Russian President Vladimir Putin appears to shrug off the latest round of Western sanctions on his country.

But concerns are growing over how the sanctions could impact the Russian economy and Moscow's relations with Europe and the U.S.

In a meeting with advisers before European countries and the U.S. announced new measures to punish Moscow over Ukraine, Putin suggested that the sanctions would have little impact on Russia.

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Instead he said the measures "will ultimately work to our advantage because they will give us the needed incentive to develop our production capability in areas where we had not done so yet."

A majority of Russians seemed to agree with Putin.

According to a survey that the Levada Center, an independent research organization, released on Tuesday, more than 60 percent of Russians do not think that the sanctions would have a major impact on them.

But critics thought otherwise.

They said the Russian president overreached by suggesting that his country does not need the West to survive and succeed.

Analysts also pointed out that Putin's strategy on Ukraine might no longer work as the Malaysia Airlines tragedy led to a shift in attitude in the West toward Russia.

On the other side of the fence, there is a resurgence of anti-West sentiments in Russia that worry business leaders, according to former finance minister Alexei Kudrin.

He warned the Ukraine crisis could lead to a "historic confrontation" with the West that could stall Russia's development.

Underlining the effect of Russia's increasing isolation, Kudrin said, "Things are different in business. Businessmen want to work, to invest, build factories and develop trade."

Opposition politician Vladimir Milov expressed concern that the situation would deteriorate into "a long-term standoff."

He said that unless Putin backed down Russia was headed for more trouble.

"It is a bad sign that everything is becoming a long-term problem," Milov added.

Kremlin officials are looking to India and China to finance Russia's economic programs as Moscow's ties with the West suffer a blow.

But Milov expressed doubt that India and China could provide the multibillion-dollar long-term loans that Western financial institutions regularly extended to Russian firms.

Tagsrussia vs. west, Russia sanctions, russia vs. ukraine