Trump-Putin Budapest meeting postponed, US slaps sanctions on biggest Russian oil companies while Putin oversees major nuclear exercise: What does it mean

The prospects of an expected diplomatic thaw between Russia and the USA have dimmed again after US President Donald Trump termed a planned summit with Vladimir Putin as a ‘wasted meeting’. The meeting has been postponed indefinitely, and Trump has proceeded with major sanctions on Russian oil giants. The Trump administration on Wednesday imposed some major sanctions targeting Russia’s two largest oil producers, state-owned Rosneft and privately held Lukoil, along with key subsidiaries, soon after the White House confirmed that the Budapest summit between Trump and Putin, which they had declared last week, has been postponed and there are ‘no plans’ for the two leaders to meet in the near future.  The White House has reportedly informed that Secretary of State Marco Rubio and Russian Foreign Minister Sergei Lavrov had a “productive call” but opted against an in-person meeting, further cementing the speculations that Russia is not agreeing to what US is proposing. Lavrov rejects ‘immediate ceasefire’ demand by the US: Reports Russia, on the other hand, had stated that US can’t postpone something that was never scheduled in the first place. Kremlin spokesperson Dmitry Peskov downplayed the US posturing, saying, “You can’t postpone what was never scheduled.”  The lack of trust between Western powers and Russia has been the consistent, and probably the major reason why there has been no definitive progress in peace talks so far. “European countries are currently showing no interest in peace and are doing nothing to promote it; on the contrary, their leaders are encouraging Kiev to continue military operations”, Dmitry Peskov had recently stated. As per reports, the US reaction has come after Russian Foreign Minister Sergei Lavrov rejected key US proposals for an immediate ceasefire in the Russia-Ukraine war without territorial concessions from Kyiv. “It is now being said from Washington that there is a need to stop immediately, that there is no need to discuss anything further, and that ‘history should judge’. If we just stop, it means forgetting the root causes of this conflict, which the American administration clearly understood and voiced this understanding upon Trump’s assumption of power, Lavrov was quoted as saying by the NYT. Just last Thursday, Trump spoke with Putin and expressed optimism for “great progress.” ‘Tremendous sanctions’ Trump declared In an Oval Office meeting with NATO Secretary General Mark Rutte, “These are tremendous sanctions, against their two big oil companies”, adding that he hoped they would be short-lived if peace talks resume. The recent sanctions against Rosneft and Lukoil and their subsidiaries are the first major sanctions by the USA directly on Russian oil, as per reports. US Treasury has stated that they want Russia to agree to a ceasefire ‘immediately’. Rosneft and Lukoil, together with their subsidiaries, account of nearly half of Russia’s oil. Speaking to media, Trump claimed that he hopes the sanctions will make Russia agree to talk with Ukraine. “They hate each other, these people hate each other”, he added, referring to Putin and Zelenskyy. US President Donald Trump imposed sanctions on Russia for the first time in his second term, targeting oil companies Lukoil & Rosneft. The US Treasury Department said it was prepared to take further action as it called on Moscow to agree immediately to a ceasefire in Russia's war… pic.twitter.com/HvWcuImctw— CNBC-TV18 (@CNBCTV18News) October 23, 2025 Trump then went on to boast how he had stopped 7 wars around the world, repeating his debunked lie of stopping the India-Pakistan conflict in May. Putin’s response to US sanctions: Overseeing a massive drill of Russia’s nuclear forces Hours after the sanctions were announced, Russian President Vladimir Putin oversaw a sweeping readiness drill of Russia’s strategic nuclear forces, involving all three arms of the triad, land, sea and air.  Kremlin: Putin oversees routine drill of Russia’s strategic nuclear forcesA Yars intercontinental ballistic missile (ICBM) was fired from the Plesetsk Cosmodrome toward the Kura range in KamchatkaTu-95MS strategic aircraft carried out launches of air-launched cruise… pic.twitter.com/83DoflVNeS— Sputnik (@SputnikInt) October 22, 2025 Speaking via video link from the Kremlin, Putin directed launches of a Yars intercontinental ballistic missile from the Plesetsk Cosmodrome, a Sineva ballistic missile from the nuclear submarine Bryansk in the Barents Sea, and nuclear-capable cruise missiles from Tu-95MS strategic bombers. The exercise, described by the Kremlin as a planned test of operational skills, simulated nuclear weapon authorisation procedures and confirmed all missiles struck their targets. Russian President Vladimir Putin on Wednesday directed drills of the country’s strategic nuclear forces that featured practice missile launches, an exercise that came as his planned summit on