Trump says Putin talks ‘don’t go anywhere’ as he imposes new sanctions on Russia’s top oil firms

Donald Trump and Vladimir Putin

US President Donald Trump on Wednesday admitted that his repeated attempts to negotiate an end to the Ukraine war with Russian President Vladimir Putin have failed to yield results, even as he announced sweeping new sanctions on Moscow’s two largest oil companies.

“Every time I speak with Vladimir, I have good conversations, and then they don’t go anywhere,” Trump told reporters at the White House while sitting alongside NATO Secretary-General Mark Rutte, reported BBC.

The US Treasury later confirmed that the new measures target Russian energy giants Rosneft and Lukoil — a move officials described as one of the most significant sanctions yet against Moscow since the invasion began. Treasury Secretary Scott Bessent said the penalties were imposed after Trump concluded that Putin was not being “honest and forthright” in peace talks.

“Given President Putin's refusal to end this senseless war, Treasury is sanctioning Russia's two largest oil companies that fund the Kremlin's war machine,” Bessent said, adding that the department was prepared “to take further action if necessary.”

The announcement came a day after the planned Trump-Putin summit in Budapest was called off, with Washington expressing disappointment over the lack of progress in ceasefire negotiations. Trump said he no longer wanted to have a “wasted meeting” until Moscow demonstrated genuine interest in ending the conflict.

The European Union also rolled out a new package of sanctions, including a ban on importing Russian liquefied natural gas by 2027 and travel restrictions on Russian diplomats.

Since returning to the office in January, Trump has balanced pressure and diplomacy with Moscow, hoping to broker what he called a “historic peace.” But his patience appeared to wear thin after recent talks with Putin failed to move forward.