Trump-Putin meeting really cancelled? Report: U.S. has called off Budapest summit, Trump is "not satisfied"

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According to the latest media reports, the United States has canceled the US-Russia summit originally scheduled to be held in Budapest, marking the rapid collapse of the brief hope the market had for a diplomatic solution to the Russia-Ukraine conflict, and injecting new uncertainty into global markets.

The report states that the Russian side sent a memorandum to the US side, reiterating the conditions for resolving the Russia-Ukraine conflict. Afterwards, US Secretary of State Rubio had a tense phone call with Russian Foreign Minister Lavrov. However, an informed source said that Trump was "not satisfied" with the Russian position and ultimately decided to cancel the summit.

This news confirms earlier reports that the “Trump-Putin summit” has fallen through. According to a previous report by Global Times, US President Trump stated at the White House on the 21st that he will not be meeting with Russian President Putin in the near future. Trump explicitly stated that he does not want to "waste time".

However, informed sources added that Trump is still willing to meet with the Russian side "at a time and place where he believes progress can be made".

Meanwhile, US economic pressure has followed closely. As Wallstreetcn previously mentioned, the US Treasury Department last week announced sanctions on Russia's two largest oil companies—Rosneft and Lukoil.

Putin responded that US sanctions are an unfriendly move but will not have a major impact on the Russian economy. According to TASS, Putin believes that buyers will need time to find alternatives to Russian oil, and that reduced Russian oil supply will lead to higher oil prices.

The market trend has confirmed part of Putin's judgment. After the announcement of the sanctions, investors' concerns about supply have intensified. WTI crude oil futures and Brent crude oil futures prices have soared, showing that geopolitical risks have once again become a key variable affecting energy prices, and also bringing new challenges to the global economy that depends on stable energy supplies.

As of Friday, oil prices had already fallen significantly.

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