Putin says sanctions 'blitzkrieg' never had a chance of succeeding

Russian President Vladimir Putin said at the St Petersburg International Economic Forum on Friday that a sanctions "blitzkrieg" against Moscow had never had any chance of succeeding. Western allies led by the European Union and the United States have imposed the most severe economic sanctions that any nation has faced in modern history since Moscow sent troops into Ukraine on Feb. 24.

Putin said the EU could lose more than $400 billion due to the sanctions, which he said would rebound on those who had imposed them.