"In my view, the outcome is double-edged," Medvedev said at his summer residence on the Black Sea.
"This is sad, but not fatal because things change in this world. Another situation, in my opinion, is more positive.
"Despite certain divisions among the EU states on the issue, a reasonable, realistic point of view prevailed because some of the states were calling for some mythical sanctions."
He later said that he does not consider Mikhail Saakashvili to be Georgia's president, in an interview with a Russian television channel.
"For us, the present Georgian regime has collapsed. President Saakashvili no longer exists in our eyes. He is a political corpse," Medvedev said.
EU leaders met in Brussels on Monday to discuss Russia and Georgia and threatened to postpone talks with Moscow on a new partnership pact if it did not withdraw its troops to pre-conflict positions in Georgia by mid-September.
The leaders were unable to reach a consensus on the sanctions that some members, including Britain and the Baltic states, had been pushing for, highlighting the bloc's divisions over how best to deal with its largest energy supplier.
Cheney visit
Ahead of a visit by Dick Cheney, the US vice president, to US allies in the region, a Kremlin aide said he expected Washington would also opt against imposing sanctions.
Cheney, due to leave on Tuesday for Azerbaijan, Georgia and Ukraine, has been an outspoken critic of Russia, saying last month its push into Georgia could "not go unanswered".
Sergei Prikhodko, chief foreign policy advisor to Medvedev, told reporters:"We hope that a positive agenda in relations with the United States will prevail."
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| Cheney has been an outspoken critic of Russia since the war broke out [EPA] |
The statements contained none of the strident remarks made by Kremlin officials in the run-up to the EU summit.
It also appeared designed to signal Moscow's readiness to take a conciliatory stance with western countries if they also avoid confrontation.
Russia sent its forces against its southern neighbour in a brief war last month after Georgia tried to recapture by force its pro-Moscow, separatist region of South Ossetia.
It has drawn Western condemnation by pushing beyond the disputed area, bombing and deploying troops deep inside Georgia proper and recognising the independence of South Ossetia and Abkhazia.
Russia said it was forced to intervene to prevent what it has called a genocide of the separatist regions by Tbilisi, and says it is honouring a French-brokered ceasefire deal.
The former Soviet republic of Georgia is strategically important to the West because it hosts oil and gas pipelines that bypass Russia.