In the midst of escalating tensions by the West over Ukraine, Russian President Vladimir Putin said Wednesday that Moscow was ready to seek "diplomatic solutions," but reiterated that the country's interests were non-negotiable.

"Our country is always open for direct and honest dialogue, for the search for diplomatic solutions to the most complex problems," Putin said in a video address to mark the "Defender of Fatherland Day", a public holiday in Russia.

He added: "The interests of Russia, the security of our citizens, are non-negotiable for us."

Putin stated after the Federation Council, the upper house of parliament, unanimously approved his deployment of peacekeepers to two breakaway Ukrainian regions now recognized as independent by Moscow, as well as perhaps other parts of Ukraine, on Tuesday.

Putin congratulated the country's men in a video address, saying he was confident in the Russian military's professionalism and that they would defend the country's national interests.

He lauded the Russian army's war readiness and stated that the country would continue to produce cutting-edge weapons.

"We will continue to develop advanced weapon systems, including hypersonic and those based on new physical principles, and expand the use of advanced digital technologies and elements of artificial intelligence," the Kremlin strongman added. "Such complexes are truly the weapons of the future, which significantly increase the combat potential of our armed forces."

On Tuesday, US President Joe Biden announced new sanctions against Russia for allegedly "starting" an invasion of Ukraine but said there was still time to avoid war, with both Australia and Japan followed in its footsteps.