But Hammond also acknowledged: "It would be absurd to suggest that we can impose wide-ranging sanctions on the Russian economy without also having some impact on ourselves".
It has reimposed visa bans and targeted the bank accounts of officials but, unlike America, has been slow to impose wider sanctions.
Germany has previously been seen as one of the countries least eager to impose wider sanctions on Russia, but the issue is likely to be discussed at the next meeting of EU heads of state in Brussels on 20 October.
Mr Hammond told BBC Breakfast: "The sanctions package is designed to hurt Russia more than it hurts us, but it would be absurd to suggest that we can impose wide-ranging sanctions on the Russian economy without also having some impact on ourselves.
The package met longstanding demands by creditors to impose wide-ranging sales-tax hikes and cuts in state spending for pensions that the left-leaning Greek government had long resisted.
KIEV/DONETSK, Ukraine, July 28 (Reuters) - U.S. and European leaders agreed on Monday to impose wider sanctions on Russia's financial, defense and energy sectors as Ukraine said its forces advanced towards the crash site of Malaysian flight MH17.
To this end, they have imposed wide-ranging sanctions.
It was put on hold in 2014 after the Obama administration imposed wide-ranging sanctions against Russia.
Together, with applause and some outrage, he and Judge Kaye have imposed wide-ranging changes on the courts, reining in civil court, opening the family court to the public, and trying to speed the processing of cases.
European countries, long viewed as another source of investment, have imposed wide-ranging sanctions that may eventually spread to Syria's oil industry, a crucial, if declining, source of hard currency.
The European Union also imposes wide-ranging sanctions on the military government, but Myanmar's neighbors, including Thailand, China and India, trade and deal freely with the country, weakening the effectiveness of the Western sanctions.
