Russian President Vladimir Putin has branded Donald Trump’s US sanctions on Russia an “unfriendly act” as he warns Moscow will not cave over Ukraine.

Putin said Russia will never bow to pressure from abroad, addressing the Russian Geographical Society in Moscow, adding that “dialogue is always better than war”. Trump launched the “tremendous” sanctions on Russian oil in an effort to force a peace deal, stating: “I just felt it was time. We waited a long time.” Putin assured listeners the sanctions will not impact Russia’s economy, according to state media TASS, and that replacing Russian oil on the global market will take time and lead to price increases.

It comes after the White House yesterday cancelled planned talks between Trump and Putin in Budapest to discuss resolving the war in Ukraine.

Addressing the summit during his speech today, Putin said the US had proposed the meeting and that Trump’s comments most likely meant it was “postponed”.

The Russian leader added that the sanctions do not work to strengthen relations between the two countries.

However, he said Russia wants to continue dialogue with the US, and there were many areas for cooperation between the two countries.

Putin’s ally, Dmitry Medvedev, blasted Trump’s decision as an “act of war against Russia”, and that he had aligned with “insane Europe”.

The deputy chair of the Security Council of Russia posted on Telegram: “The United States is our adversary, and their talkative “peacemaker” has now fully embarked on the warpath against Russia.”

He added: “They will, of course, say he couldn’t help but be pressured in Congress, etc. This doesn’t change the main point: the decisions taken are an act of war against Russia. And now Trump has fully aligned himself with insane Europe.”