The United States has cancelled a planned Budapest summit between President Donald Trump and Russian President Vladimir Putin following Russia's firm stance on hardline demands regarding Ukraine, the Financial Times reported on Friday.

The decision comes after a "tense call" between the two countries' top diplomats, the report added. Trump said on Saturday that he will not meet Russian President Vladimir Putin until he is convinced a concrete peace deal is within reach to end the Russia–Ukraine war, which will enter its fifth year in February.

While Donald Trump’s primary objective during Thursday’s summit with Xi Jinping was to negotiate a favourable trade deal, there is also the tantalising prospect that it could help to achieve a breakthrough in his efforts to end the war in Ukraine.

Days after canceling a planned summit with Putin, citing a lack of progress toward ending the war in Ukraine, Trump took a major step by effectively blacklisting Rosneft and Lukoil.

Russian President Vladimir Putin hailed the test of a new nuclear-powered cruise missile that his military said was capable of traveling for at least 14,000 kilometers (8,700 miles).

Vladimir Putin tightens grip on power by promoting family members and younger allies to his inner circle as economic strain and opposition threats mount in Russia.

Russian President Vladimir Putin is now believed to be more dug in than ever, according to a recent intelligence assessment.

"We're choking off funding for Russia's war machine," said prime minister Keir Starmer after the “Coalition of the Willing” summit in London on Friday. Sir Keir added that the UK’s missile plan is “accelerating” in a bid to support Ukraine.