India, Oct. 31 -- The US has cancelled a planned Budapest summit between President Donald Trump and Russian President Vladimir Putin after Russia sent a memo to Washington noting its firm stance on its demands regarding Ukraine, the Financial Times reported.

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.

The two leaders had been expected to meet in Budapest to push forward negotiations on a settlement, but the summit never took shape.

"I'm going to have to know that we're ...