In Short:
– Trump will not meet Putin until substantial progress in Ukraine conflict occurs.
– Extensive sanctions imposed on Russia’s oil companies follow the cancellation of a planned summit.

President Donald Trump announced he will not meet with Russian President Vladimir Putin until there is substantial progress on the ongoing conflict in Ukraine.

The decision follows the cancellation of a planned summit and the imposition of significant sanctions on Russia’s major oil companies.”I’m not going to be wasting my time,” Trump stated aboard Air Force One. He expressed disappointment despite previously having a strong relationship with Putin.

The Trump administration imposed extensive sanctions on Russia’s largest oil companies, Rosneft and Lukoil, marking a notable action since Trump took office. These sanctions target companies accounting for over 5% of global oil output.

Treasury Secretary Scott Bessent clarified that these measures were due to Russia’s inadequate commitment to peace in Ukraine.

China and India, which predominantly acquire Russian oil, have begun to reduce their imports following the sanctions. Significant Chinese oil companies, including Sinopec and PetroChina, are reportedly halting Russian oil purchases.

Diplomatic Situation

The sanctions were enacted after a planned meeting in Budapest was canceled, as Russia refused to consider a ceasefire proposal that would involve withdrawing from contested regions.

Trump cited a lack of productive outcomes from discussions with Putin. White House Press Secretary Karoline Leavitt mentioned insufficient interest from Russia in progressing towards peace.

Trump explained the difficulty of addressing the Ukraine conflict compared to other diplomatic achievements during his presidency, such as peace negotiations between Azerbaijan and Armenia.