"We should find courage and admit that it is time to end the economic sanctions that result in nothing good for Europe or Russia. Our country is ready for this, but I stress one more time that we expect the first move from our EU colleagues," Medvedev said in an interview with Germany's Handelsblatt newspaper.
The minister added that the relations between Russia and Germany should be "cured" through dialogue and trust, as businessmen from both countries want to do business together.
The European Union and the United States imposed a series of sanctions against Russia beginning in 2014, accusing Moscow of interference in Ukraine's internal affairs.
Moscow has refuted the allegations, warning that the Western sanctions are counterproductive. In response to the Western restrictive measures, in August 2014, Russia announced a one-year food embargo on products originating in states that imposed sanctions against it. The ban has since been extended for another year.