Vladimir Putin claims that sanctions imposed on Russia by Western countries are actually affecting those economies.

Russian President made the remark when he met ministers to discuss development of the Arctic.

He said the refusal of several Western countries to cooperate with Russia over its energy resources and in other areas has already hit millions of Europeans. He added it has triggered an energy crisis which has even had an impact on the US.

Putin claimed that prices have been rising everywhere at an unprecedented pace.

He also said Moscow can raise consumption of Russian oil, gas and coal on the domestic market and increase the supply of energy resources to other regions of the world where they are really needed.