Putin insists West's 'economic blitzkrieg' is a failure

Russian President Vladimir Putin insists the West's attempts to hammer Russia with an "economic blitzkrieg" have clearly failed.

Putin used his address at the St. Petersburg International Economic Forum on Friday to sharply criticize the flurry of economic sanctions imposed since Russia invaded Ukraine.

He said the West has intentionally sought to undermine the reputation of his country's currency and businesses, but the "gloomy forecasts about our economy have not come to pass."

Putin also said sanctions are harmful to those who impose them, and cited soaring inflation in the United States and Europe.

He acknowledged that higher food prices pose a threat to poor countries. He said Russia can drastically boost exports of grain and fertilizers if the US and European Union lift their sanctions.

Putin also denied blocking grain exports from Ukraine, and insisted all the objectives of what he calls a "special military operation" in the country will be fulfilled.

His speech was delayed by an hour due to a cyberattack at the venue. A Kremlin spokesperson says the accreditation and admission systems had been disabled.