U.S. President Donald Trump has done a turnaround on sanctions against Russia, taking aim at Russia's two biggest oil companies and the billions of dollars they reap for Moscow's war against Ukraine.

"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.

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.

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.

India and China are reducing Russian oil purchases at Donald Trump's request amid new US sanctions, White House press secretary Karoline Leavitt claimed. | Latest News India

The White House announced new sanctions on Russia targeting the country's two largest oil companies. NBC News’ Gabe Gutierrez details the significance of the sanctions.