Putin cited Crimea as Moscow’s "reasonable response" to "the language of force" employed by the West.  

“I really would not like to think that this is a beginning of a new Cold War,” he said speaking with the heads of the world media at St. Petersburg International Economic Forum. “I think this is not going to happen.”

Putin repeated his vow to "respect" the choice of Ukrainians in Sunday's presidential election.

Russian President said that US and EU sanctions imposed on dozens of Russian officials have been "counterproductive" and insisted Russia could not be excluded from world markets.

"I think isolating such a country (as Russia)... is impossible," he said, adding that wide-ranging sanctions "would be negative for everyone and would bring such turbulence to the European, Russian and global economies that it is clear that nobody is interested in this."

Moscow's relations with the West have sunk to their lowest depths since the end of the Cold War after Crimea declared independence from Ukraine and formally applied to become part of the Russian Federation following a referendum in March.

Washington has accused Russia of violating Ukraine’s sovereignty by stirring up pro-Russia protests in the country. Moscow strongly denies the allegation.

RA/MB