SOCHI, October 24 (RAPSI) – Russian President Vladimir in his address to the participants of the annual Valdai Club meeting in Sochi that brings togather officials and foreign experts said on Friday about side affects of sanctions imposed on the country.

“These sanctions undermine policies of global trade, rules of WTO (World Trade Organization), principles of consistency of private property, liberal model of globalization which is based on free market, freedom and competition” Putin said.

The European Union and the United States introduced in July the first round of sanctions against Russia which target its banking, defense and energy sectors, as well as certain Russian businessmen.

Notably, major Russian banks, including Sberbank, VTB, Gazprombank, Rosselkhozbank, Vnesheconombank, are barred from Western capital. American and European investors were forbidden to issue loans to Russian banks and buy their newly issued stock and bonds.

The European Union and the United States imposed the latest batch of sanctions against Russia on September 12 targeting a number of Russian oil companies, including Rosneft, Transneft and Gazprom Neft.

Russian oil giant Rosneft and billionaire Arkady Rotenberg followed by Sberbank and VTB Bank filed suits with the EU Court of Justice over sanctions which had been imposed on them.