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Russian Prime Minister Dmitry Medvedev has vowed to respond to sanctions imposed by the West on Russia. The U.S. and EU imposed travel bans and asset freezes on Russians following the Crimea accession. The banks of some of those individuals have reported suspension of card services.

Medvedev said: "Foreign partners have cut off several Russian banks from international payment systems. It is undoubtedly a violation of existing contracts with these payment systems. I think this must not go unpunished."

Medvedev says Russia vows to respond to a statement with a statement, to an action with an action. He says the country will not allow its people to become hostages of political games.

Medvedev says Russia could minimize the impact of the sanctions, and would support industries dependent on supplies from abroad. He says the sanctions are a chance for Russia to reduce its dependence on imports, and the country is more interested than ever in diversifying its gas exports.

The prime minister says Russia will seek to counter western sanctions by switching to other markets.