The Russian president suggested this would be used as a pretext to severely isolate Russia both economically and diplomatically on the world stage.

"Their most important task is to contain Russia's development," he said of Washington aims. "Ukraine is just an instrument of achieving this goal. It can be done in different ways, such as pulling us into some armed conflict and then forcing their allies in Europe to enact those harsh sanctions against us that are being discussed today in the United States.The Biden administration has lately touted far-reaching sanctions against Putin's inner circle, oligarchs, energy firms and banks - and has even threatened sanctions on the Russian leader personally. At the same time the Senate is readying a "mother of all sanctions" package. All of these options would be akin to the type of all encompassing US-led measures currently in place which have wrecked Iran's economy.