The U.S. imposed new sanctions against Russia's two biggest oil companies on Wednesday in an effort to press Russian leader Vladimir Putin to agree to a ceasefire, President Trump said.

Why it matters: This is the first time the U.S. has imposed sanctions against Russia over the war with Ukraine since Trump assumed office. • For months, Trump said imposing sanctions on Russia would undermine his diplomatic efforts to end the war. The shift suggest he thinks that approach has failed. • The new sanctions come a day after Trump cancelled plans for a meeting with Putin. It signal's Trump's immense frustration with the Russian president.

Behind the scenes: A U.S. official said Trump's frustration with Russia reached new heights after a call between Secretary of State Marco Rubio and Russi

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