"There are very strong economic ties between Cyprus and Russia. If sanctions are really necessary, then every member state should decide for itself whether to take part," Kasoulides said.
"However the measures look, we must not harm ourselves," he added.
EU foreign ministers agreed Monday to expand the list of those hit with sanctions for their role in the Ukraine crisis but stopped short of harsher measures ahead of a Geneva meeting of top EU, US, Russian and Ukrainian officials this week, AFP reported.
Current sanctions stop short of outright economic measures, which come under a third phase of action the EU agreed earlier this year.