President Vladimir Putin has told investors that sanctions against Russia are unwarranted and will not stop his country developing into a strong economic power.

He was addressing an annual conference in Moscow attended by Russian delegates and other business leaders from around the world.

Putin said sanctions meant Russia had to develop worldwide economic reltationships:

“Conditions for us became more complicated. However this is a stimulus for us. We need to mobilise resources and make good decisions. One of our priorities is to deepen business, trade and investment partnerships with Latin American countries as well as with Pacific Rim and BRICS countries like China and India”.

President Putin also said that he has no plans to restrict the movement of capital to or from Russia, and any companies damaged by sanctions will be given government support.