In an effort to pressure Moscow to negotiate a peace deal in Ukraine, the US has announced new sanctions targeting Russia’s two largest oil companies.

The announcement came a day after the US President Donald Trump said a planned meeting with his Russian counterpart Vladimir Putin in Budapest would be shelved indefinitely.

While the economic impact to Russia is likely to be minimal, it represents a major shift in Trump’s foreign policy, having previously said he would not impose sanctions until European nations ceased buying Russian oil.

Though the Kremlin said Russia was immune to the sanctions.

Trump had repeatedly threatened tougher measures against Moscow, but has avoided them until now in hopes of brokering a peace deal in the three-and-a-half year long invasion.