Washington DC - Treasury Secretary Scott Bessent said Wednesday that Washington would unveil a major increase in sanctions against Russia, a day after President Donald Trump shelved talks with Moscow on the Ukraine war.

Trump has held off on new sanctions for months, saying he hoped to persuade Russian President Vladimir Putin to make peace despite growing frustration with the Kremlin leader.

"We are going to either announce after the close this afternoon, or first thing tomorrow morning, a substantial pickup in Russia sanctions," Bessent told reporters at the White House.

He did not immediately give any further details. The White House did not immediately respond to a request for comment.

The European Union said Wednesday it was also imposing new sanctions, including a ban on importing liquefied natural gas from Russia by 2027, the blacklisting of oil tankers used by Moscow, and travel curbs on Russian diplomats.

Since returning to office in January, Trump has repeatedly dangled the threat of sanctions against Russia without pulling the trigger as he seeks an elusive end to Russia's three-and-a-half-year war.

Trump had held out hope of a ceasefire deal last week after speaking to Putin, saying that the two leaders had agreed to meet in Budapest within two weeks.

Repeating a pattern of pivoting between Moscow and Kyiv, the US president at the same time pressured Ukrainian President Volodymyr Zelensky to give up territory and turned down his plea for long-range Tomahawk missiles.

But Trump shifted once again on Tuesday, saying that he did not want to have a "wasted meeting," ending the immediate prospect of a Putin summit.