Romano Prodi also mentioned a wide array of cooperation venues between the two, including energy and tourism.
"We have many shared interests in trade, investment, the war on terror and climate change," he added.
Romano Prodi deplored the ever worsening relations between the EU and Russia and warned that if this trend persists it could "give rise to widespread anti-Russian sentiment in Europe."
"This is the preliminary condition for any future cooperation," Prodi said, adding that the present confrontation "won't take us anywhere."
The former EU Commission head also warned against the "demonization" of Russia on all fronts, including most recently in sport, amid scandals centering around alleged state involvement in the use of banned substances by certain high-profile Russian athletes.
According to him, the present confrontation between Moscow and the bloc only weakens both sides.
Relations between Russia and the European Union deteriorated in 2014 amid the crisis in Ukraine. The European Union introduced several rounds of sanctions against Russia, having accused Moscow of meddling in the Ukrainian conflict. Russia has repeatedly refuted the allegations, stressing that it is not a party to the Ukraine conflict.
