The European Union on Thursday heaped more economic sanctions on Russia, adding to U.S. President Donald Trump’s new punitive measures the previous day against the Russian oil industry. Russian President Vladimir Putin called Washington's move an “unfriendly act” that could backfire by spiking global oil prices.

U.S. officials also told European counterparts that they support the EU using frozen Russian assets to buy U.S. weapons for Kyiv.

Also last month, Sberbank CEO German Gref, one of Russia’s top banking chiefs, said the economy was in “technical stagnation,” And in June, Economy Minister Maxim Reshetnikov warned that Russia was “on the brink” of a recession.

It was earlier announced that Donald Trump would meet Vladimir Putin in Budapest to advance the talks on Ukraine, but the meeting never materialised.