MOSCOW — Accusing the West of encouraging an “unconstitutional coup” in Ukraine, Vladimir Putin said today that Moscow reserves the right to use its military to protect Russians there but voiced hope it won’t need to do so. The Russian leader’s first comments on Ukraine since its fugitive president fled to Russia came just as U.S. Secretary of State John Kerry arrived in Kiev to meet with Ukraine’s new government.

Putin declared that Western actions were driving Ukraine into anarchy and warned that any sanctions the West places on Russia for its actions in Ukraine will backfire. Both the U.S. and the 28-nation European Union have raised the possibility of sanctions against Russia.

The U.S. government, meanwhile, announced an aid package of $1 billion in energy subsidies to Ukraine, which is scrambling to get international loans to fend off looming bankruptcy. It’s finance minister says Ukraine needs $35 billion to get through this year and next.

Tensions remained high today in Crimea, with troops loyal to Moscow firing warning shots to ward off protesting Ukrainian soldiers.

Russia took over the peninsula on Saturday, placing its troops around the peninsula’s ferry, military bases and border posts.

Yet world markets seemed to recover from their fright over the situation in Ukraine, clawing back a large chunk of Monday’s stock losses.

Speaking from his residence outside Moscow, Putin said he still considers Viktor Yanukovych to be Ukraine’s president and hopes that Russia won’t need to use force in predominantly Russian-speaking eastern Ukraine.

Putin also insisted that the Russian military deployment in Ukraine’s strategic peninsula of Crimea has remained within the limits set by a bilateral agreement on a Russian military base there.