The Trump administration imposed sanctions on Russia's two largest oil companies on Wednesday night, demanding that Moscow accept an immediate ceasefire in the war with Ukraine.

President Donald Trump has signaled for weeks that he could impose sanctions on Russia for continuing the war, but until Wednesday he had stopped short of taking major punitive action. The announcement came as Trump said he had “cancelled” an anticipated meeting with Putin because he “didn’t feel like they were going to get where they needed to go.”

"Every time I talk to Vladimir, we have nice conversations, but then we get nowhere. We just get nowhere," he said.

In statements made in the Oval Office, Trump explained that he"felt it was time" for the sanctions, noting that he had"waited a long time" to impose them. However, the US president said he hoped"it wouldn't take long" because the war would end.

US, prepared for additional measures

Treasury Secretary Scott Bessent said in a statement Wednesday that"it is time to end the killings and establish an immediate ceasefire."

"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," he said.

Bessent added:"Treasury stands ready to take additional action, if necessary, to support President Trump's efforts to end yet another war. We encourage our allies to join us in adhering to these sanctions."

The sanctions hit Rosneft and Lukoil and dozens of their subsidiaries. The United Kingdom targeted the two oil companies last week, and the European Union agreed on another package of sanctions on Wednesday.

Ukraine has called for increased pressure on Moscow as the war continues to rage. Diplomatic efforts to end the war have stalled, and Russia has rejected the idea of freezing the conflict for negotiations - a move that Ukraine and Europe have said they support.

Trump said last week he planned to meet with Russian President Vladimir Putin in Budapest. However, Trump said Wednesday he had"cancelled" the anticipated summit, telling reporters,"It just didn't feel right," although he said they would meet in the future.