Reports of an impending US-Russia leadership summit have been greatly exaggerated, it seems.

Just days after Donald Trump said he planned to meet Russian President Vladimir Putin in Budapest - "within two weeks or so" - the summit has been suspended indefinitely.

A preliminary get-together by the two nations' top diplomats has been cancelled, too.

"I don't want to have a wasted meeting," President Trump told reporters at the White House on Tuesday afternoon. "I don't want to have a waste of time, so I'll see what happens."

The on-again, off-again summit is just the latest twist in Trump's efforts to broker an end to war in Ukraine – a subject of renewed focus for the US president after he arranged a ceasefire and hostage release deal in Gaza.