President Vladimir Putin has slammed the wide-range of sanctions imposed on Russia following its annexation of Crimea, while outlining his plans for a new Eurasian union.
Putin was speaking to business leaders at the annual St. Petersburg Economic Forum on Friday.
Although the U.S. and European sanctions have targeted only a few dozen individuals and small firms, Russian officials say the threat of broader measures posed major economic consequences.
However, Putin said the sanctions hurt everyone.
"Isn't it obvious that economic sanctions as a tool of political pressure in the modern interdependent world have a boomerang effect and finally will affect the businesses and economies of the countries that initiated them."
The Russian leader also said he would respect the outcome of Ukraine's presidential election, which is scheduled for Sunday.
The comments come a day after 16 Ukrainian soldiers were killed in clashes against heavily-armed separatists.
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