Russian Prime Minister Dmitry Medvedev Saturday slashed the European Union (EU) over its bans on Russian banks, warning the bloc will pay the price.

"The decision made by our European partners is essentially subjective. I think it is pointless and just ugly to Russia," Medvedev told reporters at an international investment forum in the Russian southwest resort of Sochi.

He admitted the current situation in the international financial market was unfavorable to Russian banks, which were rejected by "practically all positions for receiving foreign liquidity," Interfax news agency quoted him as saying.

The latest EU sanctions banned the 28-member bloc's nationals and companies from providing loans to five Russian state-owned banks, and restricted Russia's three major oil companies and three defense companies from receiving capital in Europe.

Russia and the EU shall come to agreements sooner or later, said Medvedev, warning Europe will inevitably lose its share in the Russian market.

"European counterparts would not be able to come back to the niches in our economy ... This is the price Europe will have to pay," he said.

Meanwhile, the Russian leader said investors from Asia and Latin America do not have to worry about their positions in Russia if the Russia-EU relations get back to normal.

The prime minister also said the government will not withdraw its ban on imported goods, including the prepaid ones.

Russian Deputy Prime Minister Arkady Dvorkovich, who was also present at the forum, said the government was not discussing further retaliatory measures against the Western sanctions.