(MENAFN) The US has imposed new sanctions on Russia’s two largest oil companies, Rosneft and Lukoil, in a bid to pressure Moscow into peace talks over the war in Ukraine.

The move came a day after President Donald Trump said he would postpone his planned meeting with Russian President Vladimir Putin in Budapest indefinitely.

“Every time I speak to Vladimir, I have good conversations, and then they don’t go anywhere,” Trump said, adding that the sanctions were meant to push for a breakthrough.

Trump called the sanctions “tremendous,” saying they could be lifted if Russia agreed to end the war. Treasury Secretary Scott Bessent said the measures were necessary due to “Putin’s refusal to end this senseless war.”

The Kremlin dismissed the sanctions as ineffective, saying Russia was “immune” to such pressure.

Ukraine’s President Volodymyr Zelensky welcomed the move, calling it a “good signal” and urging other nations to follow suit.

The sanctions target Russia’s vital energy exports — Rosneft and Lukoil produce over 3 million barrels of oil daily, accounting for about 6% of global output.

Trump also urged major buyers such as China, India, and Turkey to stop importing Russian oil.

The decision marks a major shift in Trump’s policy, as he had previously resisted sanctions until Europe fully halted Russian energy imports.

EU Commission President Ursula von der Leyen praised the coordinated move, saying it showed “collective pressure on the aggressor.”

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