Russian President Vladimir Putin said Thursday the sanctions imposed on Moscow by the West violated the World Trade Organization's (WTO) basic principles.

"The sanctions violated the principles of fair and free competition ... ignore the most-favored-nation treatment," he told a state council meeting.

Noting that a group of countries "unilaterally" attempted to contain Russia, Putin said the country's retaliatory measures will aim at protecting national interests "rather than punishing or putting pressure on someone."

"When Russia joined the WTO, it was another proof that we are building an open economy and are ready for close cooperation with foreign partners," he said.

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