U.S. President Donald Trump has done a turnaround on sanctions against Russia, taking aim at Russia's two biggest oil companies and the billions of dollars they reap for Moscow's war against Ukraine.

Get the latest news and live updates as the government shutdown continues, Trump sanctions Russia in a push for a ceasefire in Ukraine and Rubio heads to Israel amid Gaza truce.

Treasury Secretary Scott Bessent has announced new sanctions against Russia's two biggest oil companies and blasted Moscow's refusal to end its "senseless war."

The Opec+ oil cartel began boosting production from April in a surprise move that caused oil prices to fall sharply. This followed Trump’s calls for Opec+ to increase supply in an effort to cool prices, ease inflation and squeeze Russia’s energy revenues.

Russia launched a large-scale air attack on Ukraine early Wednesday, causing power outages across most of the country, setting homes ablaze and killing at least six people, including a six-month-old baby,

The Kremlin stressed on Wednesday that the dates for the face-to-face talks, due to take place in Hungary, "weren't set" and that this would still happen.

Russian President Vladimir Putin on Thursday hit out at the latest sanctions imposed by the U.S., calling Washington's move an “unfriendly act” that could backfire by spiking global oil prices.