Vladimir Putin on the "positive" impact of economic sanctions

In his interview with Charlie Rose, Putin says Western sanctions are harmful to Russia's economy, but have a silver lining as well

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Can economic sanctions have a positive effect? In this outtake from Sunday's 60 Minutes interview with Vladimir Putin, the Russian leader talks about sanctions imposed by the U.S. and Western allies against Russia after Ukraine's president Viktor Yanukovych was overthrown and Russia responded by annexing Crimea.

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Russian President Vladimir Putin Chris Albert

Putin says he considers the sanctions illegal because they were not imposed by the U.N. Security Council. They are "harmful," he says, but they are not the main reason Russia's economy is suffering. "The main reason for us, really, is the drop in prices on the world market for our traditional exports, such as oil and gas and some other goods."

The sanctions also have a "positive side," he adds, since they force Russia to be more innovative, particularly in developing new technology.

"Now, since the sanctions have been imposed, we either cannot buy these technologies, or we fear that something may be closed off to us, and we are now forced to create programs for developing our own high-tech economy in every sphere -- in industry, manufacturing, and science," Putin says. "It was difficult for us before, because our domestic markets were flooded with foreign goods. But now, thanks to the sanctions, the investors left our country voluntarily. Now we have an opportunity for development."

Photo courtesy of Chris Albert