Putin warns about possible negative effects of sanctions on Russian economy

Russian President Vladimir Putin warned the government Wednesday about the possible negative effects of Western sanctions on the country's economy.

Putin said at a meeting with Cabinet ministers in Moscow that, in general, Russia adopted to the restrictive measures but "illegitimate restrictions in the medium term can really have a negative impact."

He urged the ministers to increase the efficiency of the economy and support projects aimed at the country's technological and infrastructure development.

Putin noted that last week during a visit by Chinese President Xi Jinping, Moscow and Beijing designated eight areas of cooperation.

"These include the creation of technological partnerships, interconnected infrastructure development, cooperation in the financial sector and the real sector," he said.

Putin added that at another meeting last week with business representatives he discussed a new growth model for the economy and what needs to be done to support it.

"I propose that today, together with members of the government and the leadership of the Central Bank, we also discuss this topic, return to what business and I discussed with you," he said.