Futures & Commodities

Business wants Ukraine-Russia resolution: Severstal

No impact of Russia sanctions on Severstal: CFO
No impact of Russia sanctions on Severstal: CFO

As the European Union threatens to impose further sanctions on Russia, the CFO of Russian steel and mining company Severstal pushed for a diplomatic resolution to the ongoing unrest on the country's border with Ukraine.

On Tuesday, EU foreign ministers outlined plans to step up economic sanctions on Russia, after Malaysian Airlines Flight MH17 was shot down over Ukraine last week. The wider-ranging penalties are due to be unveiled on Thursday, if Russia fails to cooperate with the investigation into the plane crash.

But speaking to CNBC, CFO Alexey Kulichenko said that, to date, Severstal had seen no business impact from the sanctions already in place.

Read MoreEU fails to back up tough talk on Russia, for now

"We don't see any impact to our business from sanctions, and of course it is not something driving our business at the moment," he said.

Looking ahead, Kulichenko said it was in everyone's best interest to see an end to the unrest between Ukraine and Russia.

"It's not about Putin's next move, it's really about everybody's intention for us to bring (this) situation back to a resolution and stop what is happening there," he added.

"That should be the intention of all involved stakeholders. Business will welcome the solution of the situation, the sooner the better."

His comments came a day after the company announced it was selling its U.S.-based subsidiaries for $2.33 billion.