NEW DELHI: Russian President Vladimir Putin, speaking in the Russian city of Sochi, has blamed the United States for undermining global instability and warned of new wars if the US continues to not respect the interest of other nations.

Putin saying that whilst Moscow did not consider the US a threat, the country’s foreign policy has created chaos, and cited the wars in Libya, Iraq and Syria as examples. “They are throwing their might to remove the risks they have created themselves, and they are paying an increasing price,” Putin said, additionally accusing the US and its allies of “fighting against the results of its own policy”.

“I think that the policies of the ruling elite are erroneous. I am convinced that they go against our interests, undermine trust in the United States… The probability of a series of acute conflicts with indirect and even direct involvement of major powers has sharply increased,” the Russian President continued.

Referring specifically to Ukraine -- which has been a bone of contention between the US and Russia -- Putin admitted that Russia had helped former Ukrainian President Viktor Yanukovych to flee in February. “I will say it openly - he asked to be driven away to Russia. Which we did,” Putin said.

In response to Russia’s involvement in Crimea, Putin said maintained that Russia had legitimate interest in its neighbouring region, and instead, pinned the blame on the involvement of the US and its western allies in overthrowing Yanukovych.

The US and its allies have imposed crippling sanctions on Russia over its involvement in Ukraine, referring to which Putin said that Moscow would not "beg" in response to the sanctions imposed on it.

A few weeks ago, speaking at the UN General Assembly, US President Obama had hit out at Russia over the Ukraine crisis. “After the people of Ukraine mobilized popular protests and calls for reform, their corrupt President fled. Against the will of the government in Kiev, Crimea was annexed. Russia poured arms into Eastern Ukraine, fueling violent separatists and a conflict that has killed thousands. When a civilian airliner was shot down from areas that these proxies controlled, they refused to allow access to the crash for days. When Ukraine started to reassert control over its territory, Russia gave up the pretense of merely supporting the separatists, and moved troops across the border,” Obama had said.

Asking Russia to take the part of diplomacy, “a path that for stretches of the post-Cold War period resulted in prosperity for the Russian people,” Obama said “then we will lift our sanctions and welcome Russia’s role in addressing common challenges.”