Ufa: Russian President Vladimir Putin said Friday that he believed that global powers and Iran will "soon" reach a compromise in talks on Tehran`s nuclear programme.
"Compromise should be found," Putin told reporters in the Urals city of Ufa.
"In my opinion, it will be found soon," he said after hosting a summit of the Shanghai Cooperation Organisation that saw him meet Iranian President Hassan Rouhani Thursday.
Putin spoke as talks toward a nuclear deal dragged into a 14th day on Friday as Iran accused the West of backtracking and Washington said it was prepared to walk away.
But Putin said he was hopeful that Iran and the P5+1 group - Britain, China, France, Germany, Russia and the United States -- would soon agree on guarantees for a successful conclusion.
"Not only Iran and talks participants but all of the countries in the region including Arab countries and Israel are interested in this," Putin said.
"We proceed from the fact that all sanctions against Iran should be lifted," he said, stressing that all sanctions should be removed "as soon as possible."
"We believe this is not the way to solve international problems," he said.
Iran has insisted there should be changes to the United Nations arms embargo and an easing of restrictions on missile sales, a prospect that alarms rivals of Iran and US allies in the region.
Putin forcefully spoke out against sanctions in general as Russia reels from Western punitive measures over the Ukraine crisis.
"We proceed from the fact that instruments such as sanctions should be completely removed from international economic lexicon and communication," Putin said.
"It should not be used in world economy because it turns it upside down."
Russia has been hit hard by Western sanctions over Moscow`s involvement in the conflict in Ukraine, with Putin admitting that punitive measures contributed to the economic turmoil.
Putin conceded that the scrapping of sanctions could see Iran ramp up oil output but said that global economy would adjust.
"We are absolutely ready for this," he said.