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.

US President Donald Trump has announced what he called "tremendous" new sanctions against two of Russia's largest oil companies, in a bid to pressure Moscow into ending its war on Ukraine. The measures target Rosneft and Lukoil - two major oil corporations that help fund the Kremlin's "war machine", according to US Treasury Secretary Scott Bessent.

The Treasury Department said new economic penalties will target Russia’s two largest oil companies, Rosneft and Lukoil, as well as their subsidiaries.

The Trump administration on Wednesday imposed sanctions on Russia’s two largest oil companies as it called on Moscow to agree to an immediate ceasefire in the war with Ukraine.

Oil prices spiked Thursday after the U.S. announced massive new sanctions on Russia’s oil industry in an attempt to get Russian President Vladimir Putin to the negotiating table and end Moscow’s brutal war on Ukraine.

BRUSSELS, Oct 23 (Reuters) - EU countries on Thursday formally adopted a 19th package of sanctions against Russia for its war against Ukraine that includes a ban on Russian liquefied natural gas imports. The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here.

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.