Putin slams West for imposing 'illegal' sanctions on Russia

President Vladimir Putin today slammed the West for imposing "illegal" sanctions on Russia over the Ukraine crisis as he acknowledged that such punitive measures have caused damage to Russian businesses.
In a key-note address to foreign and Russian businessmen at the annual Saint Petersburg International Economic Forum, Putin said sanctions, mainly visa bans and asset freezes on individuals and companies, would backfire on Western countries.
The US and EU have imposed a series of sanctions on Russia over its annexation of Crimea - an autonomous peninsula within Ukraine with a Russian ethnic majority - in March and alleged support for pro-Russian rebels who have seized control of parts of eastern Ukraine.

Acknowledging that the sanctions had certain side-effects on Russia's economy, Putin stressed that "so far, it (sanctions) has no systemic impact on our economy."
The 61-year-old described the sanctions as "illegal" as they did not have the approval of the UN Security Council.
He said as the West seeks to find alternatives to Russian gas and increase sanctions, the country must reduce its reliance on energy exports which provide about 25 per cent of gross domestic product.

Putin's comments came two days after Russia's Gazprom, the state-backed gas giant, signed a USD 400 billion gas deal with China.
Addressing the annual conference meant to showcase Russia as a place to do business, Putin outlined his plans for a new Eurasian Union comprising former Soviet states Belarus, Kazakhstan and Russia.

He said Russia is "going to focus on Eurasian investment" from now on, as he announced Moscow will ink a deal on May 29 for the formation of the Eurasian Union.
Putin said Russia must boost major domestic banks and industries and added that there was a plan to create a state fund to help replace imports from Western countries with domestic production.