Vladimir Putin has described Donald Trump’s sanctions against two major oil firms as an “unfriendly act”.
However, the Russian president has insisted the tightened restrictions won’t affect the nation’s economy, a claim widely contradicted by most analysts.
In a major policy shift, Mr Trump imposed sanctions against Rosneft and Lukoil – Russia’s biggest oil companies – on Wednesday.
The White House said this was because of “Russia’s lack of serious commitment to a peace process to end the war in Ukraine”.
Putin has now warned the move could disrupt the global oil markets, and lead to higher prices for consumers worldwide.
A meeting between the two leaders had been proposed in Budapest, but Mr Trump said he had decided to cancel the talks because “it didn’t feel right to me”.
Speaking from the Oval Office, he had told reporters: “I have good conversations. And then, they don’t go anywhere. They just don’t go anywhere.”
Giving a speech in Moscow yesterday, Putin said “dialogue is always better than war” – but warned that Russia will never bow to pressure from abroad.
Earlier, his long-term ally Dmitry Medvedev had described Mr Trump as a “talkative peacemaker” who had now “fully embarked on the warpath against Russia”.
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Oil prices have witnessed a sizeable jump since the sanctions were announced, with Brent crude rising by 5% – the biggest daily percentage gains since the middle of June.
In other developments, Lithuania has claimed that two Russian military aircraft briefly entered its airspace yesterday.
A Su-30 fighter and Il-78 refuelling tanker were in the NATO member’s territory for 18 seconds, and Spanish jets were scrambled in response to the incident.
Russia’s defence ministry denied this – and said its planes did not violate the borders of any other country during a “training flight” in the Kaliningrad region.
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Volodymyr Zelenskyy attended a European Council summit in Brussels to discuss the war in Ukraine – and said the meeting had delivered “good results”.
He said Ukraine had secured political support for frozen Russian assets and “their maximum use” to defend against Russian aggression, adding the EU would “work out all the necessary details”.
Mr Zelenskyy thanked the bloc for approving its 19th sanctions package against Russia earlier today, and work was already beginning on a 20th.
European leaders are going to arrive in London later today for a “critical” meeting of the “Coalition of the Willing” – with the goal of discussing “how they can pile pressure on Putin as he continues to kill innocent civilians with indiscriminate attacks across Ukraine”.
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Prime Minister Sir Keir Starmer said: “The only person involved in this conflict who does not want to stop the war is President Putin, and his depraved strikes on young children in a nursery this week make that crystal clear.
“Time and again we offer Putin the chance to end his needless invasion, to stop the killing and recall his troops, but he repeatedly rejects those proposals and any chance of peace.
“From the battlefield to the global markets, as Putin continues to commit atrocities in Ukraine we must ratchet up the pressure on Russia and build on President Trump’s decisive action.”
