US sanctions on Russian oil send message to Kremlin

The measure was unveiled just one day after Trump said he would cancel the 'wasted' meeting with Putin in Budapest

- JAMES C. REYNOLDS

Donald Mr Trump has hit Russia with a new raft of sanctions targeting major oil companies, in an apparent effort to strong-arm the Kremlin into sitting down for peace talks over Ukraine.

The new sanctions were unveiled on Wednesday, one day after plans for a summit between Mr Trump and Russian president Vladimir Putin fell apart, with the US leader expressing doubt over Russia's commitment to ending the war.

The US Treasury Department said Russia's two largest oil companies, Rosneft and Lukoil, were targeted in a bid to damage Moscow's ability to fund its war machine.

The move was a sharp turnaround for Mr Trump, who in recent days had been insisting upon Putin's willingness to come to the negotiating table - while conceding that he might have been “played”.

With the announcement of sanctions, US Treasury secretary Scott Bessent said that it was time “to stop the killing and for an immediate ceasefire”, as oil prices rose by more than $2 (£1.50) a barrel.

Mr Trump has resisted pressure from US lawmakers to extend sanctions, but acknowledged that he felt it was time, with little tangible progress made towards ending the war since he took office.