Russian Foreign Minister Sergei Lavrov has accused the United States of resorting to sanctions in order to “elbow” Moscow out of weapons and energy markets.

Lavrov said at a meeting with members of the Association of European Businesses in the Russian capital, Moscow, on Tuesday that new sanctions introduced by the US were aimed at downgrading joint projects in energy across Europe and elsewhere.

“On the pretext of fighting against a Russian threat, Washington not only tries to mend so-called Atlantic solidarity, not only to make Europeans increase defense spending, but also to gain a stronger foothold in the European economy and energy industry, to downgrade our joint projects in energy, and to elbow Russia out of the energy markets. This is precisely what the latest portion of sanctions just made public is aimed at,” Russia’s Tass news agency quoted the foreign minister as saying.

In late September, the US Treasury Department announced tighter financial sanctions on Russian banks and energy companies because of what Washington calls Moscow’s continued interference in the conflict in Ukraine. The move hits major Russian banks such as Eximbank, Sberbank, Vnesheconombank and VTB Bank, and energy giants including Gazprom, Lukoil, and Transneft. The new order also reiterated the ban in trading new equity issued by the sanctioned firms.

The top Russian diplomat went on to say that the US was using the unrest in eastern Ukraine as a pretext for unfair competition.

“The Americans want to be most successful than everyone else. I understand this desire, but it is very difficult to justify their methods,” the minister said.

“There is an understanding in this proposal that sanctions are pointless and that this is a totally politicized stance by those who are seeking to both punish Russia and gain competitive advantages for themselves.”

Elsewhere in his remarks, Lavrov said the US policy of sanctions still remained an obstacle in the way of restoring economic cooperation between Russia and European countries.

“Against the backdrop of resumed economic growth new opportunities are opening up in Russia in front of foreign businesses, including those you represent,” Lavrov said, adding, “The US-imposed spiral of sanctions is the main obstruction to this.”

“It is up to the Europeans to decide if they really need antagonism in relations with Russia. We know that in the EU’s political and business circles discontent over this situation is voiced ever more frequently.”

The US and its allies had levied broad economic sanctions against Russia over its alleged support for pro-Russia forces in eastern Ukraine and Crimea’s rejoining Russia after a referendum in 2014.

The United States deployed a contingent of troops to Eastern Europe near Russia’s border in the wake of the 2014 incidents. The US deployment has been supplemented by four NATO battle groups of more than 1,000 soldiers.