Earlier, the Trump administration imposed sanctions on two major Russian oil companies, citing their ‘lack of serious commitment to peace in Ukraine.’

The United States has prepared additional sanctions that could be imposed on key sectors of the Russian economy if Kremlin leader Vladimir Putin continues to stall on ending the war. Details: US officials have told their European counterparts that they support the European Union using frozen Russian assets to purchase American weapons for Ukraine.

It is increasingly difficult for Putin to finance his war. Every Euro we deny Russia is one it cannot spend on war."

President Trump announced sanctions on Lukoil and Rosneft, Russia’s two largest oil companies, while restrictions by the European Union included a ban on imports of Russian liquefied natural gas.

Hungary’s Prime Minister Viktor Orbán was delighted to learn last week that Russia and the United States had chosen his country as the venue for another summit on ending the war in Ukraine.

Days after canceling a planned summit with Putin, citing a lack of progress toward ending the war in Ukraine, Trump took a major step by effectively blacklisting Rosneft and Lukoil.

The European Union on Thursday formally adopted sweeping sanctions targeting Russia's energy sector, a day after the United States announced punitive measures against the Kremlin's oil industry.

Kirill Dmitriev, a Kremlin special envoy, is reported to have arrived in the United States for "official" talks following the imposition of sanctions on Russia's oil sector and the cancellation of a planned summit between US President Donald Trump and Russian leader Vladimir Putin in Hungary.