The sanctions meant to hurt Russia also inflicting pain on companies in the US and particularly Europe, whose banks and energy firms are more dependent on Moscow, US Treasury Undersecretary David Cohen said on Wednesday.

“This is not cost-free for anybody, including the United States. We don’t deny the reality that there’s more exposure overall in Europe,” said Cohen, who is in Paris as part of the White House’s efforts to get Europe on board against Russia.

“We are looking to design the sanctions in a way that maximizes the impact of those we’re trying to affect while minimizing the collateral impact,” he added.

Cohen also pointed out that the US and its European allies are committed to ensure Ukraine’s May 25 presidential elections take place on time.

The US official is in Europe to take part in negotiations aimed at a possible third round of sanctions against Russia.

At a joint press conference with German Chancellor Angela Merkel at the White House on Friday, US President Barack Obama warned of additional “severe sanctions” if Moscow did not take step to immediately de-escalate the crisis in Ukraine.

The United States has already imposed travel and asset bans on a number of Russian officials over the crisis in Ukraine. Last week, the US and the European Union imposed new sanctions against government officials in Moscow and some businesses.

The Autonomous Republic of Crimea declared independence from Ukraine on March 17 and formally applied to become part of Russia following a referendum a day earlier, in which nearly 97 percent of the participants voted in favor of the move. On March 21, Crimea officially became part of the Russian territory.

On April 17, Russia, Ukraine, the US and the European Union agreed over steps to “de-escalate” the crisis in eastern Ukraine, where anti-Kiev protesters seized buildings in several towns and cities.

But, Ukrainian authorities have ordered military operations against pro-Russian protesters in both eastern and southern Ukraine, claiming that Russian special forces are fueling unrest in the country.

Moscow has dismissed as “nonsense” claims that Russian special forces are fomenting unrest in Ukraine.

A fire at a Trade Unions House in the southwestern port city of Odessa on Friday led to at least 46 deaths that had been sheltering opponents of the US-backed interim government of Ukraine.

According to reports, members of neo-Nazi Right Sector set the building on fire in Odessa. The victims were burnt alive within the premises and video footage showed bloodied and wounded survivors being attacked by the extremists.

Meanwhile, the death toll from a military offensive against pro-Russian activists in the eastern town of Slavyansk rose to at least 34 on Tuesday.

Source: www.presstv.ir