The White House announced that Trump will deliver a statement at 10:00 PM Mecca time.
Key points so far:
Trump stated that he believed it was the right time to impose sanctions on Russia.
He confirmed the cancellation of his meeting with Putin, saying the timing was not suitable.
Oil prices jumped by more than 5% after the US unveiled new sanctions against Russian companies.
The latest sanctions package targets Rosneft and Lukoil.
The US has urged Moscow to agree to an immediate ceasefire, according to an official statement.
Global markets are on edge, with oil prices rising sharply and both gold and Bitcoin showing volatility amid growing geopolitical tensions.