The US will announce a “substantial” new round of sanctions against Russia, Treasury Secretary Scott Bessent said, signaling President Donald Trump is preparing to ratchet up pressure on Moscow a day after backing off plans for a meeting with President Vladimir Putin in the near future.

Russia launched a large-scale air attack on Ukraine early Wednesday, causing power outages across most of the country, setting homes ablaze and killing at least six people, including a six-month-old baby,

The drone and missile attacks on Ukraine came as the US president put on hold his plans for an imminent summit in Budapest.

Shares are mostly lower in Asia following a retreat on Wall Street, while crude prices jumped more than $2 after U.S.

Russia said on Wednesday that it was still preparing for a potential summit between President Vladimir Putin and U.S. President Donald Trump, though no date had been set and that Putin - like Trump - did not want to waste his time.

The US has put pressure on India to reduce its energy purchases from Russia in a bid to hit the Kremlin's war chest.

MOSCOW (AP) — Russian President Vladimir Putin on Wednesday directed drills of the country’s strategic nuclear forces that featured practice missile launches, an exercise that came as his planned summit on Ukraine with U.S. President Donald Trump was put on hold.