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

Trump said Oct. 22 that the sanctions "certainly will have an impact" on Russia and that he hopes Putin will "become reasonable."

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,

Ukraine and Russia have offered contrasting responses after Donald Trump imposed sanctions on its biggest oil firms in a major shift of policy - and sign of frustration with Vladimir Putin. Follow the latest on the Ukraine war.

On Tuesday, Lavrov made it clear that Russia was not keen on agreeing to a ceasefire anytime soon, making it the “basic difference which is existing now between Russia and the United States,” Andrei Fedorov, former deputy foreign minister of Russia, told NBC News.

President Donald Trump’s sanctions against Russia’s two biggest oil companies come as the European Union passes its 19th package targeting the energy sector.

Ukraine's president has urged the European Union to back a plan to release billions of euros in frozen Russian cash to help fund the country's defence. As EU leaders met in Brussels, Volodymyr Zelensky said he hoped they would make a "positive decision" about using €140bn (£122bn) in Russian assets currently held in a Belgian clearing house.

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

The postponement of Donald Trump’s much-anticipated summit with Vladimir Putin in Budapest had seemed to confirm all his critics’ fears. At the White House on Tuesday, the president explained that he did not want a “wasted meeting”.