Putin responds to US sanctions, says Hungary summit likely postponed
5 Min Read
Putin says the Russia-US summit in Hungary may be postponed after new US sanctions targeted Russian oil firms, warning of energy and security consequences.
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Russian President Vladimir Putin conducts a strategic nuclear forces exercise via videoconference from the Presidential Situation Center at the Kremlin in Moscow, on Wednesday, Oct. 22, 2025. (AP)
Russian President Vladimir Putin stated that the planned summit between him and the United States President Donald Trump in Hungary is more likely to be postponed, after the US announced a new package of sanctions on Russia.
The United States introduced a new set of anti-Russian sanctions that targeted oil giants Rosneft and Lukoil, along with their subsidiaries, on Wednesday, while US President Donald Trump announced the cancellation of the planned meeting with Putin in Budapest, expressing a future intent to meet.
"Now I see that after this statement, the US president decided to cancel or postpone this meeting. Looks like, he is talking about postponing this meeting," Putin stated, adding that it would be a mistake to approach the Hungary summit without preparation.
"In the last telephone conversation, both the meeting itself and the venue were proposed by the US side," the Russian president added, noting that Moscow supports dialogue and finds negotiations better than confrontation and sustained war.
Despite this, White House spokesperson Karoline Leavitt stated that a meeting between the two presidents remains possible. “A meeting between these two leaders [Trump and Putin] is not completely off the table. I think the President [Trump] and the entire administration hope that one day that [meeting] can happen again,” she stated.
Furthermore, she stated that the US president hopes that any potential meeting between him and Putin is a "good use of his time" and that Trump wants to see "action, not just talk."
New sanctions intend to add pressure on Russia
The Russian president explained that the new sanctions package is an attempt to put pressure on Russia, stating, "They [the sanctions] currently have, of course, two aspects - purely political and economic. As for the political aspect, this is, of course, an attempt to exert pressure."
He noted that the new sanctions will not significantly affect the country's economic well-being, emphasizing that no self-respecting country ever does anything under pressure.
"If we talk about the political part [of the imposed sanctions], then, of course, it is unfriendly towards Russia, it is an obvious thing. And it does not strengthen Russian-US relations, which have just begun to recover," Russia's president emphasized.
He additionally noted that Trump imposed the largest number of sanctions against Russia during his first term.
Sanctions could cause energy prices to rise
While Putin stated that the new US sanctions will not significantly affect Russia's economy, he expressed hope that they will not impact the global energy market, stating, "I hope that this [sanctions against Russia] will not lead to significant changes in the global market, although everyone should now consider, and I agree with the International Energy Agency, the need to invest in traditional energy."
The Russian president emphasized that a sharp reduction in the amount of Russian oil and petroleum products on the world market would cause prices to rise, adding that despite some expected losses, Russia's energy sector remains confident and stable.
Furthermore, he pointed out that "this will lead to a sharp increase in the cost of oil and petroleum products, including at gas stations. And the US is no exception. And if we take into account the domestic political calendar of the US, then it is clear how sensitive some processes in this regard will be. And those who suggest such decisions to the current administration need to understand who they are working for."
He went on to indicate that Russia makes a significant contribution to the global energy balance, and undermining that would be a "thankless task" for any country that attempts to do so, noting that the United States consumes more oil than it produces, contrasting it with Russia and Saudi Arabia, which sell more oil than they consume.
Putin says Moscow's retaliation to long-range strikes will be serious
Additionally, Putin addressed reports of Ukraine using long-range Storm Shadow missiles in strikes against Russia, highlighting that Moscow's response to such action will be "serious, if not staggering."
"This is an attempt at escalation, but if such weapons are used to strike Russian territory, the response will be very strong, if not staggering. Let them think about it," the Russian president told reporters.
On the latest sanctions package imposed by the European Union on Russia, Putin jested about the EU's ban on toilet exports as part of the package, stating, "The fact that they have canceled our toilet purchases will cost them a lot. I actually think they would have been useful in the present situation."
