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US sanctions to boomerang: Putin

17.07.2014 10:52

Russian President Vladimir Putin has warned that the new US sanctions against his country will take bilateral ties to "a dead end" and damage America’s own business interests.

"Sanctions have a boomerang effect and without any doubt they will push US-Russian relations into a dead end, and cause very serious damage," Putin said on Wednesday.

"And I am convinced that this will harm the national long-term interests of the American state, the American people," he further emphasized.

The development comes as the US and the European Union (EU) have stepped up measures over what they consider as Russia’s interference in Ukraine.