By Dmitry Antonov, Pavel Polityuk and Simon Johnson MOSCOW/KYIV/LINKOPING, Sweden (Reuters) -Russia said on Wednesday it had conducted a major training exercise involving nuclear arms and the U.S. appeared poised to announce new sanctions against Moscow,

The US is imposing sanctions on Russia’s two biggest oil companies, Rosneft and Lukoil, aiming to “degrade” Vladimir Putin’s war chest and support Donald Trump’s effort to end the war in Ukraine. What to know: The move marks the first time Trump has imposed direct costs on Russia over the war.

The U.S. sanctioned Rosneft and Lukoil to choke off Russian war funding, urging Moscow to accept a ceasefire or face deeper economic isolation.

U.S. Treasury Secretary Scott Bessent announced new sanctions Wednesday against Russia’s two biggest oil companies and blasted Moscow’s refusal to end its “senseless war.” The sanctions against Rosneft and Lukoil,

Bessent said the new sanctions are part of Washington’s continued effort to pressure Moscow while supporting Kyiv’s defense.

The apparent collapse of the latest summit and renewed Russian attacks show that despite Trump’s hopes, a negotiated solution to the war remains distant.

President Trump initially made plans for a meeting with Putin to work on an agreement to end the war with Ukraine. The summit was canceled days later.

U.S. President Donald Trump said on Wednesday he canceled a planned summit with Russian President Vladimir Putin, citing a lack of progress in diplomatic efforts and a sense that the timing was off. “We canceled the meeting with President Putin — it just didn’t feel right to me,