President Vladimir Putin has seen overseas leaders respond to the invasion of Ukraine by imposing sanctions on Russian organizations, businesses, and individuals. He says the sanctions will rebound against the West and that Russia "will emerge stronger."

Putin made the comments in an online meeting with government leaders on Thursday.

Referring to the US ban on Russian oil imports, he noted that prices and inflation in America are soaring and said leaders in Washington are trying to blame Moscow for their own mistakes.

He added that Russians should not compromise for short-term economic gain. He acknowledged the sanctions are being felt, but he says the Russian people will overcome them.

Finance Minister Anton Siluanov accused the West of defaulting on its obligations. He said Western countries are trying to create a shortage of everyday imported goods in Russia and are forcing the closure of successful foreign-owned businesses.

Executives with some of the world's most familiar brands have spent years promoting their products in Russia. Some are closing their stores or pulling out altogether. Russian officials have threatened to seize any assets they leave behind.