The initial measures on Russian oil are unlikely to shift the dial for Russia’s economy.
However, oil prices jumped by more than 2pc following the announcement, which also included a threat to impose “secondary” sanctions on foreign buyers of Russian oil.
Mark Rutte, the head of Nato, said the move was about “changing the calculus” with more pressure on the Kremlin.
He joined Mr Trump in the White House after flying to Washington, DC to deliver a 12-point peace plan drawn up by Europe.
Yvette Cooper, the Foreign Secretary, was quick to welcome the sanctions, which followed a similar move by Parliament last week.
“Strongly welcome this important package of sanctions from the US,” she said. “We must choke off the oil and gas revenues helping to fuel Putin’s illegal war.”
Trump: Putin summit is cancelled
Last Thursday, Mr Trump announced a plan to meet with Putin in Hungary, triggering a flurry of diplomatic activity. But the plans were shelved after Russia refused to end the war along the current front lines.
In the Oval Office on Wednesday, Mr Trump confirmed the summit had been “cancelled”.
“Every time I speak with Vladimir, I have good conversations, and then they don’t go anywhere. They just don’t go anywhere,” Mr Trump said. “It’s time to make a deal. A lot of people are dying.”
Following the cancellation of the summit, Russia launched 400 missiles and drones on Ukraine, killing seven people, including two children.
Putin also carried out nuclear missile tests and large-scale drills in an apparent show of strength.
Meanwhile, Mr Trump defended his decision to not provide Ukraine with Tomahawk missiles because it would take too long to train the Ukrainian military to use them.
The president said it would take “minimal six months” or even a year to teach the long-range missile system to Ukrainians, adding that there is a “tremendous learning curve.”
The Trump administration had previously considered the possibility of providing the weapons to Ukraine to help stop the war.
