West's 'economic blitzkrieg' unsuccessful: Putin

STORY: "We can confidently declare that such policy with respect to Russia has failed. The strategy of economic blitzkrieg proved unsuccessful," he said.

Speaking on the state of Russia's domestic economy, Putin claimed that inflation was stabilizing and that retail demand in the country had normalized.

Western countries have imposed unprecedented sanctions on Russia's corporate and financial system since it sent troops into Ukraine on Feb. 24 in what it calls a "special military operation."