(CNN) — The Trump administration on Wednesday imposed sanctions on Russia’s two largest oil companies as it called on Moscow to agree to an immediate ceasefire in the war with Ukraine .

President Donald Trump had for weeks signaled he could impose penalties against Russia for its continuation of the war but had failed to take major punitive measures until Wednesday. The announcement came as Trump said he had “canceled” an anticipated meeting with Putin because he “didn’t feel like we were going to get to the place we have to get.”

In remarks in the Oval Office, Trump explained he “felt it was time” for the sanctions, noting he “waited a long time” to impose them. Still, the US president said he hopes “they won’t be on for long” because the war will end.

Treasury Secretary Scott Besse

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