U.S. President Donald Trump said on Wednesday that he had canceled his planned meeting with Russian President Vladimir Putin.

"We cancelled the meeting with President Putin," Trump told reporters at the White House. "It just didn't feel right to me."

"It didn't feel like we were going to get to the place we have to get. So I cancelled it, but we'll do it in the future," Trump added.

Following a phone conversation with Putin last week, Trump said he was ready to meet the Russian leader soon to seek a breakthrough in efforts to end the Russia-Ukraine conflict. However, the U.S. president told reporters in Washington on Tuesday that he did not want to have "a wasted meeting."

Kremlin spokesman Dmitry Peskov said on Tuesday the timing of a possible summit remains undecided, stressing that "serious preparation" would be required before any meeting could take place.

U.S. sanctions Russia's top 2 oil producers

The U.S. Treasury Department on Wednesday announced sanctions on Russia's two largest oil producers, Rosneft and Lukoil, in a bid to pressure Moscow into agreeing to what it called an immediate ceasefire in Ukraine.

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

Bessent said the Trump administration is prepared to take further action if necessary, while urging U.S. allies to join in and adhere to U.S. sanctions on Russia.

State-controlled Rosneft and privately held Lukoil are the two largest Russian oil producers, jointly accounting for nearly half of Russia's total crude-oil exports, or around 2.2 million barrels a day in the first half of this year, according to Bloomberg estimates.

The United States and its allies have imposed multiple rounds of financial and trade sanctions on Russia since the Russia-Ukraine conflict began in February 2022. 

(With input from Xinhua)