The planned summit between US President Donald Trump and Russian President Vladimir Putin in Budapest has been canceled, following Moscow’s rigid demands over Ukraine, according to the Financial Times. The United States reportedly found the Russian position unacceptable, prompting the decision after high-level diplomatic discussions.

Further reading: Trump's Diplomatic Mirage: Why Russia Isn't Seeking Peace

The summit had been announced on October 16 after a phone call between the two leaders, with Budapest selected as the venue. Preparations were to be coordinated by US Secretary of State Marco Rubio and Russian Foreign Minister Sergey Lavrov, but the meeting was called off soon after. Media reports indicate that Russia maintained maximalist conditions for a ceasefire in Ukraine, including territorial concessions, limits on Ukraine’s armed forces, and guarantees that the country would not join NATO. Trump said he did not want to engage in talks that would waste time, while affirming willingness to meet only if a practical agreement on ending the war could be reached.

The cancellation followed US sanctions on October 23 against Russian oil giants Rosneft and Lukoil, along with a call from the Treasury for Russia to immediately agree to a ceasefire. Despite Moscow signaling that Putin was still open to discussions, no date or framework has been set for a future meeting.

Ukrainian President Volodymyr Zelensky expressed readiness to participate if invited, either in a three-way summit or in shuttle diplomacy, but criticized Hungary as the host due to its pro-Kremlin stance and strained ties with Kyiv. Zelensky warned that any “Budapest scenario” reminiscent of the 1994 security assurances for Ukraine, Belarus, and Kazakhstan would be unhelpful.

Since returning to office earlier this year, Trump has sought a rapid resolution to the Ukraine conflict through direct talks with Russian representatives, including a previously proposed meeting in Alaska, but these efforts have not produced a breakthrough.