The White House has announced sanctions against Russia's two biggest oil companies. This comes after deadly strikes in Ukraine reached a kindergarten. CBS News' Ramy Inocencio reports.

The Trump administration on Wednesday imposed sanctions on Russia’s two largest oil companies as it called on Moscow to agree to an immediate ceasefire in the war with Ukraine. The announcement came as President Trump said he had “canceled” an anticipated meeting with Russian President Vladimir Putin.

Nato Secretary-General Mark Rutte says pressure and sanctions are changing Vladimir Putin's calculus as Russia deals with heavy military losses in Ukraine as the war continues.

Treasury Secretary Scott Bessent said that the White House will be announcing “a substantial pickup in Russia sanctions.”

Putin said that "no self-respecting country does anything under pressure," calling new U.S. sanctions an "unfriendly act."