Sanctions imposed by some of the Western powers against Russian business are not hurting yet and only serve to "amplify tensions", according to the head of Russia's biggest steelmaker.
Alexey Mordashov, chief executive of Severstal, told CNBC at the St Petersburg Economic Forum (Spief) it was important for "all parties" to negotiate a solution to the crisis in Ukraine. Mordashov was quick to refute any suggestion that the tensions had affected Severstal, but warned that they may damage relationships in the long-term.