US, EU Economies Suffering Losses From Anti-Russia Sanctions - US DoS

WASHINGTON (Sputnik) — Blinken noted the effect of the sanctions policy was "marginal," but that it does exist as does the willingness to impose sanctions.

"Companies around the world, including in the United States, have born a burden of sanctions. Economies in Europe have not done as well as they otherwise might have as a result," Blinken stated at the Center for Strategic and International Studies.

"We have demonstrated that we are willing to inflict some pain on ourselves in order to sustain and advance basic principles that need to be sustained and protected in order to protect the order we helped develop, and Ukraine is a good example," he explained.

Since 2014, the United States and European Union have introduced several rounds of sanctions targeting Russian individuals and key sectors of its economy. The sanctions were initially imposed in response to Crimea rejoining Russia and Western allegations of Russian involvement in the Ukraine crisis.

Russia has repeatedly refuted the allegations of meddling in Ukraine's internal affairs, and responded to Western sanctions with targeted, economically costly export bans to some European countries.

On Wednesday, Russian President Vladimir Putin signed a decree on extension of the embargo on food imports from the European Union and some other countries until December 31, 2017.