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Russian President Vladimir Putin said on October 23 that the new U.S. sanctions against major oil firms Rosneft and Lukoil are an "unfriendly act" but would not significantly impact Russia's economy. Speaking in Moscow, Putin accused Washington of trying to pressure Russia while warning that any drop in global oil supply could drive prices higher. The sanctions were announced as U.S. President Donald Trump said he would no longer meet with Putin in Budapest to discuss the conflict in Ukraine.