What reason did Trump give for canceling the Putin summit?

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Trump announced new sanctions targeting Russia's two largest oil companies, Rosneft and Lukoil, during his October 22 meeting with Rutte. These companies account for nearly half of all Russian oil production. Treasury Secretary Scott Bessent said the sanctions aimed to cut off revenues funding the Kremlin's "war machine." The penalties freeze U.S.-based assets and bar American entities from doing business with the companies or their 30 subsidiaries. Trump imposed these sanctions after Ukrainian President Zelenskyy and bipartisan congressional members pressed him to escalate economic pressure on Putin. The timing—announced alongside NATO's chief—signaled Trump wanted to show European allies he would enforce consequences for Russia's lack of "serious commitment to a peace process" while pursuing negotiations.

What reason did Trump give for canceling the Putin summit?

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