Washington DC [US], October 24 (ANI): US President Donald Trump on Thursday (local time) responded to Russian President Vladimir Putin's criticism of sanctions on Russian oil companies Rosneft and Lukoil.

When asked about the Russian President criticising the sanctions, President Trump told presspersons in the White House, 'I am glad he feels that way. I'll let you know about it in six months from now. Let's see how it all works out.'

This comes after Putin called the sanctions an 'unfriendly move' that won't significantly impact Russia's economy.

Putin shrugged off the potential impact of US sanctions on Russia's two largest oil companies, saying they would not have much effect on the Russian economy.

'This is, of course, an attempt to put pressure on Russia,' Putin said. 'But no self-respecting country and no self-respecting people ever decides anything under pressure.'

Oil prices rose sharply as traders are anxious about a squeeze on global supply. Putin also commented on the cancellation of an anticipated meeting with US President Donald Trump, saying that 'dialogue is always better than confrontation.'

Trump, in his latest about-face on the conflict, said on Wednesday that the planned Putin summit was off because it would not achieve the outcome he wanted and complained that his many 'good conversations' with Putin did not 'go anywhere'.

'We cancelled the meeting with President Putin - it just didn't feel right to me,' Trump told reporters at the White House. 'It didn't feel like we were going to get to the place we have to get. So I cancelled it, but we'll do it in the future.'

Putin said Trump most likely meant the summit had been postponed. The two leaders met in Alaska in August.

The United States has imposed sanctions on Russia's two largest oil companies, Rosneft and Lukoil. Shortly after the restrictions were imposed, Moscow called them an 'unfriendly move' that would not improve relations with Washington. President Vladimir Putin said that the new restrictions would have little effect on Russia's economy, adding, 'No self-respecting country ever does anything under pressure,' according to Russia Today.