The United States has imposed sweeping sanctions on Russia’s two largest oil companies, intensifying Western efforts to force President Vladimir Putin to end his war in Ukraine.

Announcing the measures, US President Donald Trump said he had cancelled a planned meeting with the Russian leader, citing a lack of progress towards peace. “I didn’t feel like we were going to get to the place we have to get,” Trump told reporters at the White House on Wednesday.

The sanctions target key pillars of Russia’s energy sector, restricting transactions with its leading state-owned oil firms and tightening financial pressure on Moscow. The move marks one of Washington’s most significant steps yet in response to Russia’s continued aggression.

Ukraine’s President Volodymyr Zelensky welcomed the decision, calling it “a necessary and strong message of solidarity” from the United States and its allies. He expressed hope that the sanctions would “bring Moscow closer to understanding that the only acceptable path forward is peace.”

Russia’s foreign ministry, however, condemned the US decision as “entirely counterproductive,” insisting that it would not “pose any particular problems” for the Russian economy. In a statement, the ministry said the sanctions would “only deepen the crisis in relations and harm global energy stability.”

Zelensky is currently attending a meeting of European Union leaders in Brussels, where discussions are focused on the war in Ukraine and collective defence strategies. EU officials have reiterated their support for Kyiv and pledged to maintain pressure on Moscow through coordinated sanctions and military aid.

The latest US measures come amid renewed Western unity to compel Russia to halt its invasion, now in its third year, and to push for an immediate ceasefire. Analysts say the sanctions could further isolate Russia from global markets, though their long-term impact will depend on enforcement and international cooperation.

#CNN