The US has announced new sanctions targeting Russia’s two largest oil companies in an effort to pressure Moscow to negotiate a peace deal in Ukraine.
The announcement comes one day after US President Donald Trump said a planned meeting with his Russian counterpart Vladimir Putin in Budapest would be shelved indefinitely.
"Every time I speak to Vladimir, I have good conversations and then they don’t go anywhere," Trump said.
While the economic impact to Russia is likely to be minimal, it represents a major shift in Trump’s foreign policy, having previously said he would not impose sanctions until European nations ceased buying Russian oil.
The Kremlin said Russia was "immune" to the sanctions.
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