Big, Strong Putin Laughs at Puny American Sanctions

Just don't look at the near-recession level economy in Russia.

Russian President Vladimir Putin on Thursday shrugged off the negative impact of Western sanctions, saying they will only encourage Russia to build closer ties with China, India and Latin America.

Speaking at an investment forum, Putin described the sanctions as "utter silliness" that hurt Western business and offered an opportunity for others to expand in the Russian market.

Putin said the sanctions, imposed by the United States, the European Union and others over Russia's role in the Ukrainian crisis, violated basic principles of the World Trade Organization and inflicted lasting damage to the global economy.