President Trump has pulled the plug on a planned summit with Vladimir Putin, telling reporters “It didn’t feel right to me” just as his administration launched a major economic attack against Russia’s oil industry.
The president confirmed the cancellation in the Oval Office, stating he didn’t believe the meeting would be productive at this time. “It didn’t feel like we were going to get to the place we have to get so I cancelled it,” he said.
This diplomatic freeze was immediately followed by the Treasury Department’s announcement of sanctions against Rosneft and Lukoil, Russia’s two largest oil producers. The penalties are intended to cut off the “key revenues” that finance the Russian military’s war in Ukraine.
Treasury Secretary Scott Bessent issued a statement calling for an “immediate ceasefire” and blaming “President Putin’s refusal to end this senseless war” for the new measures.
The dual moves signal a new, tougher phase in the Trump administration’s Russia policy. After a period of ambiguity, the White House is now applying direct economic and diplomatic pressure on the Kremlin to force an end to the conflict.