MOSCOW >> President Donald Trump hit Russia’s two biggest oil companies with sanctions in his latest sharp policy shift on Moscow’s war in Ukraine, prompting global oil prices to rise by 3% oearly today and India to consider cutting Russian imports.

The sanctions target oil giants Rosneft and Lukoil, which between them account for more than 5% of global oil output, and mark a dramatic U-turn by Trump, who said only last week that he and Russian President Vladimir Putin would hold a summit in Budapest soon to try to end the war in Ukraine.

But Trump said on Wednesday that the planned summit was off because it would not achieve the outcome he wanted and complained that his many “good conversations” with Putin did not “go anywhere.”

“We canceled the meeting with President Putin — it just d

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