Moscow, Apr 6 (IANS): Russian President Vladimir Putin has said that relations between his country and the US are experiencing "a deep crisis".

Putin made the remarks during a ceremony where he received letters of credence from 17 newly-appointed Ambassadors of foreign states, reports Xinhua news agency.

"Relations between Russia and the US... are going through a deep crisis," the President said, adding that this crisis was rooted in "fundamentally different approaches to the formation of the modern world order".

Putin noted that global security strongly depends on the relations between both countries, and that the US is ultimately responsible for both the Ukrainian crisis and the deterioration of bilateral ties with Russia.

Putin said that Russia stands in favour of building relations with the US if these are based on the principles of equality, respect for sovereignty, and non-interference in each other's internal affairs.

The President further commented on Russia's strained relations with the European Union (EU).

He said that the EU no longer aimed to develop economic cooperation and promote integration on the European continent, but was currently focused on "initiating a geopolitical confrontation with Russia".

Putin expressed the hope that it would ultimately be possible to build relations with the EU, and that "the logic of mutual cooperation" would prevail.