(QHA) -

Russian President Vladimir Putin says economic sanctions imposed on Russia by the European Union, the United States, and other countries over the Ukraine crisis go against Group of 20 (G20) principles and international law.

Putin told TASS in an interview published on November 14 that the asset freezes, visa bans, and blocks put on Russian companies trying to access Western financial markets could only be imposed by the United Nations.

He acknowledged the sanctions and low oil prices have hurt the Russian economy but said the Kremlin's cash reserves are large enough to handle any economic crisis and meet "social commitments" domestically.

Putin's comments come one day ahead of the G20 summit in Australia, but he said it "makes no sense" to discuss the sanctions at that venue.

The summit follows fresh allegations of Russian military incursions into Ukraine.