Putin said that Russia is behaving patiently amid sanctions, but time will come when Moscow will be forced to respond to arrogance.
"We, as you know, are behaving with restraint, very patiently, but at some point we will have to respond, it is impossible to tolerate arrogance toward our country forever."
Moscow will never agree to trans-border nature of the US legislation which breaks international law, Putin added.
"These [sanctions] are evident attempts to use their [US'] geopolitical advantages in a competitive struggle with an aim to ensure own economic interests at the expense of their allies," Putin said.
He added that if the bill is adopted, it could only cause regret as the move would be "extra-cynical."
"We have not seen the final version [of the US anti-Russia sanctions bill] yet, so we do not have a final opinion on this matter either. But we see that for a long time we have constantly been provoked. A lot of diplomats have been sent out without explanation of reasons, then they seized our diplomatic property, which goes beyond all possible boundaries because it contradicts the fundamental norms of international law, diplomatic relations," Putin said, referring to the sanctions imposed in December 2016 by then President Barack Obama as a response to alleged Russian meddling in the 2016 US presidential election.
The Russian leader pointed out that Russia regrets that Moscow-Washinghton ties are being sacrificed to solve US domestic issues.
However, Putin said that he hopes that the US-Russia ties will, however, become stronger in the future, adding that the countries could jointly resolve international issues and fight terrorism more effectively.
"I hope that the current situation will end some day and we will have different quality of bilateral relations, will strengthen them and boost in the interests of the people of the United States and Russia."
"As far as the election of the US president is concerned, this is not our business. We are also not the ones to assess Mr Trump’s work in this rather high position. This is the business of the US people," Putin told a press conference when asked whether he regretted Trump's election.
The US House of Representatives approved by a 419-3 vote on Tuesday a new version of a bill that would impose sweeping sanctions on Russia, Iran and North Korea, and limit President Donald Trump’s ability to lift the restrictions on Moscow. The measures target Russia's defense, intelligence, mining, shipping and railway industries, and restrict dealings with Russian banks and energy companies.
The bill, which is yet to be approved by the Senate and the administration of US President Donald Trump, has already prompted criticism within the European Union. France and Germany have so far spoken out against the bill that the US House passed overwhelmingly on Tuesday as one that adversely affects European industries while advancing US commercial interests.