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

ST. PETERSBURG, Russia—In a combative speech, Russian President Vladimir Putin criticized the West for failing to acknowledge the rise of recent energy blocs since the finish of the Cold War, and warned that its sanctions on Moscow had backfired, making a rising financial disaster in Europe.

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

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