"Now is the time to stop the killing and for an immediate ceasefire," Treasury Secretary Scott Bessent said. "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.

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.

President Trump spoke with Russia's Vladimir Putin on Thursday ahead of his face-to-face meeting with Zelenskyy, and the two agreed to meet in Budapest.

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.

Whether or not Turkey scores a coveted F-35 agreement, the decision by Trump to host Erdogan at the White House is itself a victory of sorts for the Turkish leader. Erdogan was held at a distance by the Biden administration over concerns about Turkey’s relationship with Russia as well as Erdogan's record on human rights.

Get the latest news and live updates as the government shutdown continues, Trump sanctions Russia in a push for a ceasefire in Ukraine and Rubio heads to Israel amid Gaza truce.

The US has imposed fresh sanctions on two of Russia’s largest oil companies, Rosneft and Lukoil, further aiming at Kremlin’s energy revenues.

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