"The sanctions have not fixed anything and above all damaged the European economy, while the US economy has extended its ties with Russia to some extent," Wagenknecht told the ARD broadcaster.
Wagenknecht added that she considered it impossible to settle problems by means of imposing sanctions, exerting pressure or provoking conflict escalation.
The politician called for return to the policy of cooperation and respect of mutual interests.
Since 2014, relations between Russia and the European Union, have soured amid the crisis in Ukraine. Brussels, Washington and their allies have introduced several rounds of anti-Russia sanctions since Crimea became part of Russia in 2014 and over Moscow's alleged involvement in the conflict between the pro-independence eastern Ukrainian militias and Kiev. Russia has repeatedly refuted the allegations, warning that the Western sanctions are counterproductive and undermine global stability.