ST PETERSBURG, Rajab 24, 1435, May 23, 2014, SPA -- President Vladimir Putin appeared to hold out an olive branch on Friday by suggesting he will work with whomever is elected Ukraine's next president and calling for better ties with the West. But at the same time he fiercely criticised U.S. foreign and economic policy, Reuters reported. In a speech to foreign and Russian businessmen at Russia's answer to the Davos World Economic Forum on the shores of its elegant former imperial capital, Putin acknowledged that U.S. and European Union sanctions were hurting the country's economy. "We are not planning any self-isolation," Putin said, proposing dialogue and cooperation to show that Russia is open for business and, perhaps, to head off more sanctions. "We hope that common sense ... will prompt our European and U.S. partners to work with Russia." Asked whether Russia will recognise the legitimacy of Sunday's presidential election in Ukraine, he also sounded conciliatory, saying: "We will treat the choice of the Ukrainian people with respect." That was a sign of goodwill after weeks of criticising the election, which had raised the prospect of Russia not recognising the new leader's legitimacy. Putin added that "after the election we will work with the newly elected structure." -- SPA 20:58 LOCAL TIME 17:58 GMT www.spa.gov.sa/1235828