Putin warns: Russia will emerge stronger

STORY: Russian President Vladimir Putin warned on Thursday (March 10) that Russia would ultimately emerge stronger and more independent after the West imposed what he called illegitimate sanctions.

Addressing a government meeting, Putin also said Moscow - which is a major energy producer- would continue to meet its contractual obligations.

And he said the Western sanctions would prove self-defeating:

"We know it well. They urge their citizens to tighten their belts, dress warmer and point to the sanctions they impose on us as a reason for their deteriorating situation. "

Hitting back against the West, the Russian government said earlier it had banned exports of telecoms, medical, auto, agricultural, electrical and tech equipment, among other items, until the end of the year.

In total, over 200 items were included on the export suspension list, which also covered railway cars, containers and turbines.

Earlier on Thursday, Kremlin spokesman Dmitry Peskov also said that Russia's economy was experiencing a shock and that measures were being taken to soften the blow from the raft of far-reaching sanctions.

"The situation is totally unprecedented. The economic war that has started against our country has never taken place before. So it is very hard to forecast anything. One needs not to forecast, but to act to minimise the negative consequences and further risks. "

The UK sanctioned seven more oligarchs it links to the Kremlin on Thursday.

That follows 14 sanctioned by the EU on Wednesday (March 9).