless war in Ukraine". The ministry is prepared to "go even further" if Russia does not change its stance.

Ukraine tickerDrone attacks on regions throughout Russia

Trump himself justified the sanctions by saying: "I just felt it was time." He hoped that the measures would "bring Putin to his senses". At the same time, he also appealed to Ukrainian President Volodymyr Zelenskyi to work towards a diplomatic approach. "It takes two to tango", said the Republican.

The European Union is also stepping up the pressure on Moscow. On Wednesday evening in Brussels, the member states agreed on a further package of sanctions, including a complete ban on LNG imports from 2027 - one year earlier than previously planned. In addition, the freedom of movement of Russian diplomats is to be restricted and loopholes in the oil trade closed.

The formal decision is considered a formality and is to be made on Thursday morning before the EU summit, which will also be attended by Zelensky personally.

Trump had previously urged the EU to do without Russian energy altogether and held out the prospect of coordinating joint sanctions.

On Wednesday, Trump canceled a meeting with Vladimir Putin in Budapest planned for the coming weeks. "It didn't feel like we were going to get where we needed to go," Trump said at the meeting with NATO Secretary General Rutte at the White House. However, a summit with the Russian president was still possible "at a later date".

Trump also expressed his disillusionment with his previous contacts with the Kremlin leader. "Every time I talk to Vladimir, I have good conversations - but then they don't lead anywhere," he explained. The US President is now pinning his hopes on China's head of state Xi Jinping, whom he plans to meet next week at the Apec summit in Seoul. "He is a strong leader and could have a big influence on Putin," said Trump.

For months, the President has been trying to bring an end to the war in Ukraine, which has now been going on for three and a half years. Despite several meetings with Zelensky and direct talks with Putin, no tangible progress has been made so far.