Russian President Vladimir Putin spoke at the St. Petersburg International Economic Forum on June 17, blasting Western nations over sanctions. In his speech, Putin said western sanctions on Russia will backfire, predicting the EU would bear 400 billion U.S. dollars in direct losses this year from its sanctions. Professor Liu Baocheng, the dean of the Center for International Business Ethics at the University of International Business and Economics, talks about how EU countries will address the impact of the sanctions.