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Putin Blasts the West, Says Sanctions on Russia Over Ukraine Are Backfiring

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ST. PETERSBURG, Russia—In a combative speech, Russian President Vladimir Putin criticized the West for failing to recognize the rise of new power blocs since the end of the Cold War, and warned that its sanctions on Moscow had backfired, creating a growing economic crisis in Europe.

“The idea was clear: crush the Russian economy violently,” Mr. Putin said at the annual St. Petersburg International Economic Forum, which Russia pitches as an alternative to the World Economic Forum in Davos to drum up investment in its economy. “They did not succeed. Obviously, that didn’t happen.”

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