EU Unwilling to Develop Ties With Russia Based on Economic Interests

Andrei Kostin, the head of VTB, Russia’s second-largest bank, said that he does not see the European Union's willingness to develop relations with Russia based on economic and commercial business interests.

ST. PETERSBURG (Sputnik) — The European Union is not eager to develop cooperation with Russia based on economic and business interests, the head of VTB, Russia’s second-largest bank, said Thursday.

Relations between Russia and the European Union soured in 2014, after Western leaders accused Russia of meddling in the Ukrainian internal crisis and introduced several rounds of economic sanctions against Moscow.

"I don't see the European Union's willingness to develop relations [with Russia] based on economic and commercial business interests," Andrei Kostin said at the St. Petersburg International Economic Forum, adding that Europe's attitude towards Moscow is politicized.

According to Kostin, the policy implemented by the European leaders is "aimed at the destruction of the economic relations existing since the Soviet era and the resumption of military-political confrontation, including in the nuclear sector."

The VTB head added that there's no prospect for cooperation unless the bloc changes its approach towards Moscow.

The European leaders are expected to discuss the prolongation of anti-Russia sanctions, which expire in July, during the upcoming June 25-26 European Union summit in Brussels.

Moscow has repeatedly said that the sanction policy is counterproductive and hurts European economies more than Russia.