Mutual sanctions with the Russian Federation may cost the European Union (EU) more than a hundred billion Euros and thousands of jobs, according to a report released on Tuesday.

Russian Deputy Head of the Committee on Industries Vladmir Gutenev said there are "unreasonable anti-Russian limitations" placed by European bureaucracies.

“The European bureaucracy obeys fully the instructions from the U.S. even if they contradict Europe’s political and economic interests,” Gutenev said.

Gutenev said it is wiser for the Russian Federation to look to countries outside of the EU, specifically Chinese and south eastern Asian markets.

The sanctions come from the recent geopolitical tension in the region regarding Ukraine.

“Here is moment of the truth," Gutenev said. "Will the sanctions be lifted soon? Russia has demonstrated exclusively a balanced position and did everything depending on it. The president, by having initiated the talks between the opposing sides, favored the ceasefire in Ukraine’s south-east."