Trump administration hardens stance against the Kremlin day after cancelling a planned summit in Budapest

Donald Trump has imposed sanctions on Russia’s two largest oil companies after concluding that Vladimir Putin was not being “honest and forthright” in Ukraine talks, the US treasury chief has said.

The sanctions against Rosneft and Lukoil came a day after a planned Trump-Putin summit in Budapest was shelved, with Washington expressing its disappointment at the lack of progress in ceasefire negotiations with Moscow.