Trump Cancels Budapest Summit, Sanctions Rosneft and Lukoil

President Trump abruptly canceled a planned Budapest summit with Vladimir Putin, calling it a “waste of time,” even as Russian Foreign Minister Sergey Lavrov said preparations continued. The White House simultaneously announced sweeping sanctions on energy giants Rosneft and Lukoil—freezing U.S. assets, banning U.S. trade and threatening secondary sanctions—with the EU and UK publicly backing the measures and Treasury Secretary Scott Bessent calling for an immediate ceasefire. Moscow responded with heightened rhetoric and shows of force: former president Dmitry Medvedev called the moves an “act of war” and the Kremlin released footage of missile and nuclear command exercises. President Putin downplayed the sanctions’ economic impact but warned of consequences, while Trump mocked Putin’s dismissal and later denied any U.S. transfers of Tomahawk missiles amid speculation. Ukrainian officials urged allies to move from “talking” to action as markets and global energy flows reacted to the escalation.