MOSCOW, January 30 /TASS/. Andrey Kostin, the VTB bank chairman and CEO, has described the anti-Russian sanctions as an "economic war" against Russia.

"In short, the sanctions are nothing else than an economic war against Russia," Kostin said in an interview with the CNBC TV channel.

His remarks came in the wake of the EU Council’s decision to extend sanctions imposed on Russian individuals and legal entities that are expiring in March for another six months till September 2015.

Kostin noted that the economic war would certainly produce a negative impact on the Russian economy but would be much more damaging to a political dialogue and security in Europe.

"Who wants to live in a world which is less safe?" he asked.

Kostin added that the path of imposing sanctions on Russia was wrong and would eventually decrease stability in Europe.