Economic sanctions against Russia imposed by the E.U. and the U.S. are not good for the global economy, Russian Deputy Prime Minister Arkady Dvorkovich told CNBC on Wednesday.
"Sanctions are not good from any side. Sanctions are not good for [the] U.S. economy... not good for Europe…. and when Europe and the U.S. establish sanctions, they face difficulties as Russia faces difficulties and nobody wants sanctions, that's clear," Dvorkovich said on the sidelines of the World Economic Forum in Tianjin, China.
"The global economy is not in good shape even without sanctions.. and the Russia economy was dealing with huge changes during the last few years, including the challenge to diversify and to go away from energy alone," he added.
On Monday the E.U. formally adopted a package of fresh sanctions against Russia including restrictions on large Russian state-owned oil companies operating in Europe, but said they wouldn't be enforced yet, to give time to assess whether a cease-fire between Russia and Ukraine - agreed on Friday - would hold.
Russia retaliated to western sanctions last month by banning food imports worth around $9 billion from the European Union, the U.S., Canada, Australia and Norway, in a move that has led to higher food prices for Russian people.