"During our previous contacts we mentioned that relations between Russia and the European Union have approached a kind of moment of truth, when we need to make a decision about the long-term vector of cooperation and answer the question: are we strategic partners for each other, or do we still remain geopolitical rivals?" Lavrov said. 

Lavrov said that the European Union has made some preliminary estimates and the damage could be as high as €40 billion in 2014.

The Foreign Minister called for sanctions that target Russian state-owned companies as well as individuals, to be lifted. Then Russia would cancel the country’s one-year food ban against the EU, a penalty which could cost the EU $6.6 billion in exports.