Donald Trump has imposed sanctions on Russia's two largest oil companies - and aired his frustration with Vladimir Putin.
In a major policy shift, new restrictions have been unveiled against Rosneft and Lukoil - as well as dozens of subsidiaries - due to "Russia's lack of serious commitment to a peace process to end the war in Ukraine".
"Now is the time to stop the killing and for an immediate ceasefire," Treasury Secretary Scott Bessent said in a statement.
"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. We encourage our allies to join us in, and adhere to, these sanctions."
The move marked a significant change for the Trump administration, which has veered between pressuring Moscow and taking a more conciliatory approach aimed at securing peace in Ukraine.
The US president has resisted pressure to impose energy sanctions on Russia, hoping that Putin would agree to end the fighting. But with no end in sight, he said he felt it was time.
Mr Trump explained he has a "very good relationship" with his Russian counterpart, but felt he had to cancel their planned meeting as "it didn't feel right to me".
In a sign of growing frustration, he told reporters: "It didn't feel like we were going to get to the place we have to get. So I cancelled it. But we'll do it in the future.
"I have good conversations. And then, they don't go anywhere. They just don't go anywhere."
He also hinted that the sanctions could be lifted if the Russian president was prepared to cooperate in peace talks.
"We hope that they [the sanctions] won't be on for long," he said in the Oval Office. "We hope that the war will be settled."
