Putin calls sanctions "illegitimate", warns of higher global food prices

Russian President Vladimir Putin said on Thursday that Western sanctions were illegimate and Russia would calmly solve the problems arising from them.

He said that Russia would ultimately emerge stronger and more independent after overcoming the difficulties caused by what he called the West's illegitimate sanctions.

Addressing a government meeting, Putin said there had been no alternative to what Russia calls its special military operation in Ukraine and that Russia was not a country which could accept compromising its sovereignty for some sort of short-term economic gain.

"These sanctions would have been imposed in any case," Putin told a meeting of the Russian government. "There are some questions, problems and difficulties but in the past we have overcome them and we will overcome them."

Putin also said Moscow - a major energy producer which supplies a third of Europe's gas - would continue to meet its contractual obligations.

Speaking calmly, the Kremlin leader acknowledged that sanctions imposed since the start of what Russia calls its special military operation in Ukraine were being felt.

"It is clear that at such moments people's demand for certain groups of goods always increases, but we have no doubt that we will solve all these problems while working in a calm fashion," he said.

"Gradually, people will orient themselves, they will understand that there are simply no events that we cannot close off and solve."

Speaking at the same meeting, Finance Minister Anton Siluanov said Russia had taken measures to limit the outflow of capital and that the country would service its external debts in roubles.

"Over the last two weeks Western countries have in essence waged an economic and financial war against Russia," he said.

He said the West had defaulted on its obligations to Russia by freezing its gold and foreign currency reserves. It was trying to halt foreign trade, he said.

"In these conditions the priority is for us to stabilise the situation in the financial system," Siluanov said.

Putin also warned that global food prices will rise further if western nations intensify economic pressure on Russia, a major global fertilizer producer.

Russian Agriculture Minister Dmitry Patrushev told a governmental meeting chaired by Putin that Russian food security was ensured and that Moscow would continue to service its export obligations for global agriculture markets.