Russian President Vladimir Putin says he is weighing the response to a new round of sanctions from the West.

The EU and US tightened economic penalties on Moscow, accusing it of sending troops to back pro-Russian separatists fighting Ukrainian government forces in eastern Ukraine.

Putin, who regularly denies any involvement and already responded with import bans, says his government was looking at more ways to hit back.

(SOUNDBITE) (Russian) RUSSIAN PRESIDENT, VLADIMIR PUTIN, SAYING:

"Regarding our retaliatory measures, the government is thinking about them. If any are applied, it will only be those that will create better conditions for us. I think that what was done on the restrictions over the import of food products. There are negatives for us also, of course, but they are minimal. There were more positives for stimulating our own agriculture."

He also questions the move because he says he has given his backing to peace efforts in eastern Ukraine.