President Putin says that sanctions imposed after Russia’s absorption of Crimea would have what he called a, "boomerang effect," on the west.
He spoke defiantly of Russia’s role in the crisis in Ukraine, saying that after ousted President Viktor Yanukovich delayed an association agreement with the European union it was what he termed a US backed coup d’etat that threw the country into chaos.
"The failure of compromise, the lack of desire to consider the lawful interests of partners is bringing exponential chaos and instability, new risks are arising to the further development of the entire world community," said Russian president Vladimir Putin.
Sanctions, say Russian officials, and particularly their knock on effects of capital flight are having a serious effect, visible at the forum itself.
President Putin praised Wednesday’s gas deal with China.
He said he hoped it would lead to development of Russia’s sparsely populated eastern provinces.
Many at the forum have been to reluctant to talk to the media, and especially about politics and business.
But some here do want to talk about the position Russia’s economy is in.
"This is a crisis atmosphere or something close to it. There’s tremendous uncertainty about the direction of Russia politically as well as economically. Investors prize predictability. These kinds of jokers in the deck with Crimea and a very unsettled situation in Ukraine mean its a guessing game for most businesspeople," said Bernard Sucher, Aton Investment Bank.
Putin says Russia isn’t planning to isolate itself from the world and that he hopes relations with the US and Europe can improve. He says he will creat a fund.... dependence on western import.
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