Russia said on Wednesday that the latest sanctions of the European Union (EU) against Russia run counter to rules of the World Trade Organization (WTO) and will have adverse effects on EU countries.
"The restrictive measures in the financial sphere will also have negative consequences for the EU members' banks operating in Russia," the ministry said in a statement, adding that the sectorial sanctions run counter to the WTO rules.
The EU has agreed on a package of "significant" additional restrictive measures targeting Russia's finance, defense and energy sectors, said the European Council on Tuesday.
The tougher sanctions will limit access of Russian state-owned financial institutions to EU capital markets, impose an arms embargo, establish an export ban on dual-use goods for military end users, and curtail Russian access to sensitive technologies particularly in the field of the oil sector.
The Russian ministry accused the EU of being manipulated by " Washington's dictation," warning that the bloc should get ready for serious economic costs of "doubtful geopolitical schemes." " Moscow is disappointed by the EU inability to play an independent role in global affairs," it said.
"The EU voluntarily creates obstacles for further cooperation with Russia in such a key sphere as energy, which is a thoughtless, irresponsible step. It will be the European energy market that pays the price," it said.
The ministry claimed that Russia will overcome possible economic difficulties to be caused by the new sanctions.
"The difficulties which could arise in certain sectors of the Russian economy will be surmounted. The efficiency and self- sufficiency of our economy will rise," it said.
The EU economy will suffer from no less negative effects than Russia's, the ministry said.
Moreover, the ministry said that the sanctions prove that the West is reluctant to settle the Ukraine crisis. "We have to acknowledge that there is an obvious lack of political will and reluctance in the EU to reach a solution to the crisis in Ukraine. "
Russian Foreign Minister Sergei Lavrov said during a visit to Tajikistan Wednesday that Russia will analyze the latest sanctions imposed by the West, adding that Moscow did all it could to defuse tensions in Ukraine.
Lavrov said that the latest round of sanctions came exactly when monitors of the Organization for Security and Cooperation in Europe (OSCE) started to observe the Russian-Ukrainian border areas at the request of the West.
"We know our interests and will firmly defend them with whatever means possible in accordance with the international law," he said.
Following its European allies, U.S. President Barack Obama on Tuesday announced an expansion of U.S. penalties targeting key sectors of Russia's economy.
