Putin says Russia withstood sanctions 'blitz'

Russian President Vladimir Putin says the Russian economy has successfully resisted new Western sanctions over Ukraine.

Speaking Tuesday on a visit to the Vostochny space launch facility in Russia's Far East, Putin said that Russia's economy and financial system withstood the impact of what he called the Western sanctions “blitz” and the ruble has recovered its losses.

Putin argued that the sanctions will backfire against the West. For example, he said that Western restrictions on fertilizer exports from Russia and ally Belarus will drive up global fertilizer prices, eventually leading to food shortages and increased migration flows.

Putin said that “common sense should prevail” and added that the West should “come back to reason and make well-balanced decisions without losing its face.” He contended that “they won't be able to shut all the doors and windows.” He argued that new Western restrictions on high-tech exports will encourage Russia to move faster to develop new technologies, opening a “new window of opportunities.”