vladmir putin

The face-to-face meeting will happen next month.

Speaking in an interview with German ARD television broadcast Saturday, Putin said that cutting Russian access to capital markets would hurt Western exports.

The move announced by Medvedev today was taken on orders from President Vladimir Putin in response to sanctions imposed on Russia by the West over the crisis in Ukraine.

The United States reacted by imposing sanctions on some of Putin's associates, and has threatened to take further action.

The West has criticized Russia for deploying about 40,000 troops near the border with Ukraine and demanded they pull back.

Putin also said the upcoming presidential elections in Ukraine — slated for May 25 — are a move "in the right direction," but repeated that constitutional reforms would have to precede any nationwide vote in Ukraine.

Obama announced the sanctions during a news conference in the Philippines, his final stop on a four-country trip to Asia.

Obama says Russia isn't abiding by a deal reached to de-escalate the conflict. He says, quote, "Russia has not lifted a finger to help."

Obama spoke in South Korea during a trip to Asia.

Putin is denying that Russia special forces are stirring unrest in eastern Ukraine.

Russia holds the presidency of the G-8 and President Vladimir Putin was due to host a G-8 summit in Sochi in June.

He says his unhappiness with Russia granting temporary asylum to NSA leaker Edward Snowden wasn't the only reason for his decision.

The two countries also can't agree on how to respond to the civil war in Syria.