Russian President Vladimir Putin remained defiant on Thursday after US President Donald Trump hit Russia’s two biggest oil companies with sanctions, pushing global oil prices up 5%.

The sanctions prompted Chinese state oil majors to suspend Russian oil purchases in the short term. Indian refiners, the largest buyers of seaborne Russian oil, are set to sharply cut imports.

The measures target Rosneft and Lukoil, which together account for more than 5% of global oil output.

The move marks a dramatic U-turn by Trump, who said only last week he would hold a summit with Putin in Budapest to try to end the war in Ukraine.

Putin called the sanctions an unfriendly act that would not significantly affect Russia’s economy. “This is, of course, an attempt to put pressure on Russia.

But no self-respecting country and no self-respecting people ever decide anything under pressure,” he said.

Trump later responded: “I’m glad he feels that way. That’s good. I’ll let you know about it in six months from now.”

With Ukraine asking US and European allies for long-range missiles, Putin warned that Moscow’s response to strikes deep into Russia would be “very serious, if not overwhelming.”

Trump cancelled the planned Putin summit, saying it would not achieve the desired outcome. The two leaders met in Alaska in August.

Russia has maintained that its conditions for ending the war in Ukraine remain unchanged.

Ukraine’s President Volodymyr Zelenskiy called the sanctions “very important” but said more pressure on Moscow is needed for a ceasefire.

Separately, the European Union adopted its 19th package of sanctions, banning Russian liquefied natural gas imports and targeting Chinese refiners and Central Asian banks.

Russian oil and gas revenue, which accounts for around a quarter of the state budget, has fallen 21% year-on-year.