The U.S. sanctions against Russia will ultimately have more impact on Europe than on Moscow, Russia's deputy prime minister told CNBC Saturday.

America imposed fresh sanctions on Russia in early August, building on previous penalties that focus on interference in the 2016 U.S. election, human rights violations, the annexation of Crimea and the alleged destabilization of eastern Ukraine. These affect people and companies that, for instance, invest certain amounts into Russia's energy export pipelines. And Europe has strong links with Russia when it comes to its energy sector.

"My assessment is that U.S. sanctions eventually bring more harm to Europe than to Russia, also as a result of our counter-sanctions that create burden costs for the European economy," Arkady Dvorkovich, told CNBC on the sidelines of the Ambrosetti Forum in Italy.

"We aren't happy about it but we had to react and Europe is suffering from that," he added.