Russian President Vladimir Putin on Thursday delivered his first direct response to new U.S. sanctions imposed on Russia, calling them an “unfriendly act” that will not harm the country’s economy.

Speaking at the Russian Geographical Society in Moscow, Putin said the sanctions imposed by the Trump administration were an attempt to pressure Russia but insisted that “dialogue is always better than war," according to reporting by Sky News. He warned that replacing Russian oil on global markets would take time and could lead to higher prices.

Sky reported that Putin also addressed the cancellation of his planned summit with U.S. President Donald Trump in Budapest, saying the proposal for the meeting originally came from the United States. He said that Trump most likely meant the summit w

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