The price of a key Russian oil grade has plunged after Western sanctions prompted Chinese refiners to cancel some purchases.

Days after canceling a planned summit with Putin, citing a lack of progress toward ending the war in Ukraine, Trump took a major step by effectively blacklisting Rosneft and Lukoil.

Hungary’s Prime Minister Viktor Orbán was delighted to learn last week that Russia and the United States had chosen his country as the venue for another summit on ending the war in Ukraine.

President Volodymyr Zelensky told Axios that President Trump's new sanctions will hurt the Russian war machine, but Ukraine still needs long-range missiles to force Vladimir Putin to make peace. Why it matters: It's been a head-spinning two weeks for Zelensky.

"The Russian economy is a wartime economy. Growth is virtually zero," U.S. Treasury Secretary Scott Bessent told CBS News.

The cut comes as an already slowing economy braces for the impact of fresh sanctions in response to President Vladimir Putin’s continued war on Ukraine.

A Russian official who remains subject to sanctions from the United States and the United Kingdom was reinstated to the FIA’s World Motor Sport Council earlier this year.

Kirill Dmitriev, a close Putin ally, says trip was scheduled before Treasury slapped restrictions on Rosneft and Lukoil