But speaking at the annual St Petersburg International Economic Forum, President Putin claimed the EU could lose more than $400bn (£326bn) because of its sanctions against Russia. He said inflation was increasing across the 27-member bloc and the real interests of people in Europe were being sidelined - but did not explain what that meant. However, Mr Putin's own officials have warned that the Russian economy is suffering serious damage from the sanctions. Central Bank Governor Elvira Nabiullina said on Thursday that "15% of the country's GDP" was threatened by the international response.
