Vladimir Putin responded to President Trump slapping sanctions on Russia's two biggest oil companies in a U.S. policy shift over the war in Ukraine.

U.S. President Donald Trump has done a turnaround on sanctions against Russia, taking aim at Russia's two biggest oil companies and the billions of dollars they reap for Moscow's war against Ukraine.

Kremlin leader Vladimir Putin has stated that the idea of holding a Russia-US summit in Budapest was an American initiative, but that attending it without preparation "would have been a mistake". Details: Putin said that both the meeting and the venue had been proposed by the US,

President Vladimir Putin on Wednesday oversaw a test of Russia's nuclear forces on land, sea and air to rehearse their readiness and command structure. The test included the launch of a land-based "Yars" intercontinental ballistic missile from a cosmodrome,

President Donald Trump imposed sanctions on Russia's largest oil companies Rosneft and Lukoil while canceling his planned summit with Russian President Vladimir Putin.

The Treasury Department said new economic penalties will target Russia’s two largest oil companies, Rosneft and Lukoil, as well as their subsidiaries.

At least six people were killed overnight, shortly after the American president announced that he did not "want to have a waste of time" holding a summit with the Russian leader.

The attack comes as US President Donald Trump said his plan for a swift meeting with Russian leader Vladimir Putin was on hold.