A day after President Trump imposed sanctions on Russia’s two biggest oil companies, Vladimir V. Putin denounced the move as “an unfriendly act,” vowed no concessions under pressure, and warned of a “very serious, if not staggering” response if Kyiv receives the missiles it seeks. Oil prices jumped as the measures targeting Rosneft and Lukoil landed, while analysts said the penalties may not alter Russia’s war aims. Trump canceled a planned Budapest meeting with Putin, the U.S. demanded a cease-fire, and Ukraine praised the sanctions amid fresh Russian strikes.

Prepared by Lauren Mitchell and reviewed by editorial team.