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'We are moving towards second Cold War', Russian PM warns

'We are moving towards second Cold War', Russian PM warns

Russia is being pulled into a second Cold War with the US and its allies as events escalate in the Ukraine, Russian prime minister Dmitry Medvedev has warned.

In an interview with Bloomberg Television, Medvedev said Russia is preparing a raft of retaliatory steps if the US and European Union impose wider sanctions. The PM also accused US president Barack Obama of lacking 'political tact'.

'We are slowly but surely moving toward a second Cold War, which no one needs,' Medvedev told Bloomberg.

'We haven’t especially commented on sanctions or responded to them harshly, although we could do something unpleasant or offensive to those countries that are introducing these sanctions.'

Medvedev’s comments come less than a week before Ukraine's much awaited presidential election and a day after Russian president Vladimir Putin yesterday ordered Russian troops near the Ukrainian border back to bases. Russia has not yet said whether it will recognise the results of the election.

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Profile: Quilter Cheviot boss Baines sees more consolidation ahead

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