Putin says the West's economic 'blitzkrieg' has failed

President Vladimir Putin said on Tuesday Russia's financial system was operating well and the West's economic "blitzkrieg" had failed, but said the risk of harm from sanctions could rise in the medium and longer term, Russian news agencies reported.

Speaking after talks with his Belarusian counterpart Alexander Lukashenko in the Russian Far East, Putin said regarding the sanctions that he hoped common sense would prevail in the West.